Evening Wrap, Thu 12 Nov 2026

Our Index slipped 0.44% today (Yahoo, 12 Nov).

It was a mixed session in the AI league.

The Major division was about flat, up 0.02% on a level basis. The Minor division was down 1.06% on a level basis. The Frontier division fell the most on a level basis, down 4.92%.

The NASDAQ slipped 0.39%, per Yahoo closes and the Nasdaq official close. The S&P 500 slipped 0.35%, per Yahoo closes and CNBC.

34 companies rose and 109 fell.

Honest context: it is still a rough season. Since 5 Oct the Index is down 14.06% and the NASDAQ is down 7.68%, per Yahoo closes through 12 Nov. The S&P 500 is down 2.34% over the same stretch, per Yahoo closes. That leaves the Index about 6.37 points behind the NASDAQ, per Yahoo closes through 12 Nov.

Here is the breakdown of the players who moved the most today.

AMD was up 5.86%, Broadcom was up 5.54%, per Yahoo closes and the Nasdaq official close. Arista Networks was up 5.13% and Celestica was up 4.62%, per the Nasdaq official close. AAON was up 3.24%, per Yahoo closes and the Nasdaq official close. AMD makes AI chips. Broadcom makes AI chips and networking gear. Arista Networks makes networking equipment. Celestica makes servers. AAON makes heating and cooling equipment, including for data centers. Power Rankings: Broadcom is 2nd in AI chips and networking, AMD is 3rd in AI chips and networking, and Arista Networks is 8th in AI chips and networking in our current Power Rankings. Celestica is 12th in Data centers, and AAON is 19th in Data centers in our current Power Rankings.

On the other side: Nebius was down 16.84%, GDS was down 11.36% and Supermicro was down 11.30%, per Yahoo closes and the Nasdaq official close. Karman Space & Defense was down 9.48% and IonQ was down 9.45%, per the Nasdaq official close. Nebius rents out AI computing power. GDS runs data centers. Supermicro makes servers. Karman Space & Defense makes parts for space and defense systems. IonQ works on quantum computing. Power Rankings: Nebius is 8th in Cloud and compute, Supermicro is 17th in Data centers, and GDS is 20th in Data centers in our current Power Rankings. Karman Space & Defense and IonQ are in our Index but not in the Power Rankings.

We have not established what caused these moves.

What we track, super simple: the AI Economy Index follows the public companies that build and run the AI economy, from chips to power to robots, so one big name cannot tell the whole story. The Power Rankings put those companies, and the AI models, in order inside each division, like league standings. Both matter because they show who is actually delivering, not just who is talking.

1. NVIDIA's head coach leaves the bench in the middle of the season. As you already know, NVIDIA's CEO is gone. NVIDIA (@nvidia) makes AI chips. Picture the head coach of the league's top franchise walking off the bench in the middle of the season, with the team handing the clipboard to its chief financial officer as interim head coach. Jensen Huang resigned as President, CEO, and a member of the board, effective immediately (NVIDIA release and Form 8-K, 12 Nov). The board accepted the resignation on 11 Nov. The filing does not give a reason. Colette Kress, NVIDIA's chief financial officer since 2013, is the interim CEO and keeps the finance job. Harvey C. Jones, a director since 1993, becomes the board's first ever chair. The board will look inside and outside the company for a permanent CEO. Third quarter results remain on Tuesday 17 Nov, as already scheduled, so the interim coach calls the next big game. Now picture one of the most dramatic coaching jumps the NBA has ever seen. Pat Riley had four NBA titles as head coach of the Lakers. He later coached the Knicks, and on 15 June 1995 he resigned as head coach of the Knicks by fax and became head coach and president of the Miami Heat. The Knicks accused the Heat of tampering, and the two teams turned into bitter rivals. One prediction market is pricing a jump like that for Jensen Huang. Polymarket's market "Will Jensen Huang join SpaceX by December 31, 2026?" showed Yes at 9% at 4:41pm ET on 12 Nov. That is what the market is pricing, not our view. Source: Polymarket | https://polymarket.com/event/will-jensen-huang-join-spacex-by-december-31-2026 | 2026-11-12. Our take, and this part is pure speculation: Terafab is Elon Musk's plan for SpaceX and Tesla to build their own AI chip factories in Austin, Texas. Huang founded NVIDIA in 1993 and ran it for more than three decades, and NVIDIA's chips are made at giant chip factories like TSMC and Samsung. Picture Musk getting that kind of know-how for Terafab. That would be insane, because almost nobody alive knows more about turning AI chip designs into real chips at scale. Power Rankings: NVIDIA is 1st in AI chips and networking in our current Power Rankings. Our take: the AI league feels stretched thin right now, and seeing the top franchise's head coach walk off in the middle of the season is the kind of test that shows how deep a bench really is. A change at the top is not a game result.

2. TSMC reports employee data appeared on an outside website. TSMC manufactures chips used across the AI economy. In a 12 Nov filing, TSMC says some current and former employee data was made available on an outside website without authorization (TSMC filing, 12 Nov). It says it has found no evidence that its own systems have been compromised. It says the information matches data stored in the system services of a cloud service provider, and is unrelated to operations or customer data. Power Rankings: TSMC is 2nd in Chip equipment and manufacturing in our current Power Rankings. Our take: we are reporting TSMC's own statement, not an independent check.

3. Anthropic says Claude helps it put models on new chips faster. Anthropic (@AnthropicAI) makes the Claude AI models and is going public, which is like a college star going pro. In IPO materials filed with the SEC, Anthropic says it can onboard new chip platforms in a fraction of the time it once took (Anthropic filing, 10 Nov, and road show materials, 12 Nov). It says that work historically took many months, and that by using Claude its teams can now bring new chip platforms into production more quickly. The same section cites access to AMD (@AMD) Instinct MI450 Series chips. Power Rankings: Claude Fable 5.2 is 1st in AI models in our current Power Rankings. AMD is 3rd in AI chips and networking in our current Power Rankings. Our take: jury's out. This is a capability claim in IPO materials, not a booked result.

What's next: NVIDIA's third quarter results on Tuesday 17 Nov, as already scheduled.

MATCHUP: AMD vs NVIDIA (Major division)

AMD (AMD): +5.86%

NVIDIA (NVDA): −4.34%

AMD takes the game.

Source: Nasdaq | https://www.nasdaq.com/market-activity/stocks/amd | 2026-11-12

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Rankings and game results describe what already happened. They are not a view on where any share price goes next. This is general information, not investment advice.