Nasdaq Extends Gains by 1.6%, SOX Surges Over 5%; Tech Stocks Lead Market as CoreWeave Soars Over 25% Post-Earnings

TradingKey - On Wednesday, November 11, Eastern Time, U.S. stocks moved higher. CoreWeave's earnings report and raised full-year guidance boosted AI-related stocks, Nvidia rebounded after two consecutive trading sessions of declines, and subscription demand for Anthropic's IPO also supported market sentiment.

At the close, the Dow Jones Industrial Average rose 0.49% to 52,486.49 points; the Nasdaq Composite Index rose 1.60% to 25,466.19 points; and the S&P 500 Index rose 1.31% to 7,619.38 points.

Tech Stock Performance

CoreWeave (CRWV) surged 24.71% to $60.77. CoreWeave's third-quarter revenue was $3.661 billion, beating analysts' expectations of approximately $3.54 billion; net loss for the quarter was $709 million. The company raised its 2026 revenue guidance to between $13 billion and $13.3 billion, and raised its adjusted operating profit guidance to between $1.275 billion and $1.375 billion.

Nvidia (NVDA) rose 2.87% to $173.73, after falling nearly 10% cumulatively over the first two trading days of the week.

Ross Mayfield, investment strategist at Baird Private Wealth Management, said that CoreWeave's results and IPO demand for Anthropic are improving sentiment across the AI sector, while the market is also recovering from losses caused by last week's excessive sell-off, with positioning adjustments providing support for the rebound.

The performance of mega-cap tech stocks today is shown in the chart below:

The Philadelphia Semiconductor Index rose 5.66% to 10,564.11 points, with all 30 constituents advancing across the board. Among them, Arm Holdings (ARM) jumped 12.05%, Micron Technology (MU) rose 11.89%, Intel (INTC) gained 7.46%, Advanced Micro Devices (AMD) rose 7.32%, Lam Research (LRCX) added 6.07%, Applied Materials (AMAT) gained 6.05%, Texas Instruments (TXN) rose 3.09%, and ASML (ASML) rose 1.76%.

Company News

Anthropic IPO Reportedly Draws Several Times in Indications of Interest, Total Deal Size Up to About $90.4 Billion

According to Bloomberg, citing people familiar with the matter, indications of interest for Anthropic's IPO have reached several times the number of shares available, with demand primarily driven by large orders. Under the current offering plan, the combined deal size of the public offering and concurrent private placements reaches up to about $90.4 billion, targeting a fully diluted valuation of approximately $1.4 trillion. The company plans to list on the Nasdaq Global Select Market under the ticker "ANT", with Goldman Sachs and Morgan Stanley leading the underwriting, alongside 20 other participating banks.

Microsoft Pledges to Bear Data Center Power Costs, Texas Project Targets 2028 Power Supply

Noelle Walsh, head of Microsoft's Cloud Operations and Innovation division, said the company will bear the power costs of its data center expansion on its own, without relying on government subsidies or passing related costs on to other electricity consumers. Microsoft emphasized that data center construction needs to deliver a net benefit to local communities. Microsoft is advancing Project Kilby in West Texas with partners including Chevron. The supporting power project will provide dedicated electricity to Microsoft-operated data centers, aiming for initial power delivery in 2028 and reaching full power capacity by 2031.

Gemini Live Integrates with Apple CarPlay, Expanding In-Car AI Voice Services

Google announced that Gemini Live is rolling out CarPlay support to iOS users globally. Users can hold hands-free conversations, manage schedules, and retrieve email summaries via in-car displays, with conversation history syncing with the Gemini app on iPhone. This integration further expands Gemini's in-vehicle footprint. Gemini Live was previously launched on Android Auto and vehicles with Google built-in.

Industry & Macro News

Goolsbee Calls Inflation Report 'Unsettling,' Warns Against Entrenched Inflation Expectations

Chicago Fed President Austan Goolsbee said in an interview with PBS NewsHour on Tuesday that the latest inflation report was "unsettling." He pointed out that the impact of factors such as tariffs on prices has not receded as expected, with persistently elevated services inflation being particularly worthy of attention. Goolsbee expressed concern that if consumers and businesses begin to grow accustomed to and expect high inflation, bringing price growth down will become even more difficult. He did not explicitly state whether he supports a rate hike in December, saying he is reluctant to lock in policy decisions ahead of the next or future meetings.

Futures Market Largely Prices In December Rate Hike, With Roughly 15% Probability of 50 Basis Points

Federal Reserve officials remain divided over the pace of rate hikes. Waller said on Tuesday that if month-over-month core CPI growth came in around 0.3%, a 50-basis-point rate hike in December should be part of the discussion, and the actual reading was precisely 0.3%. Logan believes two more 25-basis-point hikes are still needed and noted that the pace could pick up this winter. Meanwhile, Philadelphia Fed President Anna Paulson leaned toward gradual rate hikes, emphasizing that the specific path depends on subsequent data. As of press time, CME FedWatch showed that the futures market has almost fully priced in a December rate hike, with roughly a 15% probability of a 50-basis-point increase. By January 2027, the probability of interest rates standing between 4.25% and 4.5% was about 60%, and between 4.5% and 4.75% was around 10%.

Vance Reportedly Weighs In-Person Talks with Senior Iranian Official, Doha Seen as Potential Location

According to The Wall Street Journal, citing U.S. and Middle Eastern officials as well as people familiar with the matter, Trump has authorized Vice President Vance to advance negotiations with Iran, and the U.S. is considering arranging a face-to-face meeting between him and Mohsen Rezaei, Secretary of Iran's Supreme National Security Council. Related discussions remain in preliminary stages, and no date has been set.

Vance sent a letter to Rezaei in October proposing a meeting between the two sides. The two countries are discussing follow-up arrangements through mediators and allies, with Doha seen as a potential venue for talks. Vance met with the Prime Minister of Qatar on Monday, followed by a joint meeting with Trump and other White House officials.