I. Today's Market: The Nasdaq Rose 1.09% and the Dow Fell 0.46% as Money Bought Back Chip Stocks Unit: %, single-day change on November 6; the readings span positive and negative, so a zero line is drI. Today's Market: The Nasdaq Rose 1.09% and the Dow Fell 0.46% as Money Bought Back Chip Stocks Unit: %, single-day change on November 6; the readings span positive and negative, so a zero line is dr
Pre-Market Briefing on Nov 9: AMD Rose 11.04% as Data Center Revenue Grew 97%, and Onto Innovation Reports Today With Its Guidance Range in Focus
I. Today's Market: The Nasdaq Rose 1.09% and the Dow Fell 0.46% as Money Bought Back Chip Stocks
Unit: %, single-day change on November 6; the readings span positive and negative, so a zero line is drawn and all three bars share one scale. The Nasdaq reads +1.09%, the S&P 500 +0.31% and the Dow −0.46%.
Two of the three indexes rose, with the Nasdaq closing at 24,579.42. The split came as money moved out of consumer staples and financials and bought back beaten-down chip stocks: Lam Research announced a $25B buyback plan, and the SOXX semiconductor ETF closed up 3.51%. The same day, October nonfarm payrolls rose by 165,000, unemployment fell to 4.1%, the 10-year Treasury yield rose to 4.86% and bets on a December rate hike rose to about 78% to 80%.
The Dow's slide and the Nasdaq's gain were two sides of the same jobs report. Strong hiring pushed hike bets higher, so rate-sensitive financials and staples were sold, while chip stocks that had fallen hard were bought back once the buyback news landed. On a day the indexes split, check first where money left and where it went, because one data release can weigh on one side and lift the other.
II. Stock in Focus: Large Chip Stocks Split Five Up and One Down, and AMD Rose Most
Unit: %, single-day change on November 6. These six are large stocks from the semiconductor industry, not the whole industry; the set spans positive and negative, so a zero line is drawn and all six share one scale. AMD sits at one end on +11.04% and Microchip at the other on −10.02%, 21.06 percentage points apart.
AMD rose most, but most large chip stocks rose with it. Two averages have to be kept apart: these six averaged +4.74%, while the semiconductor industry's equal-weight average was −2.19%, so the denominators differ; Lam Research rose 8.23%, Intel 7.71%, TSMC 6.33% and Micron 5.12%, while Microchip fell on a soft December-quarter guide. AMD closed at $449.04, adding about $73B of market value in a day on 45.76M shares, about 1.9 times its average. On the business side, third-quarter revenue was $13.38B, up 45%, with data center revenue of $8.5B, up 97%, and fourth-quarter revenue guidance is about $17B. ⚠ But results came out after the close on November 3, so the November 6 gain includes a rebound from the November 5 drop and is not all new news. Alongside it, IREN rose 20.02%; it rents compute from its own data centers to AI companies by the month, at the other end of the same demand chain as AMD's chips.
Five Dimensions: Three Axes Full, and Volatility Control Weakest at 20
Unit: 0 to 100, 0 at the centre and 100 at the rim, all five axes on one scale. Relative strength, peer rank and valuation heat each read 100, trend position 55, and the weakest is volatility control at 20.
Read the three full axes against the mid-range position. Relative strength is 50 plus five times the excess over the industry, and AMD beat the semiconductor industry's equal-weight average by 13.23 percentage points, which works out to 116.15, capped at 100. Trend position 55 shows the price back in the middle of its 52-week range, neither high nor low. A full score says the stock beat its industry that day; by how much lives in the raw move, and where it stands lives in trend position.
III. What to Watch Today: Onto Innovation Earnings, and Where Revenue Lands in Its Guidance Range
- At 15:00｜September wholesale inventories and a Goolsbee speech The New York Fed consumer expectations survey follows at 16:00; Bowman and Barkin also speak during the session
- After the close at 21:00｜Onto Innovation (ONTO) third-quarter earnings The call is at 21:30; company revenue guidance is $380M–$400M
- Before the open｜Constellation Energy (CEG) and NRG earnings Both sit in the AI power chain; MARA reports after the close
- Tuesday at 13:30｜October CPI Because October 2025 data was not collected, only month-on-month figures will be published, and headline and core year-on-year rates are suspended; CoreWeave (CRWV) reports after the close that day
- Friday at 13:30｜October PPI Wednesday is Veterans Day, with stocks open and the bond market closed
Unit: millions of dollars, quarterly total revenue as disclosed in the company's quarterly reports, with bars from zero on one shared scale. 25Q3 reads $218.2M, 25Q4 $266.9M, 26Q1 $291.9M and 26Q2 $343.1M.
- Three quarters above the top of guidance Actual revenue beat the top of each quarter's guidance by 0.7%, then 2.4%, then 4.0%, so the company's ranges have grown more conservative; the line to compare against today is $400M
- Why revenue rather than earnings per share Two acquisitions in two years left about $19.7M of intangible amortization last quarter, against $8.4M a year earlier, which distorts GAAP profit; 25Q4 was the closing quarter of a 53-week fiscal year ending January 3, 2026, so it does not compare cleanly with the two quarters after it
- ⚠ What the guidance midpoint implies $390M against $218.2M a year earlier implies growth of about 79%; the company sells metrology and inspection tools whose orders move before foundries add capacity, so where revenue lands is an early reading on AI capital spending
IV. Frequently Asked Questions
Q: The semiconductor industry's equal-weight average fell 2.19% while SOXX rose 3.51%. Which one is the industry's move?
A: Both are, measured differently. An equal-weight average takes each company's move and averages it, so a small company and a giant get one vote each; an ETF like SOXX weights by market value, so the giants have a louder voice. On November 6, large stocks such as AMD, Lam Research and TSMC all rose, and the six large stocks averaged +4.74%, so the weighted side came out positive, 5.70 percentage points apart. When you see an industry move, ask first whether it is equal-weighted or cap-weighted.
Q: AMD rose 11.04%. Why is it not all new news?
A: AMD reported after the close on November 3, so the November 6 gain includes a rebound from the November 5 drop, and Lam Research's buyback plan lifted the whole group of chip stocks the same day. Data center revenue of $8.5B, up 97%, was already known, not released that day. When reading a big one-day gain, check first when the news came out, because if the dates do not match, the gain contains something else.
Q: Onto Innovation has beaten the top of its guidance three quarters running. Why watch where revenue lands?
A: The beat widened from 0.7% to 4.0%, meaning customers pulled orders faster than the company itself expected; if this quarter lands only in the middle of $380M–$400M, that pace has slowed. Watch too whether non-GAAP gross margin holds the 57.3% low end of guidance, and how much of the backlog, which passed $1B for the first time, falls in 2027. For a company used to landing above the top of its range, check first how far it beat this time, because landing inside the range is itself a signal.
The data in this article is as of the November 6 US close and all times are UTC; guidance and expectations are company or market statements, not published figures.
Disclaimer: This article is compiled and written by the MEXC RealStocks team. The data in this article is based on the closing of the US stock market on November 6, 2026. The content is a compilation of public market information, and individual stocks are publicly discussed targets, which do not represent the recommendation or opinion of MEXC and do not constitute any investment advice. More US stock content: @MEXC | @Alpha_MEXC | @MEXC_Research
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