Nov. 13th Market Overview: Apple Hits a Record as Money Leaves AI

Happy Friday

Stocks slipped today, but all three big indexes were still up for the week, which I wouldn't have bet on Thursday morning. Chip selling spread past Nvidia to the rivals that had been winning all week, while Apple hit a record. I read that as money moving to a different corner of the market, since the Dow held about flat.

Let's dig in...

Today's Big Picture

1. Nvidia's Slide Spreads to Its Rivals

Nvidia $NVDA fell again, and its market value dropped below $4 trillion. It has lost roughly $650 billion this week, its largest weekly loss on record. HSBC cut the stock to hold and lowered its price target to $170 from $365 until a permanent CEO is named. AMD $AMD and Broadcom $AVGO, which had rallied this week as Nvidia's rivals, reversed and fell hard today.

2. A Softer Inflation Number Didn't Change the Fed Math

October wholesale prices rose less than economists expected, which gave stocks a lift at the open. The 12-month rate still climbed to its highest since November 2022. Traders now treat a rate hike at the December 9 Fed meeting as a sure thing. The dollar hit its highest level since April 2025, and bitcoin fell below $70,000 for the first time since August.

3. Apple Hits a Record as Money Leaves AI

Apple $AAPL touched a record $360.80, which puts its market value above $5.2 trillion. It hasn't signed up for the costly AI buildouts its big tech peers have, and Bernstein recently called the stock a "safe haven." Baird's Ross Mayfield expects investors to keep moving into non-AI stocks, with or without the Nvidia news.

Market Overview

Index Performance

Stock Spotlight

CoreWeave $CRWV ( ▼ 6.48% )  
and Nebius $NBIS were among the hardest hit AI names today. Both are backed by Nvidia. Goldman Sachs expects Nvidia to honor its existing commitments but to have a harder time arranging new deals of that size.

Cerebras $CBRS ( ▲ 11.36% )  
rose after reporting record third-quarter revenue and a surprise profit. It expects fourth-quarter core revenue of $310 million to $330 million, well above the $271.2 million Wall Street had penciled in.

Modine $MOD ( ▲ 29.18% )  
is in talks to be bought by Samsung, Bloomberg reported. Modine makes cooling systems for data centers and is worth about $5.64 billion, and a deal could come within weeks.

Big Name Updates

Microsoft $MSFT ( ▲ 0.19% )  
apologized for an outage that took down Outlook, Teams and Copilot for nearly 24 hours. It blamed a network capacity upgrade, found no sign of an attack, and says service is recovering. Morningstar DBRS estimates insurers will pay out $300 million to $500 million, less than the CrowdStrike outage cost them.

Cisco $CSCO ( ▼ 6.24% )  
fell a day after beating estimates and raising its full-year guidance. Barclays said AI orders from the biggest cloud companies were likely down from the prior quarter.

Strategy $MSTR ( ▼ 1.52% )  
fell with bitcoin. MSCI is dropping the stock from its indexes at the end of the month, which could force index funds to sell.

Other Notable Company News

Duolingo $DUOL ( ▲ 4.35% )  
says each AI practice call in its app now costs less than a cent, down from about 30 cents. CEO Luis von Ahn got there by switching to free open models, and the most downloaded ones come from China, led by Alibaba $BABA.

Sandisk $SNDK ( ▼ 6.62% )  
and Micron $MU fell with the rest of the memory and storage makers. The Journal's James Mackintosh named the group as the one to watch if data center spending slows.

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Sector Watch

Bond Market

The 10-year yield touched 5.17 percent today, its highest since October, though Thursday's heavy selling eased. Shorter-term yields barely moved.

Policy Watch

Fed

Fed governor Michelle Bowman said Tuesday that rate hikes may be needed, and today's data didn't argue with her. She said inflation pressures "have shown recent signs of broadening." The Fed made its first move in September, and the talk there has tilted toward more hikes or faster ones.

Nvidia In Washington

The Nvidia fallout moved to Washington today, and the Journal reports Trump aides are blaming Commerce Secretary Howard Lutnick.

• Treasury Secretary Scott Bessent told CNBC that Treasury wanted Megaspeed blacklisted months ago. That's the Singapore company where the suspected spy was an executive. Commerce makes that call, and it didn't act.

• Senate Banking chair Tim Scott asked Lutnick and Jensen Huang to testify on December 3.

• HSBC said tighter chip export rules are one possible outcome of the investigations.

• President Trump said Tim Cook would be a great candidate to run Nvidia.

White House

Kevin Hassett, the president's top economic adviser, denied a Semafor report that he's leaving the White House. "Not true," he told CNBC.

Fiscal & Trade

Michael Selig, who runs the commodity futures regulator, asked his staff for ways to reform US aluminum pricing. Trump's aluminum tariff has pushed the US benchmark to a record premium over global prices, and Selig is worried manufacturers like brewers are overpaying.

What to Watch

*AI is becoming physical

Robotics and automation are rapidly becoming essential infrastructure across healthcare, manufacturing, logistics, and many other industries. "Physical AI" is coming. Learn which seven companies are most positioned to benefit as intelligent robots enter the workforce.

Anthropic IPO on Thursday

Anthropic $ANT is expected to start trading Thursday at a valuation of roughly $1.33 trillion or more. It's one of the biggest users of Nvidia chips, so the first day's price will show how much appetite for AI is left.

Huang's 8 p.m. Deadline

The House China committee gave Huang until 8 p.m. ET tonight to agree to testify on December 1. If he doesn't, lawmakers say they'll subpoena him.

The Fed's Inflation Gauge

Economists expect the Fed's preferred inflation measure, due later this month, to tick up from September. A reading a little above their forecast would be the highest in three years.

Thanks for reading - you are now the more informed 🙂

- John

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