Evening Wrap, Fri 13 Nov 2026

Our Index slipped 2.04% today on a level basis.

It was a broad down session in the AI league.

The Major division was down 2.13% on a level basis. The Minor division was down 1.90% on a level basis. The Frontier division fell the most on a level basis, down 2.93%.

The NASDAQ slipped 0.91%, per the Nasdaq official close. The S&P 500 slipped 0.40%, per CNBC.

23 companies rose and 120 fell.

Honest context: it is still a rough season. Since 5 Oct the Index is down 15.81% and the NASDAQ is down 8.52%, per Nasdaq official closes through 13 Nov. The S&P 500 is down 2.73% over the same stretch, using CNBC's close today and the 5 Oct close. That leaves the Index about 7.29 points behind the NASDAQ, per Nasdaq official closes through 13 Nov.

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

Cerebras was up 11.22%, Meta Platforms was up 2.90%, AAON was up 1.84%, Hesai was up 1.76% and ServiceNow was up 1.58%, per the Nasdaq official close. Cerebras makes AI chips. Meta Platforms runs social apps and builds AI models. AAON makes heating and cooling equipment, including for data centers. Hesai makes lidar sensors for cars and robotaxis. ServiceNow makes software that companies use to run their work. Power Rankings: Cerebras is 30th in AI chips and networking, ServiceNow is 5th in AI software and apps, AAON is 19th in Data centers, and Hesai is 28th in Robotics and physical AI in our current Power Rankings. Meta Platforms is in our Index but not in the Power Rankings.

On the other side: Nebius was down 9.92%, PDF Solutions was down 9.01%, AMD was down 8.75%, Ouster was down 8.52% and Fabrinet was down 7.51%, per the Nasdaq official close. Nebius rents out AI computing power. PDF Solutions makes software used in chip manufacturing. AMD makes AI chips. Ouster makes lidar and camera sensors. Fabrinet manufactures optical and electronic products. Power Rankings: AMD is 3rd in AI chips and networking, Nebius is 8th in Cloud and compute, Fabrinet is 18th in Data centers, Ouster is 23rd in Robotics and physical AI, and PDF Solutions is 53rd in Chip equipment and manufacturing in our current 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. Cerebras signs a cloud deal with Microsoft, while its OpenAI deliveries run late. Cerebras (@cerebras) makes AI chips. Microsoft (@Microsoft) runs a large cloud. On its 12 Nov earnings call, Cerebras said it signed a cloud deal with Microsoft, its third hyperscaler customer after AWS and Oracle (Cerebras call, 12 Nov). Its Form 8-K described the same deal as an important cloud deal with a top three hyperscaler, and did not name Microsoft (Cerebras Form 8-K Ex. 99.1, 12 Nov). Cerebras said it will share details in the first half of 2027, when it expects revenue to start. Microsoft has not commented, and Cerebras gave no size or terms.

Think of the fastest sprinter in the league signing with a third big club while the track for its biggest contract is still being poured.

On the same call, Cerebras said it is running behind schedule on the initial capacity of its take-or-pay contract with OpenAI for 750 MW. Take-or-pay means the buyer commits to pay for the capacity whether or not it uses it. Cerebras said the delays are land, power and data center buildings, not chips. It said delays give OpenAI credits, which it has already taken off its backlog, and that a delay of 90 days or more lets either side cancel that slice. It estimates less than 5% of committed megawatts could be open to cancellation this year, says none has been canceled, and expects to be back on schedule by the second half of 2027.

Cerebras reported core revenue of $230.9 million for the quarter, up 70% from a year earlier (Cerebras Form 8-K Ex. 99.1, 12 Nov). All three companies are in our AI Economy Index. The full briefing is at https://siliconsideline.com/blog/cerebras-microsoft-deal-openai-delays

Power Rankings: Microsoft is 1st in Cloud and compute, and Cerebras is 30th in AI chips and networking in our current Power Rankings. Our take: a faster product and a bigger roster are not the same as delivering on time. The Microsoft deal has no size yet, and Microsoft has not commented. The OpenAI delay is Cerebras' own account.

What's next: Microsoft's own description of the Cerebras deal, and NVIDIA's third quarter results on Tuesday 17 Nov, as already scheduled.

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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.