RB Markets · The desk · Tuesday 3 November 2026

Wall Street bid CoreWeave up 7.16% after Seoul and Taipei fell 3.59% each

Wall Street bought back the AI buildout on Election Day. The Nasdaq Composite rose 0.83% to 25,372.01. The S&P 500 gained 0.36%, ending a three-day losing streak, while the Dow fell 0.38%. Nvidia closed up 2.29% at $206.69. CoreWeave rose 7.16% to $53.74. It is a neocloud, a company that rents out AI computing power, and CNBC describes it as carrying heavy debt. By CNBC's count it had lost about 41% over the past month.

Asia had already closed, and in the other direction. South Korea's Kospi and Taiwan's weighted index each fell 3.59%.

The bid counted capacity rented out. It left out whether the customers renting that capacity will earn enough to keep paying for it. Gartner projected in October that 80% of neoclouds could stop operating independently by 2030. It also warned that AI revenue may not support returns on planned spending from 2027 to 2030. HSBC's Willem Sels told CNBC the selloff reflects a mismatch between current spending and future revenue, though he saw no broad selloff in credit. One session's rebound left that mismatch where it was.

The labor numbers came out the same morning. September's JOLTS survey of job openings showed 7.5 million openings and a 3.4% hiring rate. Yahoo Finance called it a "low hire, low fire" market.

The desk made no ruling. Reporting ties the rally to chips recovering after a three-day skid, not to fresh evidence on a tracked node. Next, the tape watches the midterm results. CNBC reported that a Democratic sweep could hit AI stocks hardest. AMD's results, which lifted its shares more than 7% after hours, open Wednesday's session.

Sources

RB Markets is analysis of how value is being measured and mismeasured. It is not investment advice.