• The Nasdaq-100 extended its intraday gain to roughly 3% on November 9, led by a sharp recovery in technology and AI-related shares.
  • AMD (NASDAQ:AMD) jumped 10.7% and CoreWeave (NASDAQ:CRWV) rose 5.2%, while Nvidia (NASDAQ:NVDA) fell 4.2%, underscoring uneven risk within the AI trade.
  • Falling crude prices and a strong earnings backdrop supported the rally, though rate concerns and data-center regulation fears linger.

A Relief Rally, Not a Reversal

The Nasdaq-100 climbed as much as 3% on Monday, rebounding from last week's bruising selloff in technology and artificial-intelligence names. The move, reported intraday, reflects bargain-hunting after the Philadelphia Semiconductor Index suffered its worst weekly decline since March 2025, according to Reuters (NASDAQ:TRI).

AMD led the charge, rising 10.7% in a snapshot cited by the Associated Press, recovering part of its 11% decline last week. AI cloud provider CoreWeave gained 5.2%, clawing back a fraction of its 15.4% slide. Oppenheimer (NYSE:OPY) also upgraded AMD to Outperform from Perform, adding momentum to the chipmaker's bounce.

Not every AI bellwether participated. Nvidia fell 4.2% despite the broader sector rally, a divergence that suggests investors are growing more selective within the trade. The company's board is investigating CEO Jensen Huang's relationship with an executive alleged to have gathered information for China, though the board said it had "no reason to believe" national security or company secrets were compromised. China's foreign ministry rejected the allegations. These remain allegations under investigation, not established findings.

Broader benchmarks also advanced. The Nasdaq Composite rose 2.2%, the S&P 500 gained 1.9% and the Dow added about 900 points as of 11:30 a.m. EST, per AP. The Nasdaq Composite and Nasdaq-100 are distinct indexes, and their percentage moves should not be conflated.

Oil and Earnings Lend a Hand

Cheaper crude provided a powerful tailwind. Brent fell 4.3% to $94.11 a barrel, down from more than $112 at the start of November, after President Donald Trump said renewed strikes against Iran were "highly unlikely" if negotiations made progress. Secretary of State Marco Rubio nonetheless called some Iranian demands unacceptable, leaving geopolitical risk behind the relief move.

The oil retreat lifted travel names, with United Airlines (NASDAQ:UAL) up 6.6% and Carnival (NYSE:CCL) gaining 3.6%. Constellation Energy (NASDAQ:CEG) rose 8% after quarterly revenue and profit beat analyst expectations, supported by agreements to supply electricity to technology companies' data centers—evidence that AI-related power demand continues to benefit parts of the supply chain.

The earnings backdrop remains constructive. Roughly 82.4% of the 335 S&P 500 companies that had reported through Thursday beat estimates, according to LSEG (LSE:LSEG) data cited by Reuters. That is a broad-market statistic, not a Nasdaq-100 measure, but it helps explain the appetite for risk.

Rates and Regulation Still Weigh

Interest rates remain a constraint. The 10-year Treasury yield sat near 4.87%, below its October peak above 5.30%, but stronger-than-expected October employment data has sustained concerns about a possible December rate increase—a particularly relevant risk for borrowing-heavy data-center construction.

Politics add another layer. Last week's election results intensified investor worries that Democratic victories could bring tighter scrutiny of data centers, especially their effect on electricity bills. Voters have blamed data centers for rising power costs, making affordability a salient political issue. The market's concern is that restrictions could slow construction and damp demand for chips and related services; no specific new restriction has been shown to take effect.

Abroad, Japan's Nikkei 225 rose 2.3% and France's CAC 40 gained 1.2%, while Chinese markets were mixed, with Shanghai up 0.3% and Hong Kong down 0.1%, AP reported.

What Comes Next

The central question is whether cheaper oil and resilient earnings can outweigh inflation, rate and governance risks. Reuters quoted Zaye Capital Markets' Naeem Aslam describing the early recovery as bargain-hunting while noting investors remained selective. Capital Economics' Thomas Mathews warned the AI correction could have further to run, flagging any concrete cut in major cloud companies' capital expenditure as a key risk.

For now, the session represents a strong relief rally with identifiable catalysts—not confirmation that concerns over AI valuations, financing costs or regulation have been resolved.

Correction: An earlier version referenced the Nasdaq Composite's move alongside the Nasdaq-100 headline; the two indexes are distinct and their percentage changes are not interchangeable. Market figures reflect different intraday snapshots and should not be treated as simultaneous quotes.