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MARKET BRIEFING · US

Chips bounced back in a single session, but the question of who pays for the AI build-out returned with them.

October 26, 2026 · Read the Korean original

Major indices

  • Dow 52,361.58 +0.28%
  • S&P 500 7,676.77 +0.70%
  • Nasdaq 26,169.38 +0.82%

What moved the US market overnight was not a fresh data point but waiting. The Federal Open Market Committee meets on the 27th and 28th local time, with the decision due Wednesday, and CNBC reported that rate futures put the odds of a hold at 3.75-4.00% above 90%. With the outcome read as all but settled, Treasury yields picked no direction and the 10-year sat near 4.99%, easing the tension of early this month when it traded above 5.3%. Crude, however, was reported to be holding above 100 dollars a barrel on Middle East tensions (Kiplinger, StoneX), so the inflation burden stayed in place. With rates resting, the market had room to step back toward risk assets.

What filled that room was Anthropic's filing for an initial public offering. Reuters reported that the company applied to list on the Nasdaq under the ticker 'ANT' and disclosed 16.29 billion dollars of revenue for the six months to June, more than ten times the 1.16 billion dollars of a year earlier. That figure pushed back on two weeks of doubt about whether AI demand had cooled. The Dow rose 0.28%, the S&P 500 0.70% and the Nasdaq 0.82%, so the order of the gains tracked each index's AI sensitivity. It was the first session after the S&P 500 and the Nasdaq broke a two-week run of weekly losses.

By sector, semiconductors pulled and AI infrastructure lagged. Reuters said the Philadelphia semiconductor index rose 2.8% but remains down 12.2% for October, which is more ground than one rebound can cover. NVIDIA (NVDA, AI accelerators) and Micron (MU, DRAM and HBM memory) rose together, while Intel (INTC, CPUs and foundry) jumped more than 5% during the session as a New Street Research upgrade coincided with share purchases by its chief executive. On the other side, Meta (META, social media and advertising) fell close to 2% after unveiling plans to raise up to 95 billion dollars in equity. CoreWeave (CRWV, neoclouds) and Nebius (NBIS, AI cloud) also slid sharply intraday after Musk questioned whether more than 200 neoclouds can survive, and all of it comes back to the same question: who pays for the AI build-out.

Korea opens today after the KOSPI slid to about 5,522 on weakness in the large semiconductor names. The overnight memory and chip rebound may give Samsung Electronics and SK Hynix some breathing room, and the fact that Micron led can be read as a sign that the view on DRAM conditions has not yet turned. Tesla (TSLA, EVs and autonomy) posting its highest close in three months on a Barclays upgrade may help sentiment in EV batteries and autos. Conversely, Meta's equity raise and the neocloud warning could weigh on power-infrastructure names that have leaned on the pace of AI data-center spending.

In the US this week, results from Alphabet, Microsoft and Amazon arrive alongside the September personal consumption expenditures price index, and Intel reports after the close on the 29th. The index moves, Anthropic's listing application and Meta's equity plan are facts confirmed by filings and closing coverage; whether the flow carries through to Korean semiconductors is still the reading of the market and the press.

Korean industries to watch today

  • Semiconductors · Memory and chips bounced in one session, giving the large caps breathing room
  • Automotive · Tesla posted its highest close in three months on an upgrade
  • Power infrastructure · Meta's raise and the neocloud warning cast doubt on AI data-center spending

Watchlist stocks in the news

  • NVIDIA (NVDA) · Led the chip rebound as Anthropic's IPO filing revived expectations for AI demand. (Invezz)
  • Micron (MU) · Rose the most among chipmakers as returning AI optimism improved the view on memory conditions. (Invezz)
  • AMD (AMD) · Rode the chip rally on revived AI accelerator demand hopes, without a company-specific catalyst. (Invezz)
  • Broadcom (AVGO) · Joined the chip rebound as hopes for custom AI chip demand revived. (Invezz)
  • Intel (INTC) · New Street Research upgraded it to Buy with a 125-dollar target, and its CEO was disclosed to have bought about 10 million dollars of stock. (Investing.com)
  • Tesla (TSLA) · Barclays upgraded it to Overweight and raised its target to 450 dollars, citing a possible SpaceX combination. (CNBC)
  • Meta (META) · Fell as a plan to raise up to 95 billion dollars in equity revived worries about AI spending and dilution. (CNBC)
  • CoreWeave (CRWV) · Slid close to 5% intraday after Musk said more than 200 neoclouds would not survive. (CNBC)
  • Nebius (NBIS) · Fell intraday alongside peers after Musk's warning on neoclouds. (CNBC)
  • IREN (IREN) · Weakened intraday as its shift from mining to AI cloud put it in the path of Musk's warning. (CNBC)
  • EWZ (EWZ) · Dropped more than 20% intraday as Brazilian assets were dumped after President Lula won re-election. (Benzinga)

Sources (Korean-language)

This market briefing was compiled by AI from this site's own price and filing data together with public news reports, and translated from the Korean original. Please check the sources below before relying on it.

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