Semis
Chip Stocks Rally as CoreWeave Revives the AI Trade, With Micron Up 11.9% and Nvidia Snapping a Two-Day Slide
Image: TobiasD via Pixabay
Semiconductor shares led Wednesday's rebound, but Nvidia remains down about 14% in November amid a board probe and an analyst downgrade.
By Emmanuel Cruz ·
Semiconductor shares led Wall Street's rebound on Wednesday, Nov. 11, after CoreWeave's results eased worries about artificial intelligence spending, and Nvidia recovered after two days of heavy selling, The Associated Press and Yahoo Finance reported [1][2].
Micron Technology rose 11.9% and Broadcom gained 4%, while CoreWeave surged 24.7% after it reported a smaller-than-expected loss and raised its revenue forecast, according to the AP [1]. Yahoo Finance said Sandisk, Micron and SK Hynix each gained more than 10%, and that Nebius jumped 15% in early trading, with AMD and Broadcom also higher [2]. TheStreet reported that Bloom Energy rose 14% and Lumentum 12.3% by late morning, and that Coherent was the top performer in the S&P 500 at midday, up about 18% [3].
Nvidia closed at $173.73, up 2.92%, snapping a two-day losing streak, Yahoo Finance reported [2]. The AP put the gain at 2.9% and noted that the company's board is investigating CEO Jensen Huang [1]. The stock is still down roughly 12% to 14% in November, according to Yahoo Finance [2]. The probe follows reporting that Huang was the target of a foreign intelligence effort, and TheStreet said Nvidia has hired the law firm Wachtell, Lipton, Rosen & Katz to examine possible compromised secrets or national security risks [3].
Analysts are split on how much the episode matters. Baird analyst Tristan Gerra downgraded Nvidia to Neutral in a note titled "Icarus' Rise and Fall; Company Will be Fine," according to Yahoo Finance [4]. Morgan Stanley kept an Overweight rating and said Huang's leadership is "crucial to the company's strategic direction," TheStreet reported [3].
CoreWeave's report was the catalyst for the wider move. The AP said the company expects about $9 billion in customer prepayments and deposits over the next three months, according to comments from chief executive Michael Intrator [1]. Yahoo Finance described the chip rally as a reaction to the company's better-than-expected revenue outlook [2]. CoreWeave is a large buyer of AI processors, so investors appeared to read its stronger forecast as a sign that demand for AI infrastructure was holding up after last week's selloff.
The rally carried the broader market. The S&P 500 gained 1.3% to 7,619.38 and the Nasdaq Composite rose 1.6% to 25,466.19, the AP reported [1]. Yahoo Finance said the Nasdaq's advance erased its post-election losses [2].
What to watch next is whether the recovery holds. Nebius is scheduled to report earnings before Thursday's opening bell, another test of AI infrastructure demand [2]. The Nvidia board investigation remains unresolved, and the stock is still well below where it started the month, so further disclosures could move it again [2][3]. Rate expectations also matter for high-valuation technology shares: markets are pricing in a Federal Reserve rate increase next month after hotter-than-expected inflation data, according to Yahoo Finance [2]. Anthropic's planned public offering, which could begin trading as soon as next week at a reported valuation of up to $1.4 trillion, may also draw attention to how much money the AI sector can absorb at once [2].
Sources:
[1] The Associated Press (via WPTF), "AI stocks rebound, and Wall Street nearly returns to where it was before last week's sell-off", November 11, 2026. https://www.wptf.com/2026/11/11/19156/
[2] Yahoo Finance, "Stock market today: Dow, S&P 500, Nasdaq rise as chip stock rally rekindles AI trade", November 11, 2026. https://finance.yahoo.com/markets/live/stock-market-today-wednesday-november-11-dow-sp-500-nasdaq-nvidia-treasurys-veterans-day-140638547.html
[3] TheStreet, "Stock Market Today (Nov. 11, 2026): Nasdaq, S&P 500 gain after CoreWeave earnings beat; Apple hits new record", November 11, 2026. https://www.thestreet.com/stock-market-today/stock-market-today-dow-jones-sp-500-nasdaq-updates-nov-11-2026
[4] Yahoo Finance, "Stock market today: S&P 500, Nasdaq rise as Nvidia stock recovers, chip stocks rally after CoreWeave earnings", November 11, 2026. https://ca.finance.yahoo.com/news/live/stock-market-today-wednesday-november-11-dow-sp-500-nasdaq-nvidia-treasurys-veterans-day-140638547.html
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.