AI Trade — Korea Jumps 4.4%, SoftBank Soars 14% After Wall Street's Best Day Since April

The Morning 10

AI Trade — Korea Jumps 4.4%, SoftBank Soars 14% After Wall Street's Best Day Since April

1. 1 AI Trade in Asia — Kospi +4.4%, Nikkei +2.9% and back above 60,000, Taiwan +2.5%
2. 2 Asia's AI Bellwethers — SK Hynix +6.7%, SoftBank +14%, Kioxia +9%
3. 3 Europe — ASML +4.7%, Infineon +6.3% on Monday; Infineon reports today
4. 4 Wall Street on Monday — S&P 500 +2.35%, its best day since April; fear gauge under 20
5. 5 Chips Without Nvidia — Chip fund +7.5%, AMD +13.3%; Nvidia −4.3%
6. 6 Oil, Bonds, Gold, Bitcoin — Oil fund −5.3%, bonds flat, gold 4,127, Bitcoin under 75,000
7. 7 US Inflation — October consumer prices at 13:30 UTC, this time without an annual rate
8. 8 AI Indices — Rubin +5.6%, AEI +3.9%; about a third of last week's loss is back
9. 9 AI Power and Software — Constellation and NRG jump 10% on results; monday.com sinks 9%
10. 10 Today — CoreWeave after the close; four earnings-record grades at 21:00 UTC

The full Morning 10 →

The Midday 10

Inflation — Prices Rise 0.4%, the 10-Year Yield Hits 5% and Nvidia Slides Another 6%

• 1 Inflation — prices up 0.4% in October, more than expected
• 2 Rates — the 10-year yield at 5.00%, a bigger Fed hike is on the table
• 3 The indices — S&P 500 down 0.8%, Nasdaq 1.3%

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Daily Pulse — AI Sell-Off — What Monday Repaired

Wall Street had its best day since April on Monday and Asia added to the rebound on Tuesday. Measured against last week's loss, the repair is uneven. The S&P 500 has 85% of the loss back and stands a quarter of a percent below its close on election day, 3 November. The Nasdaq-100 has 66% back, the chip index 50%, our Rubin 100 build-out index 37% and Korea's Kospi 27%. Nvidia has none back; it fell again. Inside the build-out, the parts that fell most regained least: memory 8%, storage 11%. Against election day the chip index is still 5.3% lower and Nvidia 13.6%. The fear gauge is back where it was before the sell-off; the prices are not.

The full Pulse →

On the tape

• Money Temperature · Mixed / transitional — 1 heating / 3 cooling
• Rubin 100 · Sector rotation — GASCHEM → FABSUB
• ANET PEAD continuation: T+3 ↑LONG confirmed at T+5 (CAR +13.01%)
• IVN.TO PEAD continuation: T+3 ↓SHORT confirmed at T+5 (CAR -9.82%)
• Cross-asset day: VIX 19.5, DXY 102.24, 10Y 4.86% — mixed regime
• ACLS · PEAD ↑ 80
• ABNB · PEAD ↑ 82
• AAON · PEAD ↑ 80