Market-moving news for Wednesday, November 11, 2026

What happened

OpenAI told investors on a call on Tuesday, November 10 that its third-quarter revenue topped $10 billion for the first time, up nearly 50% from $6.7 billion in the second quarter and almost triple the year-earlier level, according to reports by Bloomberg, The Wall Street Journal and The Information. The figures put OpenAI's annual revenue run rate at roughly $50 billion. CFO Sarah Friar called it a 'blockbuster quarter,' saying enterprise revenue doubled quarter over quarter and now roughly equals consumer revenue, driven by coding tool Codex — now its largest revenue source — cybersecurity and its enterprise agent platform Dots. However, OpenAI's operating loss widened to $10.9 billion from $10.1 billion in Q2, though its adjusted operating margin improved to -109% from -150%.

What happened

After Tuesday's hot October CPI report, Goldman Sachs' US Economics team (led by David Mericle) dropped its call that the Fed's December hike would be the last of the cycle. Goldman now expects another quarter-point hike in March 2027, taking the fed funds rate to a peak of 4.25% to 4.5%, up from 3.75% to 4% today, and pushed its first rate cut back a quarter to December 2027. Goldman still expects a 25bp hike at the Fed's December 8-9 meeting and left its estimate of the terminal rate once cuts begin unchanged at 3.25% to 3.5%.

What happened

Dell Technologies (DELL) jumped about 14% in Wednesday's afternoon session to around $382.93, after the company announced an expansion of its AI Data Platform with enhanced storage, search and analytics features, and partnered with KIOXIA America to create a 157 petabyte object storage architecture built in a standard 42U rack using Dell ObjectScale on PowerEdge servers with KIOXIA 245.76 TB solid-state drives. The move came as CoreWeave's better-than-expected Q3 results eased fears of cooling AI infrastructure spending and lifted the whole AI hardware complex.

What happened

The Information reported on Tuesday, Nov 10, that Alice Huang — the businesswoman US intelligence officials believe was recruited by China's Ministry of State Security and with whom Nvidia CEO Jensen Huang admitted an affair — used her relationship with Huang and a network of family-linked companies to help move roughly 240,000 Nvidia chips subject to US export controls, worth at least $7.5 billion, into China since 2023. The chips were mostly H100 and H200 accelerators plus some older A100s. At the center was Shanghai Century Litong, founded in June 2023 under the indirect control of Alice Huang's sister Huang Yu, which secured Nvidia preferred cloud partner status by October 2023; Singapore-based Megaspeed, where Alice Huang was managing director in 2023, imported at least $4.6 billion in Nvidia hardware between 2023 and 2025, according to customs records cited by Bloomberg. The FBI is also looking into the matter, and the revelations triggered bipartisan demands in Congress for prompt legislative action to halt advanced semiconductor shipments to Chinese entities. Reuters noted it could not independently verify the report's facts, and Nvidia said it expects distributors and partners to comply with US export restrictions.

What happened

Netflix co-CEO Gregory Peters sold 27,312 shares of Netflix stock on Monday, Nov 9, at an average price of $63.62 per share, for a total of about $1.74 million, according to an SEC filing disclosed Nov 11. The sale cut his stake by 18.61%, leaving him with 119,412 shares worth about $7.6 million. The filing gives no reason for the sale. NFLX slipped more than 1% in the overnight session late Tuesday and opened Wednesday at $63.26, near its 52-week low, with the stock down 32.5% year to date.

What happened

Costco's board declared a special cash dividend of $30 per share on Tuesday, Nov 10 — a record one-off payout worth about $13.3 billion in total, double the $15 special dividend Costco last paid. The dividend is payable Dec 4, 2026 to shareholders of record at the close of business on Nov 24. The board also approved a new $4 billion share repurchase program running through November 2030, replacing the 2023 authorization (due to expire January 2027) under which $3.1 billion had already been spent. Costco shares gained overnight after the announcement. The company gave no executive commentary and did not say how the dividend or buyback would be funded.

What happened

China Renaissance upgraded Apple to Buy from Hold on Wednesday, Nov 11, and raised its price target to $425 from $280 — a Street-high target implying about 22% upside from the Nov 10 close of $348.51. The upgrade reverses the firm's Aug 4 downgrade, which had been driven by sluggish Services growth and margin pressure from memory costs. The call lands after Apple reported a fiscal Q4 revenue record of $114.5 billion, up 12% year over year, with Services revenue at an all-time high. The $425 target sits far above the Street consensus average of about $347, which implies roughly no upside from current levels. Apple shares rose about 1.4% in Wednesday morning trading, to around $353.

What happened

Robert W. Baird downgraded Nvidia to Neutral from Outperform on Wednesday, Nov 11, and cut its price target by 60% to $200 from $500, analyst Tristan Gerra citing growing risks from U.S. restrictions on chip sales to China and a potential slowdown in AI spending. Baird said it is delaying its 2027 data-center growth forecasts due to supply constraints, softer demand and limited visibility, expects hyperscaler AI spending growth to slow to 40% or lower in 2027, with 10-30% of channel orders potentially facing early reductions, and cited uncertainty around whether CEO Jensen Huang will stay on into 2027 as another factor. Morgan Stanley separately removed Nvidia from its semiconductor Top Pick list while maintaining an Overweight rating and $300 target. Despite the downgrade, Nvidia shares rallied in Wednesday morning trading — up about 1.8% to $171.90 at 9:49 AM ET — on the CoreWeave-driven AI rebound, on track for the stock's best day in over two months.

What happened

Microsoft (MSFT) closed Tuesday, November 10 ahead of Nvidia (NVDA) in market capitalization, becoming the world's second-most-valuable publicly traded company behind Apple. Microsoft finished at $533.16 per share for a market value of $3.96 trillion, slightly ahead of Nvidia, whose market cap sank below $4 trillion. Nvidia has plunged 25% in the past month, including a 17% decline over the last week, after reports that CEO Jensen Huang was the target of a Chinese espionage effort. The slide has pushed Nvidia's valuation to a 15-year low: the stock trades at just 11.77 times expected earnings over the next 12 months, its lowest multiple since 2011, according to FactSet. Nvidia rebounded nearly 4% in premarket trading on Wednesday, November 11, looking to recover part of the past two sessions' losses.

What happened

CoreWeave (CRWV) reported third-quarter 2026 results after Tuesday's close that beat expectations across the board: revenue of $3.66 billion, up 168% year over year and above the roughly $3.55 billion LSEG consensus, with adjusted operating income of $379 million — well above its $200-260 million guidance — and a record revenue backlog of $132.5 billion, up 138% year over year. The company raised full-year 2026 revenue guidance to $13.0-13.3 billion and lifted its exit-ARR target to $20-21 billion, while forecasting adjusted profitability in the first half of 2028. Shares rose 7.9% in after-hours trading Tuesday to $52.58, then jumped more than 16% in Wednesday premarket trading. The beat ignited a broad premarket rebound in beaten-down AI and semiconductor shares: Nasdaq 100 futures were up 555 points, S&P 500 futures up 71 and Dow futures up 88, with Nvidia rebounding about 4.4% after two sharply lower sessions and Micron and Marvell also advancing.