The Trading Day · Wednesday, November 4, 2026

AI Trade — Kospi Swings 7% on AMD and the Midterms, Closes Green; Nasdaq Futures Recover

Asia is where the AI trade shows first each morning, and this morning it took both of the night's stories in one session. Korea's Kospi opened 3.2% higher after AMD's report, fell as much as 4.0% below Tuesday's close by 03:45 UTC as the US election results came in, and closed up 0.62%. SK Hynix went from +5.6% to −6.8% and closed flat; Samsung Electronics from +3.9% to −5.2% and closed down 0.7%; TSMC fell as much as 2.6% and closed down 1.5%; in Tokyo, Advantest and SoftBank Group fell as much as 10% and closed down about 3%. Taiwan's index fell as much as 3.4% and closed down 0.83%, and Japan's Nikkei, back from a holiday, fell as much as 4.8% and closed down 1.42%. Shenzhen rose 4.0%.

The Morning 10

1 AI Trade in Asia — Kospi swings 7% and closes green; Taiwan and Japan cut their losses
2 Asia's AI Bellwethers — SK Hynix swings 12 points; Advantest and SoftBank fall 10% before recovering
3 Europe's AI Infrastructure — ASML −1.6% on Tuesday, grid suppliers up; Novo raises its outlook
4 Midterms — Nasdaq futures fall 2.4% overnight, then recover to −0.3%
5 Bonds, Gold and Bitcoin — yields fall overnight, gold back above 4,000; TLT under 81.50
6 Tuesday in Brief — S&P 500 +0.4%, the average stock −0.3%; tech +1.3%, staples −2.1%
7 AI Indices — Rubin +1.6% back over its line, Ecosystem +0.7%, HALO +0.5%
8 AMD — revenue $13.4B, December quarter guided to $17B; shares +5.0% after hours
9 Earnings Grades — Amazon flat by 41 cents, Twilio and Intel sold
10 Today — ADP jobs 13:15 UTC, services survey 15:00 UTC, Qualcomm, Arm and AppLovin report

The full Morning 10 →

On the tape

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