U.S. midterm election day: chip stocks halted their decline and rebounded; NVIDIA’s market cap returned to $500 billion, and AMD surged nearly 8% after hours.

On November 4—the U.S. midterm election voting day—U.S. equities halted their decline and rebounded, with the artificial intelligence (AI) concept sector performing strongly. According to BIT stock platform data, the S&P 500 Index rose 0.36%, the Nasdaq Composite Index gained 0.83%, while the Dow Jones Industrial Average edged down 0.38%; the Philadelphia Semiconductor Index surged 2.64%, ending its three-consecutive-trading-day downward trend. Morgan Stanley noted that the election outcome removed a major source of market uncertainty, and the U.S. equity correction initiated in June has entered its “final phase.” Chip-related stocks rallied collectively: NVIDIA rose 2.29%, with its market cap once again surpassing $500 billion; Micron Technology climbed 2.58%, SanDisk advanced 4.78%, and Broadcom rose 3.07%. Stocks linked to hashrate leasing posted even sharper gains—CoreWeave soared 7.16%, Nebius jumped 7.25%, and Applied Digital surged 9.80%. Goldman Sachs’ trading desk analysis stated that the S&P 500’s rally on that day remained heavily dependent on heavyweight stocks, with broad-market participation remaining narrow. AMD closed up 3.65% during regular trading hours; its after-hours Q3 earnings report revealed year-on-year revenue growth of 45%, with data center business revenue nearly doubling; its Q4 revenue guidance also hit a new all-time high, propelling its after-hours share price up another 7.6%. On the macro front, U.S. JOLTS job openings for September rose to the highest level in four months, while layoffs declined over the same period; stronger-than-expected employment data pushed U.S. Treasury yields higher—the 10-year yield rose 5.36 basis points to 4.948%, and the 2-year yield increased 3.13 basis points to 4.614%. In the crude oil market, WTI crude futures settled at $96.09 per barrel, down 0.38%; Brent crude futures closed at $103.60 per barrel, falling 1.12%. Amid news suggesting a potential breakthrough in U.S.-Iran negotiations, WTI briefly fell below $94—but Iran’s Foreign Ministry subsequently clarified that no new progress had been made in talks, causing the oil price decline to narrow; meanwhile, the Brent spot premium over futures narrowed sharply from approximately $30 in early October to about $3.70.