AMD and Broadcom (AVGO) news that moved the stock

What happened

On Thursday, Nov. 12, a wave of Wall Street firms moved on Nvidia the morning after the Wall Street Journal reported the board is preparing to oust CEO Jensen Huang. William Blair downgraded Nvidia to Market Perform from Outperform, warning Huang's likely departure and heightened scrutiny are 'a significant overhang' on the shares. Oppenheimer cut its rating to Perform from Outperform and removed its price target altogether. Bernstein downgraded to Market Perform from Outperform and halved its target to $200 from $400, citing leadership uncertainty rather than chip demand, and kept its earnings forecasts unchanged. Stifel cut its target to $205 from $315 while keeping a Buy, saying it now considers a leadership transition its base case and valuing the stock at 13 times fiscal 2028 EPS of $15.65, down from a 20-times multiple. Citi cut its target a second time this week, to $225 from $285, while keeping a Buy. Dan Ives estimated Nvidia is worth $225 without Huang versus $300 with him as CEO, and said he expects Huang to be removed. Nvidia shares fell more than 6% in premarket trading, on track for lows last seen in July 2025.

What happened

The Wall Street Journal reported Wednesday evening, Nov. 11, that Nvidia's board is preparing to oust CEO Jensen Huang after he had two extramarital affairs — one with Alice Huang, a Singapore-based data-center executive U.S. intelligence officials believe is working for China's intelligence services, and a second, newly reported affair with Kimberly Powell, a senior Nvidia executive who runs the company's healthcare business and reports to Huang (first reported by The New York Times on Wednesday). The board is planning to meet as soon as Wednesday to determine his future, according to people familiar with the matter. Nvidia shares fell about 8% in after-hours trading on the report. Polymarket bettors put 77% odds on Huang leaving his position by resignation or removal by year-end.

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

Google announced two new TPU systems on Monday, November 9, completing its eighth-generation lineup at four systems in a single year — a first in more than a decade of TPU development. TPU 8tx is built for secure and confidential inference (plus small-scale training) for regulated enterprises and governments: it uses the same silicon as the training-focused TPU 8t, pairs it with 5th Generation AMD EPYC host CPUs and the low-latency Boardfly network, building encryption into the hardware layer so data and model weights stay protected even while in active use, with up to 2x lower latency than TPU 8t. TPU 8i Max targets the memory wall for massive context windows: it combines two TPU 8i chips in a single package, doubling the compute, on-chip SRAM and HBM bandwidth of TPU 8i and delivering the highest compute density per rack. Google also opened up TPU development to PyTorch developers, launched its TPU agent suite and XLA Serving Engine, and said shipments of the two new systems are expected next year.

What happened

Taiwan's government moved over the weekend to arrest the rout in its stock market, and the measures took effect on Monday, November 9. The Financial Supervisory Commission cut the cap on intraday short-sale orders for borrowed shares to 3% of a stock's 30-day average daily volume, down from 30%, and raised the minimum margin for short sales to 130% from 90%, while encouraging buybacks. At an emergency meeting on Friday afternoon, the National Financial Stabilization Fund authorized its tenth-ever market-rescue operation, putting NT$500 billion (about $15 billion) on standby to buy stocks. The Taiex surged as much as 6.7% intraday and stood up 5.79% at 42,001.22 in midday trading, its biggest one-day gain since July 31, ending a seven-session losing streak; TSMC gained about 4.7%, MediaTek more than 4% and Foxconn about 6.5%. South Korea acted in parallel, suspending the margin-loan collateral rule that forces brokers to liquidate leveraged retail accounts; SK Hynix gained about 4.6% and Samsung about 2.4%. Nasdaq 100 futures, down about 0.8% at Sunday's open on the Nvidia probe news, recovered to roughly flat by Monday morning.

What happened

Microsoft is declining the option to double the size of its deal with Nscale to rent more computing power from a Texas data center, the Financial Times first reported on Nov 5; separately, Bloomberg reported Microsoft is tightening oversight of its data-center projects and stepping away from projects it deems risky. Internally, Microsoft is reconsidering advancing deals with its data-center partners, per Bloomberg. A Microsoft spokesperson told Reuters the company's approach to infrastructure 'is built on flexibility and optionality, combining Microsoft-owned data centers, leased facilities and strategic partnerships.' Microsoft shares fell 3.7% on Thursday.

What happened

U.S. stocks closed sharply lower on Thursday, November 5, completing a violent two-day reversal after Wednesday's post-midterm rally. The Nasdaq Composite plunged 5.52% to 24,315.00, confirming correction territory (at least 10% below its October 6 record closing high) in its biggest single-day percentage drop since April 2025's 'Liberation Day' selloff. The Dow Jones Industrial Average fell 1,833 points, or 3.44%, to 51,523.06, fully erasing Wednesday's 1,500-point post-election surge. The S&P 500 dropped 4.36% to 7,353.73, with every sector finishing in the red. In dollar terms it was the largest single-day market-cap wipeout ever: S&P 500 firms shed $2.9 trillion and Nasdaq companies lost $2.5 trillion. The Magnificent 7 alone lost $1.04 trillion, led by Nvidia (-$374 billion, -9.3%) and Tesla (-$161 billion, about -10.8%), with Microsoft down $117 billion.

What happened

Anthropic filed an amended IPO prospectus with the SEC on Monday disclosing third-quarter results: revenue of $16.95-16.96 billion, up 1,127% from $1.38 billion a year earlier and up from $11.56 billion in Q2. The company posted a $567 million operating loss, versus $974 million in operating income in Q2 — which was Anthropic's only profitable quarter out of its last seven. The loss was driven by $5 billion in short-term compute agreements (priced above long-term contracted capacity) plus $2 billion in non-cash charges tied to an employee donation-matching program. Compute and infrastructure expenses reached $9.86 billion, or 58% of revenue, up from 48% in Q2. Net loss narrowed to $23.29 billion from $66.3 billion in Q2, but was driven mostly by mark-to-market charges on convertible notes as Anthropic's valuation rose. Critically, the filing quantified for the first time about $895.4 billion in committed compute and infrastructure spending as of September 30, with partners including Amazon and Alphabet's Google — among the largest AI infrastructure commitments on record. Anthropic cautioned it does not expect revenue to keep growing at comparable rates. The company is seeking a reported $1.5-2 trillion valuation, which would make this one of the biggest IPOs of all time.

What happened

Meta Platforms' $25 billion common-stock sale — the first tranche of its upsized $97.5 billion equity raise — ended about five times oversubscribed, according to Bloomberg-cited coverage, a strong demand signal for the largest equity raise of its kind. AMD confirmed a $1 billion pledge to the offering, joining Nvidia's previously announced $3 billion commitment; the two pledges answer the open question from earlier coverage about whether AMD and Broadcom would confirm participation and at what size. The sale's reception helped spark Tuesday's chip-led rally: the Nasdaq Composite rose 1.18% and the S&P 500 gained 0.60%, with AMD up 5.1%, Nvidia up about 1%, and Broadcom and Micron also advancing, even as Meta itself slipped about 1.5%.

What happened

Nvidia said late Monday / early Tuesday it will invest $3 billion in Meta Platforms' equity offering, as the two companies deepen their partnership on Meta's Muse AI assistant and related AI models. Meta will expand deployment of Nvidia infrastructure — including Vera Rubin and Vera CPUs and Nvidia networking — for next-generation AI agents, and the companies are considering further collaboration on agent-behavior monitoring (Nvidia's OpenShell/Sentry tools). Separately on Tuesday, Meta increased its largest-ever equity fundraising to $97.5 billion, upsizing the common-stock tranche announced Monday from $22.5 billion to $25 billion at $625 per share, alongside 250 million depositary shares at $50 each. Meta has launched about $35 billion in public offerings and plans a further up-to-$60 billion at-the-market program after its new non-voting Class C shares begin trading, expected in Q1 2027. Reuters reports the raise has drawn interest of up to $5 billion in total from Nvidia, AMD and Broadcom for Class A shares. Meta shares fell about 1.4% in morning trading Tuesday; Nvidia was roughly flat to modestly higher in premarket trading.

What happened

Anthropic, PBC publicly filed a Form S-1 with the SEC on Monday, October 26, 2026 (accepted 9:00:11 a.m. ET) for an initial public offering of its Class A common stock, to list on the Nasdaq Global Select Market under the ticker ANT. The share count and price range were left blank, so the amount to be raised and the valuation are not yet set; reports put a possible valuation at up to $2 trillion, with some investors now marking it near $1.5 trillion, and bankers reportedly aiming for up to $100B in proceeds. The filing discloses first-half 2026 revenue of $16.3 billion, up about 1,300% from $1.2 billion a year earlier, alongside a net loss of $80.7 billion — but $72.4 billion of that loss is a non-cash fair-value charge on convertible notes, derivatives and SAFEs as Anthropic's valuation rose, leaving an operating loss of $693 million, positive operating cash flow of $3.9 billion, and $131.7 billion in cash and short-term investments at June 30. It also reveals a novel governance structure: a single Class F share held by a founders' company carries 50.1% of votes, and a Long-Term Benefit Trust elects a majority of the board, making Anthropic a controlled company.

What happened

U.S. equities rebounded Monday after the Nasdaq's worst week since June, with the Nasdaq Composite rising about 1.3% and the S&P 500 up 0.5% while the Dow was flat. Chipmakers and AI-infrastructure stocks led the recovery: the iShares Semiconductor ETF (SOXX) rose more than 2%, with SanDisk and Western Digital up over 6%, Marvell up 5%, and Intel, Lam Research and Micron up more than 4%. The Magnificent Seven — except Meta — powered the advance: Amazon surged 4.8%, adding 71 points to the Dow, while Microsoft, Nvidia and Alphabet each contributed roughly 24 points; Tesla rose 3-4%. Meta lagged, falling about 0.9%. The bounce came as Dow and S&P futures had climbed earlier in the day on fading expectations of an October Fed rate hike (odds now ~13-15%) and as investors positioned ahead of a pivotal earnings week.

What happened

Hazeltree's Data Insights unit published its September Crowding Report on October 19, 2026, showing hedge funds increased long positions in several major technology stocks in September despite rising interest rates and inflation concerns. Long participation rose in Alphabet, Meta, Microsoft, Nvidia and Amazon, while it declined modestly in Apple and Tesla. Semiconductor positioning turned more bullish overall: the share of PHLX Semiconductor Index constituents with net long positioning rose to 76.7% from 73.3%. Broadcom was the biggest swing — its net long exposure jumped 20 percentage points to 54.1%, shifting from short-biased to long-biased. On the other side, short participation rose notably in Meta and Tesla; Apple and Tesla remained the only Mag 7 stocks with more short than long holders, and Tesla's long-to-short ratio fell to 0.54, its lowest reading of the year.

What happened

The Financial Times reported Thursday that OpenAI's annualized revenue is on track to reach $50 billion, roughly $20 billion below earlier reported figures, based on financial documents shared with investors. The lower run-rate suggested the pace of growth for AI leaders is moderating rather than accelerating. Tech stocks fell in afternoon trading: the Nasdaq composite dropped 1.3%, the S&P 500 fell 0.6%, and AI-exposed names sold off hard - CoreWeave and Constellation Energy each fell about 6%, while Astera Labs and Arm Holdings each plunged roughly 8%. Futurum strategist Shay Boloor noted the $20B gap between OpenAI's real run-rate and reported number reflects sales flowing through AWS, Google Cloud, and Microsoft Azure rather than disappearing revenue.

What happened

The Wall Street Journal reported that Broadcom has spent recent weeks working to arrange more than $50 billion in financing for the custom AI chip it is developing with OpenAI, with Apollo and Blackstone among the lenders approached. Separately, Oracle is in talks with Apollo and Goldman Sachs to fund a large chip purchase, likely through a separate entity that would buy the chips and lease them to Oracle. SpaceX has also spoken with lenders in recent days about a roughly $40 billion financing tied to Nvidia chips, first reported by the FT. Talks are at an early stage and deal sizes could change, but Broadcom and Oracle aim to close before year-end. Reuters' Thursday 'Open Interest' market piece highlighted these reports as the latest turn in the 'circular financing' wave in AI.

What happened

Marvell Technology used its investor day on Tuesday, Oct 6, to unveil long-term financial targets of $70 billion to $90 billion in revenue for fiscal 2031. The outlook implies roughly 55% to 60% annual growth over the next half-decade, driven by AI data-center demand for its custom silicon and networking products. Shares advanced about 5% Tuesday, with investors treating the targets as a credible signal that AI infrastructure spending has a long runway.

What happened

Bloomberg reported on Oct 2 that Broadcom's Wall Street banking syndicate is assembling a $60B financing package to help Anthropic and other AI companies buy AI chips and computing infrastructure. Banks are preparing syndication letters for a $42B Class A senior-secured tranche, while Blackstone is leading an $18B Class B junior tranche, committing $9B of its own funds and syndicating the rest to other investors. The package has not been formally announced and Broadcom declined to comment. Separately, Reuters reported Thursday that Anthropic's IPO prospectus disclosed Broadcom has agreed to lend the AI company up to $42B to finance its TPU lease obligations — roughly one-third of Anthropic's $125.2B five-year commitment to lease computing capacity. Some of the debt instruments could be converted into Anthropic shares, and the prospectus flags 'potential conflicts of interest' from Broadcom's dual role as chip vendor and lender. AVGO rose ~3.5% Friday (trading near $351.83 intraday) and Alphabet (GOOGL) rose ~1.6%.

What happened

Reuters reported on October 1 that Anthropic's IPO prospectus discloses Broadcom has agreed to lend the AI lab up to $42 billion to finance infrastructure spending, via convertible notes that could be converted into Anthropic shares. The loan would cover about a third of the $125.2 billion, five-year commitment Anthropic has made to lease TPU computing capacity co-designed by Google and Broadcom. In turn, Anthropic stands to become the largest customer in Broadcom's chip-design business next year, and the AI lab targets a $2 trillion IPO valuation despite 2025 revenue of only ~$4.6 billion against an operating loss exceeding $8 billion.