U.S. stocks finished mixed Tuesday, snapping a three-session losing streak. Chip stocks supplied the leadership from the open, and by the close the market had handed the evening over to the election returns.

On the index board, $SPY rose 0.3%, $QQQ gained 0.6%, $IWM added 0.2%, and $DIA fell 0.4%. Four of the 11 sectors finished green. Technology led at +1.3%, and Consumer Staples was the weak spot at -2.1%. The blue-chip board leaned on the chip complex, led by $AMD at +3.7% and $AVGO at +3.1%, while the defensives dragged, with $WMT down 2.2% and $JNJ down 1.6%.

The session ran during midterm voting day, with polls and prediction markets pointing to a Democratic House and the Cook Political Report projecting a gain of 12 to 25 seats, while six Senate races sat as tossups. All seats in the House are up for reelection, and I don’t trust polls anymore after the past decade of results. Wednesday brings the S&P Global final services PMI at 9:45 am ET and the ISM services report at 10 am ET.

Stocktwits spent the evening on AMD's print and its guide's read on the AI chip trade, with Super Micro's $19.9B quarter and Arista's raise keeping the server crowd busy. Capricor's FDA letter drew the biotech crowd, and $DJT doubled as the board's election-night scoreboard.

Today's Briefing:

Advanced Micro Devices, the chipmaker chasing Nvidia in AI data centers, reported third-quarter results Tuesday after the close and cleared its own bar. Revenue topped the high end of the company's guidance, powered by record sales of its Instinct AI chips and EPYC server processors. 🚀

The RIP: $AMD ( ▲ 3.65% ) was up 7% in extended trading after the release, clawing back part of a 17.6% two-day slide into the print. Adjusted earnings were $2.09 a share against estimates near $1.95, revenue was $13.38B, and the fourth-quarter guide hit $17B, up 66% from a year ago. Nvidia and other names climbed as if the chip trade was back.

Data Center brought in a record $8.5B, up 97% from a year ago, as the first Helios rack-scale systems, full cabinets of AMD chips built to train AI models, started running at Anthropic, Meta, Microsoft, OpenAI and Oracle. The guide is the story: $17B would be a 27% jump in a single quarter, with Lisa Su saying growth accelerates from here as Helios production scales. 💪

PC chip revenue rose 7% to $2.9B, gaming fell 40% to $773M, and embedded sales rose 29% to $1.1B. Adjusted gross margin held at 56%, and the guide calls for about 55% next quarter, the toll for ramping new AI hardware at full speed. 🏭

Super Micro Computer, the server maker that ships AI data centers as pre-assembled building blocks, reported first-quarter results Tuesday after the close. Sales came in above the range the company had pre-announced last month ahead of the print, which is not how pre-announcements usually go. 🖥️

The RIP: $SMCI ( ▲ 3.12% ) was up nearly 10% after the release. Sales were $19.9B, above the pre-announced $18.5B to $19.5B range and nearly four times the $5.0B of a year ago, and adjusted earnings were $1.81 a share against a stale $1.23 consensus.

The guide kept climbing. Supermicro sees $19.5B to $21.5B of sales next quarter and $72B to $82B for the full fiscal year, as its building-block systems go into gigawatt-scale data centers, the largest sites the industry builds. Adjusted gross margin improved to 12.8% from 9.5% a year ago, though it slipped from 17.5% last quarter. 💸

Voyager’s Griffin-1 lunar lander has completed acceptance testing, a major milestone on the road to the Moon. It's now at Voyager Lunar Systems in Pittsburgh for final preparations before shipping to Cape Canaveral, Florida. Griffin-1 will carry 10 payloads from six countries to the lunar South Pole, including payloads from NASA and ESA. Developed through NASA’s Commercial Lunar Payload Services initiative, Griffin‑1 was developed through NASA’s Commercial Lunar Payload Services initiative and will now be part of Moon Base Phase I objectives. The lander is designed to support a range of future lunar operations, including the delivery of rovers, science instruments and other infrastructure. Its capabilities are intended to help lay the groundwork for future lunar infrastructure, including power systems that can advance the knowledge, technologies and capabilities needed to develop an enduring human presence on the Moon.

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Shopify, the commerce platform behind millions of online stores, kicked off Tuesday with its third-quarter report. Revenue grew 32% to $3.74B and the company threw off $816M of free cash flow, but the shares slid all day after two closely watched lines came in light. 🛒

The RIP: $SHOP fell 8.74% Tuesday to $142.57. Adjusted earnings were 49 cents a share against a 47-cent estimate in the company release, but GMV, the total value of everything sold through Shopify, came in at $119.1B against $120.1B expected, subscription revenue missed at $836M, and fourth-quarter guidance called for low-thirties growth again, not a step up.

Duolingo, the language-learning app with the green owl, published its third-quarter shareholder letter Tuesday after the close. Daily users grew 29% from a year ago, the second straight quarter of faster growth, and the company raised its outlook for the full year. 🦉

The RIP: $DUOL ( ▼ 5.37% ) jumped 11% after hours to $143.59 once the letter landed, reversing the regular session's 5.37% slide to $128.00. Bookings were $316.1M and revenue was $309.0M, both up double digits and ahead of the company's own guidance, with paid subscribers up 14% to 13.1M.

The growth is coming from everywhere except the price tag. Partnerships inside Brawl Stars and Eggy Party pulled in millions of new and returning learners, speaking exercises doubled as AI costs fell, and Duolingo is folding its top Max tier into Super, giving every top-tier subscriber unlimited AI conversation practice by year-end. 🎮

Bullish on the Fit.

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It’s election night, and everything is stirring. The first polls closed at 6 pm ET in parts of Indiana and Kentucky, and control of Congress is the stake: all 435 House seats and 35 Senate seats are up tonight. Polls and prediction markets expect Democrats to retake the House, with the Cook Political Report projecting a Democratic gain of 12 to 25 seats. The Senate is the harder map. Republicans hold it 53 to 47, Democrats need a net gain of four seats, and six races sit as tossups: Maine, Texas, Georgia, Michigan, North Carolina and Iowa. 🗳️

The RIP: The market split Tuesday, and tonight S&P futures are up 0.27% and Nasdaq futures 0.53%, gold is flat near $3,939, the dollar is slightly higher, and $SPY investors are pricing a Democratic House and a Senate count that could run for days.

About 57 million people voted early, ahead of the 2022 pace, and in states that track party registration, 43% of early ballots came from Democrats against 32% from Republicans. AP exit polling found roughly three-quarters of voters angry or dissatisfied with the country’s direction, about two-thirds saying the president’s policies made the economy worse, and a majority blaming him for higher prices. Bond traders have barely flinched: the two-year Treasury yield, the one that tracks expected Fed policy, rose 3 basis points Monday to 4.59%, and the 10-year Treasury yield fell 3 basis points to 4.91%.

Most polls close by 8 pm ET, California at 11 pm and Alaska at midnight, and the count can crawl from there: California counts mail ballots postmarked by Election Day, and Alaska’s ranked-choice count accepts ballots arriving up to 15 days out. Good luck out there. 🦅

Arista nearly doubled its third-quarter profit to $1.56 billion as revenue jumped 59% to $3.66 billion, and its 2027 outlook targets about $18.5 billion in revenue on AI fabric and campus demand.

28 HOPE-3 investigators sent a public letter urging the FDA to approve deramiocel, the company’s therapy for Duchenne muscular dystrophy, ahead of the November 22 decision.

Navitas posted a 3-cent quarterly loss that beat the expected 4-cent loss on revenue of $13.99 million, guided the fourth quarter solidly, and pointed to its Nvidia 800V power-delivery work for AI data centers.

Gartner dropped 13% after reporting third-quarter results that showed declines in both GAAP revenue and operating cash flow, a backward step for the research firm.

🪙 A fake job interview opened the door to Binance’s $6.3B hack

🛑 CrowdStrike built a kill switch for rogue AI agents

🤖 Apple used the word ‘unprecedented’ about memory chip prices

📊 NRIX just lost 35% after hours, and the selloff has a specific trigger

🧬 Capricor’s trial doctors took their FDA fight public before the Nov 22 decision

🧾 Yum Brands beat the quarter, but Taco Bell is dealing with a parasite outbreak

💾 Micron, Nvidia and AMD led the chip stocks rebound

📈 The best trade idea posted on Stocktwits today, chart included

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