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The Trading Day · Friday, November 13, 2026

AI Trade — Korea Turns a 3% Gain Into a 1% Loss; Bitcoin Falls Below $70,000, 10-Year Yield at 5.10%

Asia's chip markets started Friday with gains and gave most of them back. Korea's Kospi was up 3.0% at its high and closed down 1.0%. Taiwan's TAIEX was up 3.2% and closed 1.4% higher; Japan's Nikkei was up 1.8% and closed 0.5% higher. Nasdaq 100 futures turned from a gain of 0.8% to a loss of 0.4%.

The Morning 10

AI Trade — Korea Turns a 3% Gain Into a 1% Loss; Bitcoin Falls Below $70,000, 10-Year Yield at 5.10%

  1. 1 AI Trade in Asia — Kospi up 3.0%, then down 1.0% at the close; Taiwan keeps 1.4%, Nikkei 0.5%
  2. 2 Asia's AI Bellwethers — SK Hynix from +5.0% to −3.0%, SoftBank −5.1%; Advantest and Tokyo Electron hold gains
  3. 3 Europe — Stoxx 600 at a record close on Thursday; ASML −1.9%, chip and cable names slip
  4. 4 Wall Street on Thursday — S&P 500 −0.35% and still above its pre-sell-off close; small companies −1.7%
  5. 5 Nvidia — closes down 4.3% after a 14% fall; AMD and Broadcom gain more than 5%
  6. 6 Earnings After the Close — Cisco raises its forecast for the year, Applied Materials posts a record quarter
  7. 7 Rates — 10-year yield at 5.10%, its highest in three weeks; long bond fund TLT back under 80
  8. 8 Dollar, Gold, Oil, Bitcoin — Bitcoin under $70,000 for the first time since August; gold at a 13-month low
  9. 9 AI Indices — Rubin 100 −1.6% on Thursday and still 10.7% higher on the week; HALO and Agentic Winners give back the week
  10. 10 Today and Next Week — producer prices at 13:30 UTC; Nvidia reports Tuesday, Anthropic's share sale is expected Wednesday

The full Morning 10 →

Daily Pulse — Rates — What a 5% Yield Does to the AI Trade

The 10-year Treasury yield closed at 5.10% on Thursday. We measured what rates did to the AI trade over the past twelve months. On the 12 days the yield jumped by 0.07 points or more, 26 AI hardware stocks lost 1.3% on average and the S&P 500 fund 0.6%; software and big tech barely moved, and energy rose. On the 23 days that began with the yield at 5% or more, the S&P 500 fund ended flat while AI hardware lost 19.6% and the companies that rent out AI computing power 34.6%. The effect is recent: below about 4.3% a jump in yields did nothing to these stocks. Rates are a steady headwind for the build-out, not the cause of its large sell-offs: of the ten worst days for AI hardware, one was a jump day. Producer prices today at 13:30 UTC are the next test.

The full Pulse →

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