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The Trading Day · Friday, November 6, 2026

AI Trade — Kospi Halted, Nikkei Enters a Bear Market After US Chip Stocks Lose 12%

Asia is where the AI trade shows first each morning, and this morning it took the full weight of Thursday's sell-off in New York. Korea's Kospi fell as much as 8.8% to 4,911.28, under 5,000, and set off a circuit breaker that stopped trading for 20 minutes (CNBC, Bloomberg). It closed down 6.0% at 5,059.69. Japan's Nikkei fell 6.0% to 57,434.77, 20.6% under its 52-week closing high, the line usually called a bear market. Taiwan fell as much as 9.0% and closed down 4.5%. SK Hynix lost 10.4%, SoftBank 10.8%.

The Morning 10

AI Trade — Kospi Halted, Nikkei Enters a Bear Market After US Chip Stocks Lose 12%

  1. 1 AI Trade in Asia — Kospi trips a circuit breaker, Nikkei and Taiwan in bear markets
  2. 2 Asia's AI Bellwethers — SK Hynix −10.4%, SoftBank −10.8%; Advantest recovers from −16.4% to −5.0%
  3. 3 Europe's AI Infrastructure — chip makers fell 7% to 9% on Thursday while the STOXX 600 lost 0.4%
  4. 4 Thursday in New York — S&P 500 −4.4% to its low of the day, Nasdaq in correction, chips −12%
  5. 5 Why It Fell — the midterms, a Texas call to stop data centers, and funds selling the year's winners
  6. 6 After Hours — JFrog +22%, Cloudflare +14%, Airbnb +11%; Natera −16%, DraftKings −22%
  7. 7 Futures, Bonds, Gold, Bitcoin, Oil — Nasdaq futures +0.8%, TLT above 81.50, Bitcoin 75,400
  8. 8 AI Indices — Rubin −9.9%, down 19.2% in a week; HALO −2.8%, AW40 −1.0%
  9. 9 Earnings Record — five grades at Friday's close, four new windows from Thursday
  10. 10 Today — October jobs report 13:30 UTC; grades at the close; Taiwan's steadying measures

The full Morning 10 →

The Midday 10

AI Builders — Chips Bounce 4%, AMD Jumps 10% and IREN 20% After a Strong Jobs Report

  • 1 The indices — Nasdaq up 1.7%, the fear gauge down 13%
  • 2 Jobs — 165,000 against about 60,000 expected
  • 3 Chips — AMD up 10%, the chip fund up 4%

All ten lines →

Daily Pulse — Usage Software — Cloudflare Jumps 19%

Five software companies that charge by use reported this week and all five beat estimates on earnings and revenue. Cloudflare and JFrog, which reported after Thursday's sell-off with outlooks far above expectations, traded 19.3% and 23.0% higher before Friday's open. Datadog, Dynatrace and DigitalOcean, whose outlooks did not rise, sit about 19% under their pre-report prices. Chips bounce this morning too, but by 5% to 9%. Next tests: Snowflake on 2 December and MongoDB on 7 December.

The full Pulse →

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