Morning Brief, Tue 10 Nov 2026

Good morning, fans. Monday was a strange game. The whole chip league bounced back hard after last week's beating, and the champ was the only one left on the bench. Our AI Economy Index tracks the companies building the AI economy, from chips to clouds to power, so you can see in one number how AI is doing next to the whole market. Our Power Rankings put those companies in order inside each division, like standings in a league. Here is the last 24 hours in plain English.

1. Nvidia, the champ sits out the rally. Nvidia designs the chips that train and run most of the world's AI. Its shares closed down 4.2% on Monday at their lowest close since 7 April, and Nvidia was the only decliner in the chip index while the rest of the group jumped 6.9% (Reuters, 9 Nov). The board review of CEO Jensen Huang that opened Sunday is still the story (CNBC, 9 Nov). Power Rankings: 1st in AI chips and networking, steady. Our take: warning sign. The rankings say Nvidia is still the biggest team by a mile, but the market really did not love sitting through this one. Earnings next week, per Nvidia's 28 Oct release, are its chance to change the subject.

2. AMD and Google, the new pick and roll. Google runs one of the biggest clouds, renting out computing power, and it designs its own AI chips called TPUs. AMD makes the main processors that run servers, plus AI chips. On Monday Google added two new TPU systems, TPU 8tx and TPU 8i Max, the first time it has introduced four TPU systems in a single year, per Google's 9 Nov post. AMD said the same day that its 5th Gen EPYC processors are the host chips inside TPU 8tx, per AMD's release. AMD shares jumped 13% on Monday (CNBC, 9 Nov). Power Rankings: AMD is 3rd in AI chips and networking, steady. Google is 3rd in Cloud and compute, steady. Our take: good sign for AMD, and the market really loved it. Google's chip takes the shot, AMD's chip makes the pass. Being picked by Google is a real result, not a promise.

3. Broadcom, the comeback kid. Broadcom designs custom AI chips for giants like Google, plus the networking chips that tie data centers together. Its shares popped nearly 9% on Monday as chip stocks rebounded from last week's selloff (CNBC, 9 Nov). Power Rankings: 2nd in AI chips and networking, steady. Our take: good sign, but jury's out on whether it lasts. One bounce does not erase a bad week, and fans are still nervous about new rules for data centers after the midterms.

4. Onto Innovation, the inspector has a record night. Onto makes the machines that inspect and measure chips while they are being built, so mistakes get caught early. After Monday's close it reported record third quarter revenue of $409.7 million, up 87.8% from a year earlier, and said revenue, operating margin and earnings per share all topped the high end of its own guidance, per its 9 Nov release. It also said its backlog of orders rose to more than $1.3 billion. Shares climbed about 9% after hours (Investing.com, 9 Nov). Power Rankings: 40th in Chip equipment and manufacturing, steady. Our take: good sign. When the companies that check AI chips are this busy, it tells you the chip factories are still running hot.

5. AAON, big numbers with an asterisk. AAON makes heating and cooling systems, and its BASX brand builds the cooling gear that keeps AI data centers from overheating. It reported record third quarter sales of $707.4 million, up 84.1% from a year earlier, with BASX sales up 218.3% on data center demand, and raised its 2026 outlook, per its 9 Nov release. The catch: it also restated its first and second quarter results and disclosed a material weakness in its financial controls, meaning its own bookkeeping checks did not keep up with its growth, per the same release and its 8K filing. Power Rankings: 19th in Data centers, rising from 21st. Our take: good sign on demand, warning sign on the paperwork. The fix happened to push first half sales up, not down, but a team that has to correct its own stat sheet gets watched closely.

6. CoreWeave, signing a new player before the big game. CoreWeave rents out AI computing power to companies that do not want to build their own. On Monday it announced a multiyear deal for self driving car company Wayve to train its AI Driver on CoreWeave's cloud using Nvidia Blackwell chips, per CoreWeave's 9 Nov release. It reports results today after the close. Power Rankings: 6th in Cloud and compute, steady. Our take: jury's out. A new customer is nice, but tonight's numbers matter more. The cost of insuring its debt has spiked into distressed territory recently (Reuters, 9 Nov).

Friday tease: AAON is already climbing, and CoreWeave's results tonight could shake up Cloud and compute in Friday's Power Rankings.

What we're waiting for today: CoreWeave's third quarter results after the close, with its call at 5pm ET, and whether Monday's bounce lasts.

Power Rankings spots are from our 6 Nov rankings data, compared with our 5 Nov rankings. 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.