US & Hong Kong Market Update (2026-11-06)

Report date: 2026-11-06｜Data cutoff: 16:15 ET, Nov 5, 2026｜X search window: Nov 4–5｜Latest session: Thursday, Nov 5 for both US and HK Sources:

• X posts: 11 grok-x searches, covering broad search, macro/strategy KOLs, semis/AI KOLs, China-assets KOLs and media, options-flow KOLs, core newswires and macro reporters. The macro-reporter and HK single-stock searches returned nothing because of API rate limits.
• Market data: the official closing snapshot provided to us, plus individual-stock and Hang Seng Tech closes pulled from eastmoney.
• X posts are used only for events, opinions and sentiment. No price or percentage figures are taken from posts. Where the heat ranking's moves differ from the official closes, the closes are used.

Session backdrop (Thu, Nov 5): US stocks saw a rare tech stampede, with the losses concentrated in chips, memory and AI infrastructure. Hong Kong went the other way: Hang Seng Tech rallied hard, led by internet platforms.

1. Key Events

1. Chips led a broad US sell-off.
   • Cause: @CoinBureau, citing Reuters, said chipmakers sank on fears of tougher AI regulation after the Democrats swept Congress. The post also said Fed officials hinted at more rate hikes, but did not say which officials or what they said. We found no source post for those remarks.
   • Closes: AMD -17.26%, MU -17.46%, SNDK -22.26%, WDC -17.35%, MRVL -16.43%, TSM ADR -10.78%, AVGO -10.43%, INTC -10.33%, NVDA -9.26%.
   • 𝕏¹ 𝕏²
2. The sell-off accelerated through the day, and circuit breakers became a talking point.
   • @DeItaone and @zerohedge flagged the Nasdaq 100's loss widening from 2.4% to 5.1%. @DeItaone then posted "WALL STREET WATCHES CIRCUIT BREAKERS" and listed the 7%, 13% and 20% trigger levels.
   • @DeItaone also said the Magnificent Seven lost about $1.1T in market cap intraday, with Tesla leading the decline. TSLA closed -10.77%.
   • 𝕏¹ 𝕏² 𝕏³
3. The previous day's AI-infrastructure worries deepened, and data-center and power names sold off again.
   • Closes: IREN -16.95%, BE -16.41%, NBIS -14.95%, DELL -14.89%, CRWV -9.83%, PLTR -9.73%, SPCX -9.05%.
   • Accounts such as @ScalpingX framed the theme as tighter data-center permitting.
   • 𝕏
4. Two negative reports hit the memory chain; neither has been verified.
   • Micron's Taiwan fab: several accounts, citing Bloomberg, said Micron has all but halted work on Taoyuan Fab 11E (an HBM/DRAM plant, $3–4.5B) over a labor dispute. We could not find the original report to verify it.
   • Background: public reports say Micron reached an agreement with its Taichung union on Oct 21, while the Taoyuan dispute remained unresolved (The Star, Focus Taiwan).
   • Nvidia H200: @iCleanAI, citing Reuters, said about 600k H200 chips are stuck in Hong Kong because Beijing has not approved large-scale imports. The search results gave no link for this post.
   • 𝕏
5. AppLovin beat and closed +31.04% against the tape.
   • Per @donaldjdean: Q3 revenue $2.18B (est. $2.07B), EPS $4.30 (est. $4.03).
   • Q4 revenue guide of about $2.37–2.40B (est. $2.25B). Accounts quoted slightly different ranges for the guide.
   • @zerohedge listed APP among premarket movers on results and an outlook above consensus.
   • 𝕏¹ 𝕏²
6. Qualcomm, Arm and Fastly all beat on the numbers, yet their shares fell hard.
   • QCOM: closed -9.49%. Handset revenue was $5.14B, down 26% YoY and below estimates; the Q1 EPS guide midpoint was below estimates.
   • ARM: closed -13.08%. Revenue $1.443B, up 27% YoY; EPS $0.52 (est. $0.48).
   • FSLY: closed -26.88%. Q3 revenue and full-year guidance both beat consensus. We found no specific explanation for the drop on X.
   • QCOM details: 𝕏. The search results gave no matching links for the ARM and FSLY posts.
7. Hong Kong rallied against the trend as money moved into internet platforms and software.
   • Leaders: Alibaba +8.45%, Tencent +7.17%, Xiaomi +8.83%, NetEase +9.07%, Kingdee +15.38%, Kingsoft Cloud +12.79%.
   • Laggards: optical modules and PCB names followed the US lower, with YOFC -12.48%, Kingboard Laminates -12.43% and Lenovo -6.86%.
   • 𝕏

2. Institutional & Media Coverage

Factual reporting

• The intraday slide
  • @FirstSquawk and @zerohedge reported the Nasdaq 100's loss widening to 3% and then 5.1%.
  • @DeItaone reported the S&P 500 down 3.8% and then 4.0%, and flagged circuit breakers. These were intraday figures; see the table above for closes.
  • 𝕏¹ 𝕏²
• Macro data: @LizAnnSonders posted the day before (Nov 4) that the October ISM Services PMI was 54.5 vs. 54.8 expected. New orders fell from 59.8 to 55.9, employment rose from 50.1 to 51.4, and prices paid came in at 73.0. 𝕏
• Hong Kong and China A-shares (@cnfinancewatch)
  • HK close: money "clearly rotated out of AI hardware," with Alibaba and Tencent leading. 𝕏
  • A-share solar: he said the Democratic win removed fears of a "cliff" in IRA solar and storage tax credits, and A-share solar equipment rallied. Drinda (02865) closed +16.58% in HK, consistent with that theme, though the post did not name it. 𝕏
  • Southbound flows: he separately said southbound net selling widened to HK$7B. This has not been verified against HKEX data; if accurate, it means mainland money did not drive the day's rally. 𝕏
• Gaps in the search: the semis whitelist KOLs (@dylan522p, @jukan05 and others) posted nothing about the sell-off in the window, only positive takes on AMD, ARM and QCOM results. The China-assets media group had no HK coverage.

Opinions & ratings

• @CoinBureau: bearish on chips short-term, but offered a counterpoint: "Democrats don't take office until January, and Trump can veto," so any AI crackdown is unlikely to land immediately. 𝕏

3. KOL Bull & Bear Views

US market

Bullish

• @RyanDetrick (≈352 likes / 33 reposts, posted Nov 4): "one of the largest hedge fund de-grossing events in history," and he still expects "a big Q4 rally post midterms." 𝕏
• @KobeissiLetter (≈1.6k likes / 136 reposts, intraday Nov 4): the S&P 500 was trading more than 2 standard deviations below its 50-day moving average for the first time since April, in "historically extreme oversold" territory. 𝕏

Bearish

• @CheddarFlow (≈102 likes / 11 reposts, ≈27k views): SPY is sitting under its biggest put wall at 740, net gamma is −$17B and dealers are short gamma. "Lose 735 and 730 is next." The options scan showed SPY's reference price at $734.66. 𝕏
• @RealSPXSniper (original post ≈34 likes / 3 reposts, ≈4.6k views): "serious negative gamma environment." Once selling started, hedging pressure kept pounding futures. 𝕏

Single stocks

Bullish

• APP｜@donaldjdean (≈4 likes, ≈2.5k views): "earnings beat 🔥." Revenue, EPS and next-quarter guidance all came in above expectations. APP closed +31.04%. 𝕏
• ARM｜@LongBullz (≈20 likes): "Clean beat, solid momentum." ARM still closed -13.08%, as the sector sell-off swamped the good news. The search results gave no link for this post.

Bearish

• NVDA｜@MkTrader9 (minimal engagement): "Semis were the epicenter." He favors shorting the first bounce, targeting $175–177. NVDA closed at $181.60, -9.26%. 𝕏
• QCOM｜@robot2trade1 (≈3 likes / 3 reposts): "Higher sales guidance with lower profit guidance points to cost pressure." 𝕏
• MU｜@AryaFintech (minimal engagement): sees post-election AI-infrastructure worries as the main driver, compounded by supply-chain issues including the Taiwan fab pause. 𝕏

Hong Kong

• We found only @cnfinancewatch's closing note (≈6.4k views), covered in Section 2, which is a neutral factual summary. There were no original bullish or bearish KOL posts on HK in the window.

4. Buzz & Sentiment Shifts

US: Seven of the top 8 names on the heat ranking were chip or AI-hardware stocks that fell more than 9%; APP was the only exception. Sentiment flipped sharply from bullish to bearish versus the prior day.

• NVDA (#1): closed -9.26% on 2.3x relative volume, with a maximum options score. 62% of self-tagged posts were bearish (24 posts), versus 83% bullish the day before, the sharpest swing on the list.
• MU (#2): closed -17.46%. The bullish share fell from 69% to 58% (19 posts), with the fab-pause rumor a new negative.
• APP (#3): closed +31.04%, with discussion at 3.3x normal, driven by earnings. 63% bullish (16 posts), down from all-bullish the day before, as some posts debated the stock after its jump.
• SNDK (#4) and AMD (#5): closed -22.26% and -17.26%. SNDK was 62% bullish (21 posts); AMD was 61% bearish (18 posts).
• TSM (#6) and TSLA (#7): closed -10.78% and -10.77%. Bulls still held 75% (16 posts) and 60% (30 posts).
• QCOM (#8): closed -9.49%, with discussion at 2.7x normal; too few self-tagged posts for a reading (8).
• IREN (#20): discussion ran at 5.3x normal, the biggest surge on the list.

Hong Kong: The top 6 were all internet and tech platforms that rallied hard. Bull/bear data shows "no data source," so we give no sentiment ratios.

• Meituan, Xiaomi, Alibaba and Tencent (#1, #2, #4, #5): closed +6.78%, +8.83%, +8.45% and +7.17%, on 2.2–3.0x relative volume.
• Kingsoft Cloud (#3): closed +12.79%, with discussion at 1.4x normal.
• Li Auto (#6): closed +8.94%.
• Drinda (#7): closed +16.58% on the solar theme.
• Kingboard Laminates (#8): closed -12.43%, a day after rebounding 14.55%, as the leadership switched from AI hardware to internet platforms.
• Discussion levels: original HK discussion on X was scarce.

Week ahead (ET; consensus only, not yet released):

• Fri Nov 6, 8:30: nonfarm payrolls, est. +65K (prior 29K); unemployment rate est. 4.2%; average hourly earnings est. +0.3% m/m.
• Fri Nov 6, 10:00: preliminary UMich consumer sentiment, est. 48.1 (prior 46.3); inflation expectations prior 4.7%.

5. US Options Flow

Key reads

• SPY 734 puts confirm CheddarFlow's gamma call. With only 210 contracts of open interest, the 5-day 734 puts traded 34k contracts, almost all new, struck right at SPY's reference price. That fits @CheddarFlow's "−$17B gamma, lose 735 and 730 is next" read: traders bought short-dated protection or went short before Friday's payrolls. At the same time, very short-dated QQQ 660–680 and NVDA 192.5–197.5 calls saw heavy new buying. This is event-driven trading, with money betting on a big move in either direction after the jobs report.
• MU: from bullish positioning the day before to put-led flow today. The day before, @CheddarFlow logged a $7.9M opening block in MU Jan '29 1250 calls. Today the flow switched to two $700 put lines totaling about $140M, with IV at 90% on the 15-day line, so the market is pricing a big move. The scan showed MU's reference price at $669.57 and the regular-session close was $656.39, so the 700 puts are already in the money. These could hedge stock holdings or be directional shorts; the data alone cannot tell which.
• SMH: short-dated puts clustered. Both the 445 puts (vol/OI 93) and the 475 puts expire in 8 days and drew about $155M in combined premium, in line with the broad chip sell-off.

Overall: The market-wide put/call premium ratio is 2.49, far above 1 and clearly bearish, versus 0.95 the day before, a sharp one-day swing in sentiment.

Disclaimer: This report compiles public X posts and public market data for information and research purposes only and does not constitute investment advice. Opinions and figures in X posts belong to their authors and some have not been independently verified. Investing involves risk.