I. Today's Market: All Three Indexes Rose, and the Nasdaq Gained 1.60%Unit: %, single-day change on November 11; all three readings are positive, so the zero line sits at the left edge and every bar rI. Today's Market: All Three Indexes Rose, and the Nasdaq Gained 1.60%Unit: %, single-day change on November 11; all three readings are positive, so the zero line sits at the left edge and every bar r
Pre-Market Briefing on Nov 12: CoreWeave Rose 24.71% on 168% Revenue Growth, and Cisco and Applied Materials Report Today With AI Orders in Focus
I. Today's Market: All Three Indexes Rose, and the Nasdaq Gained 1.60%
Unit: %, single-day change on November 11; all three readings are positive, so the zero line sits at the left edge and every bar runs right on one shared scale. The Nasdaq reads +1.60%, the S&P 500 +1.31% and the Dow +0.49%.
All three indexes rose, with the Nasdaq closing at 25,466.19 and the Dow at 52,486.49. Compute stocks knocked down by CPI the day before were bought back; no Philadelphia Semiconductor Index member fell, AMD rose 7.32% to $552.90 and Broadcom 3.99% to $345.22, both ahead of Nvidia's 2.87%.
This move was not about one company. Every member of the Philadelphia Semiconductor Index rose, and both AMD and Broadcom gained more than Nvidia, so the lead did not come from a single name. When a sector rebounds, count first how many stocks are rising, because a rally where every member gains and a rally led by one stock are two different kinds of move.
II. Stock in Focus: Compute Stocks Split Five Up and One Down, and CoreWeave Rose Most
Unit: %, single-day change on November 11. These six all sell AI compute and are grouped by hand on the nature of the business, not an industry field; the set spans positive and negative, so a zero line is drawn and all six share one scale. CoreWeave sits at one end on +24.71% and Microsoft at the other on −2.26%, 26.97 percentage points apart.
CoreWeave moved against its industry, but it was not the only riser. Two averages have to be kept apart: these six averaged +10.84%, while the software infrastructure industry CoreWeave is classified under averaged −2.28%, so the denominators differ; Nebius rose 15.44%, Core Scientific 10.97%, Oracle 8.83% and Applied Digital 7.37%, and the four pure compute sellers each gained more than 7%. CoreWeave closed at $60.77, back to a $33.5B market value, on 158M shares, 4.19 times its average, with the price still at about a fifth of its 52-week range. Third-quarter revenue was $3.66B, up 168%, signed backlog reached $132.5B, up 138%, full-year revenue guidance was raised to $13.0B–$13.3B, and adjusted operating margin came in at 10%. ⚠ But the quarter brought a $709M net loss and $846M of net interest expense, and the detailed cash-flow schedule will come in later quarterly reports. Alongside it, Dell Technologies rose 11.77% while the computer hardware industry averaged +2.45%; it sells racks full of GPUs and had no news of its own that day.
Five Dimensions: Relative Strength and Peer Rank Full, and Volatility Control Weakest at 0
Unit: 0 to 100, 0 at the centre and 100 at the rim, all five axes on one scale. Relative strength and peer rank each read 100, valuation heat 39.8 and trend position 20.7, and the weakest is volatility control at 0.
Read two full axes against two low ones. Relative strength is 50 plus five times the excess over the industry, and CoreWeave beat the software infrastructure industry by 26.99 percentage points, which works out to 184.95, capped at 100; trend position 20.7 means the price is still in the lower part of its 52-week range, and volatility control 0 is the lowest score of the five. A 24.71% one-day gain describes today, while the starting point and volatility describe the year.
III. What to Watch Today: Cisco and Applied Materials Earnings, and Whether AI Orders Keep Up With $4.0B
- At 13:30｜Jobless claims Covering the week ended November 7, with existing home sales released the same day
- After the close at 21:00｜Cisco (CSCO) quarterly earnings The call is at 21:30; revenue guidance for the quarter is $18.0B–$18.2B, about 21% growth at the midpoint
- Also after the close｜Applied Materials (AMAT) earnings Reporting the same session as Cisco, so both results land before Friday's PPI
- Friday at 13:30｜October PPI The other end of inflation after Tuesday's CPI, and the last key release of the week
- Earlier this week｜October CPI on Tuesday, CoreWeave results on Wednesday The rest of the week turns on the compute chain's own results
Unit: billions of dollars, new AI infrastructure orders from hyperscalers in each fiscal quarter, not revenue, with bars from zero on one shared scale. FY26 Q1 reads $1.3B, Q2 $2.1B, Q3 $1.9B and Q4 $4.0B.
- Orders are not revenue The four quarters total $9.3B, and last quarter alone brought $4.0B, the largest of the year; but only about $4B was booked as revenue across fiscal 2026, with the rest waiting on delivery, and the company's AI revenue target for fiscal 2027 is $7.5B
- The increase sits in networking Of last quarter's $13.459B in product revenue, networking made up $9.791B, or 72.7%, up 28%; services, the second-largest line at $3.793B, were flat, while security grew 14%, collaboration 12% and observability 6%
- ⚠ Read orders first, then the revenue range Cisco sells the layer that connects the chips: switches, routers, Silicon One switching chips and Acacia optical modules; whether this quarter's orders reach the $4.0B level says more than the $18.0B–$18.2B revenue range about whether hyperscalers are still adding
IV. Frequently Asked Questions
Q: CoreWeave has a $132.5B backlog. Why not read it as revenue?
A: Backlog is what customers have signed and the company has not yet delivered. It does not count toward this quarter's revenue but is recognized over the coming years, and $132.5B is about 36 times the quarter's $3.66B of revenue; backlog grew 138% while revenue grew 168%. Delivering it takes money first: full-year capital spending guidance is $37B–$39B, and the same quarter carried $846M of net interest expense and a $709M net loss. When reading a backlog, put it next to capital spending, because the order total alone leaves out the cost of delivering it.
Q: In the same set of compute stocks, why did Microsoft fall?
A: The six are grouped by business, and all sell AI compute, but their structures differ. CoreWeave, Nebius, Core Scientific and Applied Digital sell compute as their main business, and all four gained more than 7%: CoreWeave rose 24.71%, Nebius 15.44%, Core Scientific 10.97% and Applied Digital 7.37%. Oracle and Microsoft are diversified cloud giants, and one rose 8.83% while the other fell 2.26%. The software infrastructure industry CoreWeave belongs to averaged −2.28% that day, with the gains concentrated among the pure compute sellers. Within one theme, separate the pure players from the diversified ones first, because the two can react to the same news in completely different ways.
Q: Why look at Cisco's AI orders before its revenue?
A: Orders lead the guidance due today. AI infrastructure orders across the four quarters of fiscal 2026 were $1.3B, $2.1B, $1.9B and $4.0B, a total of $9.3B, with last quarter's $4.0B the largest of the four. Yet only about $4B became revenue, with the rest waiting on delivery; more than half of total revenue comes from services and older product lines signed long ago, which move slowly. For network and equipment companies, read orders first and revenue second, because orders move first and revenue follows.
The data in this article is as of the November 11 close and all times are UTC; guidance and expectations are company or market statements, not published figures.
Disclaimer: This article is compiled and written by the MEXC Stocks team. The data in this article is based on the market close on November 11, 2026. The content is a compilation of public market information, and individual stocks are publicly discussed targets, which do not represent the recommendation or opinion of MEXC and do not constitute any investment advice. More stock content: @MEXC | @Alpha_MEXC | @MEXC_Research
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