To The Moon

Technology shares recovered without Nvidia joining in

The $Invesco QQQ(QQQ)$ gained 3.54 per cent on Monday and the $S&P 500(.SPX)$ rose 2.35 per cent. $Advanced Micro Devices(AMD)$ advanced 13.26 per cent, while $NVIDIA(NVDA)$ fell 4.27 per cent. The opposite moves show why stronger AI demand alone cannot explain this rebound: specific deployments, governance and expectations also matter.

Memory shares recovered too. Micron, Sandisk and SK hynix gained 6.25 per cent, 6.16 per cent and 5.53 per cent respectively. Investors were willing to buy selected hardware companies again, but rising shares do not establish that orders, margins and cash flow have improved together.

Google's deployment gave AMD a specific new source of support

$Advanced Micro Devices(AMD)$ confirmed on Monday that fifth-generation EPYC processors power the host infrastructure for Google Cloud TPU 8tx systems. The CPUs prepare data, coordinate workloads and communicate with accelerators, working alongside TPUs on AI tasks. This is an announced deployment, rather than simply optimism about future demand after earnings.

It should not be described as Google replacing Nvidia GPUs with AMD GPUs: the announcement concerns server CPUs supporting Google's own TPUs. Greater use of custom accelerators can still create demand for EPYC. However, the release did not disclose contract value, shipment volumes or profit contribution, leaving the share-price response to be validated by subsequent revenue.

Nvidia faced a company-specific governance issue

On 8 November, Nvidia's board announced an independent investigation overseen by independent directors and outside counsel. The board also said it had no reason at that time to believe national security or company secrets had been compromised, and retained confidence in chief executive Jensen Huang and his leadership team. The investigation remains unresolved; reporting should not be presented as proven misconduct.

After Monday's close, Rosen Law Firm announced that it had filed a securities class action on behalf of investors. The disclosure-related allegations remain unadjudicated. That development followed the close and cannot explain the earlier session's decline. Further disclosures, leadership stability and customer relationships matter; one day's fall does not establish that Nvidia orders have moved to AMD.

Memory's recovery still needs pricing and delivery evidence

Micron's HBM, Sandisk's enterprise SSDs and SK hynix's expansion involve different products and delivery schedules. New CPU or accelerator deployments can support data-centre demand without automatically creating the same new order for all three suppliers.

Contract pricing, customer inventory and utilisation must support any sustained recovery. Strong server demand can bring more purchasing while cloud customers also control their budgets. A sector-wide rise alone cannot establish which supplier will retain more profit.

Anthropic's IPO pricing is not settled

Reuters reported that IPO material Anthropic sent to bankers initially included a range of $70 to $80 a share. The company subsequently retracted the details, saying the pricing information was inaccurate. Retracting pricing is not the same as withdrawing the IPO, but the material cannot establish a final price, proceeds or trading date.

$Amazon.com(AMZN)$ rose 2.94 per cent on Monday and Alphabet's GOOG shares gained 0.73 per cent. Both have business connections with Anthropic, but investment value and cloud revenue need separate analysis. The former depends on the eventual valuation; the latter depends on compute usage and delivery. A paper investment gain is not cloud operating cash flow, and late-evening pricing news cannot explain earlier share-price moves.

Rocket Lab beat revenue expectations but remained loss-making

$Rocket Lab USA, Inc.(RKLB)$ closed up 10.91 per cent before releasing results after-hours. Third-quarter revenue of $268 million exceeded the roughly $260 million forecast in the Finnhub calendar used for this edition. GAAP net loss was $0.12 a share. A revenue beat is progress, but does not make the entire report an earnings beat.

Backlog reached $3.57 billion, quarterly operating cash flow turned positive at $7.2 million and next-quarter revenue guidance was $270 million to $290 million. Operating cash flow is not free cash flow after capital expenditure. Neutron's first launch remains targeted for no earlier than 2027, leaving delivery and development spending important to the outlook.

AST SpaceMobile still needs deployment to become revenue

$AST SpaceMobile, Inc.(ASTS)$ also reported after Monday's close. Third-quarter revenue was $42.3 million, below the earlier calendar estimate of about $48 million, with a GAAP loss of $0.44 a share. The company maintained full-year revenue guidance of $150 million to $200 million, although quarterly sales still came primarily from gateway deliveries and US government milestones.

The results do not establish that mass-market satellite connectivity is already generating large-scale profit. Satellite launches, ground infrastructure and operator partnerships must continue to progress. Rocket Lab's launch and Space Systems orders and AST SpaceMobile's network deployment each offer growth potential, but contract totals are not current-period revenue.

Today's earnings preview: Sea pre-market, CoreWeave after-hours

$Sea Ltd(SE)$ reports in the US pre-market on 10 November. The Finnhub calendar for this edition shows expected revenue of approximately $8.29 billion and earnings of $0.82 a share. The tests are whether Shopee's growth covers its investment and how digital-finance profitability develops alongside credit costs.

$CoreWeave, Inc.(CRWV)$ reports after-hours, with calendar expectations of about $3.62 billion in revenue and a loss of $1.18 a share. Facility delivery, available power, interest expense and capital spending will determine whether revenue growth improves cash returns. These are market forecasts, not reported results or signed orders.

CPI will set the interest-rate pressure facing the rebound

October US CPI is due at 21:30 Beijing time on 10 November. CME's preview puts headline and core monthly expectations at 0.3 per cent and 0.2 per cent, compared with September's actual readings of 0.6 per cent and 0.3 per cent. At this edition's verification time, the release was still pending and disinflation remained an expectation.

Slower core inflation could ease rate pressure on technology shares. Persistent price increases, alongside the labour-market resilience shown in last week's payrolls report, could instead sustain pressure on yields. AMD's deployment, Nvidia's investigation and space companies' deliveries have separate timelines; CPI will influence the valuations investors place on their future revenue.

A note on sources: all market moves use the 9 November US regular-session close and were checked against consecutive Yahoo Chart closes, without mixing in Hong Kong intraday prices. AMD's deployment and Nvidia's board position come from company releases. Litigation information comes from plaintiffs' counsel; allegations are not judgments. Anthropic's pricing retraction comes from Reuters. Space-company figures use current releases and revenue estimates use Finnhub; estimates with unspecified accounting bases are not directly compared with GAAP losses per share. The earnings preview covers only 10 November. CPI timing and prior readings come from the BLS and expectations from CME. Business comparisons and market interpretations are analysis. This is personal analysis and not investment advice.

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