Major indices are higher at midday, led by the Nasdaq, as chip stocks rebound from yesterday's selloff and investors react to a stronger-than-expected October jobs report. The Fear Index (VIX) is down sharply, while the Dow is the laggard and barely positive.

Technology (XLK) is the best performing sector as chip stocks bounce off their lowest closes in months, led by Advanced Micro Devices (AMD). Lam Research (LRCX) is jumping after announcing a $25 billion buyback. Cloudflare (NET) is surging as its revenue growth accelerated. Meanwhile, Atlassian (TEAM) is sliding despite beating estimates, as its next-quarter guidance came in only in line. Communication Services (XLC) is also higher as AppLovin (APP) extends its rally following its third-quarter report. Consumer Discretionary (XLY) is supported by Tesla (TSLA), which is rising after the company said it will wind down the Cybertruck to boost Cybercab production. Airbnb (ABNB) is also jumping as its bookings growth accelerated.

On the other hand, Consumer Staples (XLP) is the weakest sector as money rotates out of safe haven sectors and into tech, with Walmart (WMT) and Altria (MO) lower. Monster Beverage (MNST) is also sliding as its gross margin narrowed. Utilities (XLU) are the only other sector in the red, as WEC Energy (WEC) and PG&E (PCG) lose ground in the same rotation.

GPU Futures Delayed Again

CME Group (CME) agreed, at the request of the Commodity Futures Trading Commission, to delay the launch of its Nvidia (NVDA) GPU rental futures a second time, by another 60 days, pushing any approval into January.

Anthropic IPO Odds Slip

Prediction markets now price a 56% chance that Anthropic officially announces an IPO before December 1, down from above 80% earlier this week.

On a brighter note, Anthropic's annualized revenue run rate reportedly topped $80 billion at the end of October, up from the prior month. Combined with OpenAI, the two now carry a run rate of about $130 billion, well above the $48 billion projected for 2026 coming into the year.

OpenAI Stays the Course

OpenAI CFO Sarah Friar said the company will keep investing in AI data centers despite the midterm results, noting that demand for AI is real and its enterprise business doubled from the prior quarter in Q3. She added that OpenAI will meet with communities to hear their concerns on data centers and will never raise electricity prices.

AST SpaceMobile's Own Rocket

AST SpaceMobile (ASTS) plans to build Blacklift, a 20-ton reusable rocket that can carry up to five BlueBird satellites per launch, with operations targeted for late 2028, under a $1.3 billion-plus deal with Firefly Aerospace (FLY) that covers engines for the first three rockets, a perpetual license to make Firefly's Miranda and Vira engines at a new U.S. facility, and three years of engineering support. The company will keep using outside launch providers, with agreements covering more than 100 BlueBird satellites in 2027 and 2028, and plans to unveil Blacklift on November 12.

Economic Data

November's preliminary Michigan Consumer Sentiment Index rose to 51.0 from 48.0, above estimates of 48. The improvement was driven by the Current Conditions Index climbing to 51.0 from 46.7, while the Expectations Index rose to 50.9 from 48.8. Notably, inflation expectations eased, with year ahead expectations falling to 4.3% from 4.7% and 5 year inflation expectations edging down to 3.4% from 3.5%.

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