Afternoon update

$AMD gained 13.13% as semiconductors led a rebound from the worst week since April 2025. The S&P 500 rose 2.37% and the Nasdaq 2.63%.

• AMD (+13.13%, $827B): Oppenheimer upgraded the stock to Outperform with a $600 target, 34% above Friday's close, citing its AI-compute supplier position and the MI500 GPU launch after a stronger-than-expected Q3.

• Coherent (+17.85%) and Astera Labs (+12.67%): Coherent is being positioned as the preferred independent optical supplier after Marvell's roughly $115B Lumentum deal. Astera Labs guided Q4 to a $740M midpoint at about 72% gross margin.

• Ionis (-23.60%): Tryngolza full-year sales guidance was cut roughly in half. Novartis is largely abandoning pelacarsen after Phase 3 data showed no reduction in cardiovascular events.

• Nvidia (-5.09%, $4.26T) was the lone semis decliner as its board opened an investigation into whether Jensen Huang was targeted by an alleged Chinese espionage effort. Broadcom gained 8.87% and Micron 5.86%.

• Breadth: the tech basket rose 4.96% with 17 of 18 names up. Consumer staples (+0.66%) and oil and gas (+0.42%) lagged.

Strategists at Morgan Stanley, JPMorgan and Deutsche Bank argue the AI selloff went too far. The next test is whether semis can extend the rally while Nvidia trades lower.

Not financial advice. For informational and educational purposes only.