Technology stocks regained ground on Nov. 3 after an AI-driven selloff, led by semiconductor shares and a strong earnings response from Advanced Micro Devices, while Treasury yields climbed close to 5% and U.S. spot Bitcoin ETFs continued to post heavy withdrawals.
The Nasdaq Composite rose 0.83% to 25,372.01 and the S&P 500 gained 0.37% to 7,568.92. The Dow Jones Industrial Average moved in the opposite direction, falling 0.38% to 51,786.72 as consumer-linked companies lagged.
The Philadelphia Semiconductor Index climbed 2.63% to 10,600.40. AMD rose 3.65% during regular trading and added about 8% after the closing bell after reporting third-quarter results that showed its data-center business carrying a growing share of the companys revenue.
AMD said quarterly revenue increased 45% from a year earlier, while data-center revenue nearly doubled. The segment accounted for 64% of total revenue, compared with 47% in the same period last year. The figures offered fresh evidence that spending on AI infrastructure remains concentrated in chips, servers, networking equipment and the supply chains supporting them.
AMDs data-center growth offsets weaker gaming demand
AMDs results also showed the uneven nature of demand across its product lines. Its PC and gaming segment generated $3.7 billion in revenue, down 8% year over year, while gaming revenue fell 40%.
The company said it had secured supplies of wafers, substrates, advanced packaging and memory. Those components have become strategic constraints for chipmakers seeking to expand production of high-performance processors used in data centers. Securing them gives AMD more ability to meet orders if AI-related demand continues to rise, though it also ties the company more closely to a capital-intensive hardware cycle.
Nvidia, the markets largest AI-chip company, gained 2.29% and ended the session with a market capitalization of $4.98 trillion, above Apples $4.84 trillion. Apple shares fell 1.90% after the company forecast December-quarter gross margins of 45% to 46%, below the 46.3% consensus estimate compiled by LSEG.
If Apple reaches the midpoint of its outlook, gross margin would decline for a third consecutive quarter, following 50.1% in the June quarter and 47.9% in the September quarter. The contrast between Apples margin outlook and AMDs data-center growth reinforced the sessions preference for companies directly exposed to AI infrastructure rather than mature consumer hardware categories.
Oracle rose 5.85% as markets focused on its $20 billion financing plan, while Meta gained 2.36% after a $20 billion bond sale drew strong demand. Microsoft added 2.74% as traders assessed its disclosed $44.9 billion commitment linked to Anthropic. Micron rose 2.58%, and Super Micro Computer advanced 3.12%.
These gains came with an increasingly visible financial cost: major technology groups are funding AI buildouts through large debt offerings, long-term commitments and expanded capital spending. Strong demand for bonds can ease immediate financing pressure, but higher Treasury yields raise the hurdle for projects whose returns may arrive years after construction begins.
Treasury yields approach a critical threshold
The 10-year Treasury yield reached 4.952%, while the 30-year yield rose to 5.324%, following economic releases that pointed to resilient activity and persistently high input costs.
The Institute for Supply Management said its manufacturing index reached 55.5, above the 54.5 forecast. Its new-orders measure also came in at 55.5, exceeding expectations. The prices-paid component fell to 75.2 from 77.9, but remained at a level consistent with substantial cost pressures across manufacturing supply chains.
The U.S. Bureau of Labor Statistics reported 7.523 million job openings in its latest JOLTS release, above the 7.15 million estimate and up from 7.19 million in the prior reading. Factory orders increased 1.8%, beating a 1.2% forecast, while core durable goods orders excluding transportation rose 0.5%, matching estimates.
Construction spending was a weak point, falling 1.9% against expectations for a 0.4% increase. Even so, the Atlanta Federal Reserves GDPNow model lifted its growth estimate to 3.7% from 3.2%.
A 10-year yield above 5% would place additional pressure on highly valued technology companies, whose market prices depend heavily on earnings expected further into the future. It would also make cash and government debt more competitive with risk assets, including Bitcoin-related equities and funds.
Bitcoin-linked companies face diverging signals
Crypto-linked stocks and corporate Bitcoin holders offered a mixed picture. Strategy disclosed that it bought 811 BTC for $65.5 million, including fees, at an average price of $80,846 per Bitcoin. Its holdings reached 849,327 BTC, acquired at a total cost of $64.08 billion and an average cost of $75,451.
The company funded part of its activity through an at-the-market share program, selling 1,178,552 shares for net proceeds of $164 million. Of that amount, $65.5 million went toward Bitcoin purchases and $98.5 million was retained as U.S. dollar cash.
Strategy also repurchased 2,092,035 shares of its STRC variable-rate preferred stock for $208.2 million. It reported $748.6 million remaining under its preferred-share repurchase authorization and $1 billion remaining for common-stock repurchases. The combination of Bitcoin buying, cash accumulation and preferred-stock repurchases shows the company balancing its token acquisition strategy with capital-structure management.
Strive reported purchasing 124 BTC between Oct. 24 and Oct. 30 at an average price of $80,526, lifting its holdings to 43,124 BTC. The company listed $490.4 million in cash and equivalents and said it held 505,000 shares of Strategys STRC preferred stock, valued at $50.06 million.
U.S. spot Bitcoin ETFs recorded net outflows of $398.6 million on Nov. 2, following $643 million in withdrawals on Oct. 30. The latter was described as the groups largest single-day outflow in four months. The products rose alongside the wider market on Nov. 3, with BlackRocks IBIT, Fidelitys FBTC and Bitwises BITB each gaining about 1.6%, while the Ethereum-focused ETHA rose 2.05%.
That split between positive daily price performance and net ETF redemptions suggests that short-term equity-market relief had not yet translated into a decisive return of fund demand.
Mining results show pressure and diversification
Cipher Mining reported third-quarter revenue of $26.7 million, down from $71.7 million a year earlier. Bitcoin mining contributed $20.85 million, while high-performance computing leasing produced $5.86 million in revenue recognized for the first time.
Cipher posted adjusted EBITDA of negative $10 million and net income of $31.6 million. Its shares rose 18.37% after the results. The company said its Barber Lake lease was extended for another 10 years, adding $5.2 billion in rent and taking total contract revenue to $9.1 billion. It also reported a 5.9-gigawatt development pipeline.
The HPC leasing revenue gives Cipher an additional route beyond Bitcoin mining, where earnings can be heavily affected by Bitcoin prices, network conditions and electricity costs. The markets response indicated that traders placed substantial value on the longer-term contracted revenue despite the decline in quarterly mining revenue.
Attention on Nov. 4 was expected to turn to unresolved midterm vote counting, ADP employment data and earnings from Riot, Hut 8 and Circle. With the 10-year Treasury yield hovering just below 5%, the next test for technology and crypto-linked assets may come less from another AI announcement than from whether bond markets continue to demand higher returns.
Rising yields and election uncertainty could reshape crypto too—see how macro shocks spill into digital assets in this analysis.
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