Chip, optics and power names rebounded on Friday 6 November, recovering part of Thursday's 4.36% S&P 500 fall, which came from fears that the Democratic midterm result would slow data-centre construction. The index still lost 2.68% over the week from the 30 October close. Results-day reactions ran from +11.67% to -18.18%, and the policy question that drove Thursday's selling has no answer yet.
Chips and Hardware Rebound
Thursday's casualties led the recovery, and every name below remains well under its 30 October level. AMD (+11.04%) closed at $449.04 and sits 11.05% below that mark. Its quarter was strong, and the shares now trade on Washington headlines. COHR (+13.58%) closed at $192.81 on renewed attention to its roughly $20bn PhotonLink agreement and a Citi target increase, though it is still 8.33% lower than a week ago.
LRCX (+8.23%) closed at $200.44. The board authorised a $25bn buyback and a $0.33 quarterly dividend after Thursday's close, which accounts for the rebound but leaves the shares 16.17% under their 30 October level. INTC (+7.71%) closed at $56.28 with no company news, and ANET (+7.31%) closed at $170.80 between its 200-day and 50-day averages. No source explains Arista's bounce.
Memory, Storage and the Marvell Deal
Weekly losses in this group stay between 27% and 36%, and Friday brought only small relief. SNDK (-27.44% wk) closed at $835.06, STX (-28.48% wk) at $460.99 and WDC (-27.95% wk) at $263.78. The companies reported no news of their own, and sources disagree on how much of the fall came from policy fears and how much from worries that memory pricing has peaked. Forward multiples of 2.9, 7.1 and 6.5 show how far estimates have been discounted.
MRVL (-28.11% wk) closed at $141.20 after a 5.73% Friday bounce, and LITE (-35.94% wk) closed at $538.59 after a 5.67% gain. Each Lumentum share converts into 4.5 Marvell shares with no collar, so the implied deal value has dropped to about $601 from the $1,132 headline. Nvidia's results on 17 November are the next read for both.
Texas Power Recovers
Vistra and NRG, which fell hard on Wednesday after the Texas governor's race, both rebounded. VST (+10.55%) closed at $124.80 after third-quarter adjusted EBITDA of $2,378m, 2027 guidance of $7.7bn to $8.5bn and a further $1.5bn buyback. Management said on the call that the election leaves its fundamental view unchanged, yet the shares remain 9.81% below their 30 October close. NRG (+9.61%) closed at $88.29 with no company news, and the Vistra read-through is my inference. It reports on Monday.
Results Reactions
AppLovin returns after Thursday's 31% jump. APP (+9.86%) closed at $391.22, still under its 200-day average of $409.30, and a securities class action carries a lead plaintiff deadline of 16 November.
ABNB (+11.67%) closed at $189.99, 1.8% under its 52-week high, after third-quarter revenue rose 19% to $4.9bn and full-year growth guidance moved up to the high teens. At 30.5 times forward earnings it carries a higher multiple than Expedia or Booking. AKAM (+6.74%) closed at $83.09 after a 9.41% fall on Thursday. Earnings of $1.77 per share beat, but fourth-quarter guidance undershot as data-centre delays pushed some cloud revenue into 2027, and an $11.6bn Anthropic commitment helped the rebound.
AXON (-18.18%) closed at $313.00, a 52-week low, after it cut 2026 revenue guidance to $3.61bn to $3.63bn. About $130m of federal Dedrone deals slipped into 2027, and Axon also announced a $1.2bn Skydio investment. Analysts kept positive ratings and trimmed targets. MCHP (-10.02%) closed at $58.35 after a December guide of $1.61bn landed 1.4% under consensus and the CEO said "data center is in the bubble". Nine brokers cut targets, and management blames supply constraints.
Payments Split
Two payment processors finished the week 50 points apart. FIS (-25.47% wk) closed at $28.73 after setting a 52-week low of $28.39. Nearly all of the fall came on 4 November, when it cut 2026 guidance, lost its CFO and guided 2027 adjusted EPS lower. FISV (+25.71% wk) closed at $62.88 after a $1bn savings target and $500m of buybacks. It trades on 7.9 times forward earnings, while revenue fell 1% and adjusted operating margin dropped to 31.2%.
One-Off
CRL (+7.83%) closed at $337.52 with no sourced cause on ordinary volume. It had fallen 7.27% and 4.07% in the two sessions after a third-quarter beat and raised guidance, so a rebound is the likely explanation.
What to watch
- 9 November: NRG Energy (NRG) reports third-quarter results.
- 12 November: Applied Materials reports, the nearest read on chip equipment.
- 16 November: Lead plaintiff deadline in the AppLovin (APP) class action.
- 17 November: Nvidia reports.
- 20 November: Sandisk (SNDK) splits 8-for-1.
- 1 December: Marvell (MRVL) reports.
- 28 January 2027: Intel (INTC) reports.