SpaceX minted 4,400 millionaires in a day

KEY TAKES

• Nasdaq is deep red: QQQ −5.93% as of 1:42 PM ET, with SMH −9.96% and SOXX −10.85% after Qualcomm's light guide.
• Chip and AI infrastructure names are leading the dump: AMD −15.5%, QCOM −10.1%, NVDA −8.7% while earnings winners still print greens.
• Tim Sykes makes some of his biggest trades Friday at 3pm while Wall Street clocks out (From Millionaire Publishing)
• AppLovin still leads the liquid gainers at about +28.6% after a Q3 beat and a Q4 sales guide above Street.

As of 1:42 PM ET, SPY is −4.09%, QQQ −5.93%, DIA −3.23% and IWM −4.52%. The market is still open until 4:00 PM ET — these are late-session prints, not the official close. Nvidia is −8.7% at $182.77, AMD −15.5% at $412.92, and Qualcomm −10.1% at $155.61 after a light first-quarter guide and weak phone-chip sales.

The tape is splitting in two. Midterm winners who campaigned against new data centers in Texas and Georgia are feeding fears that AI build-outs slow, while AppLovin, Unity, Warby Parker and EPAM are ripping higher on clean beats and raised guides. Buyers are paying for companies that already print cash and dumping the ones that still need the build.

TODAY'S TOP 5 GAINERS

1 · ADMA +29.7% · $13.59. ADMA Biologics rose after better-than-expected quarterly results (Benzinga). Volume is running above 4.0M shares into the late session.

2 · APP +28.6% · $349.44. AppLovin posted Q3 revenue of $2.18B and EPS of $4.30, both above Street, and guided Q4 revenue to $2.37–$2.40B versus about $2.25B expected (Yahoo Finance / BusinessWire). BTIG lifted its target to $450.

3 · WRBY +25.9% · $26.80. Warby Parker reported upbeat third-quarter earnings and raised its FY26 sales guidance (Benzinga).

4 · XERS +25.5% · $13.13. Xeris Biopharma beat third-quarter estimates and raised its FY26 sales guidance above consensus (Benzinga).

5 · EPAM +20.1% · $164.95. EPAM Systems earned $2.53 GAAP diluted EPS (+32.5% y/y) on $1.426B of revenue, raised full-year guidance, and added $1.5B to its buyback authorization with a planned $500M ASR next week (company release).

Skipped: AEHL +169% on thin liquidity, single-stock ETFs, and inverse VIX products. A microcap without a clean catalyst is noise on a day like this.

THE SIGNAL

The AI build trade is taking the hit, not the whole market story. Qualcomm's soft phone-chip guide lit the match, and midterm winners who oppose new data centers poured gasoline on it — SMH is nearly −10% while AppLovin and EPAM prove cash-flow stories still get paid. Money is leaving the shovel sellers and sticking with names that already collect the rent.

Wrong if: SMH claws back half of today's loss into Friday while APP and EPAM give back most of their gains. That would mark this as a one-day Qualcomm reaction, not a lasting shift.

HEADLINE OF THE DAY

“Chip selloff drags stocks lower on AI spending concerns”

Reuters | Nov 5, afternoon session

It names both pressure points in one line: Qualcomm's miss and post-midterm fear that Democrat wins slow AI infrastructure. That is why semiconductors are having one of their worst sessions of the year while software and ad-tech beaters still rip.

ONE TO WATCH

NVDA (Nvidia) into the 4:00 PM ET bell. Last $182.77, −8.7% as of 1:42 PM ET, on about 67M shares. Yesterday's ONE TO WATCH was Qualcomm; that print just landed and is dragging the whole group. Nvidia is the heaviest weight on the indexes — whether it stabilizes or accelerates into the close tells you if today's dump is a guide reaction or a broader AI derating.

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Signal over noise. Late-session read, not the official close. Full recap after the bell.