Technology Stocks Diverge on Nov. 9 as AMD Rises and Nvidia Falls Amid Market Recovery
Key Facts
U.S. stocks rose on Nov. 9, with the S&P up 1.9% and the Nasdaq up 2.2% at 11:30 a.m. Eastern time, while major chipmakers posted mixed performance. The Associated Press said the market was recovering some of the steep losses recorded the previous week, alongside a decline in oil prices. In semiconductors, Nvidia shares fell 6.4%, while AMD shares rose 10.7%. The 6% gain for Micron cited in the initial report could not be verified, so the increase cannot be attributed to trading on Nov. 9. The market’s movement alone also does not establish that TSMC’s statement changed investors’ estimates of competition in memory chips.
The moves followed a report published by The Information on Nov. 6 and relayed by Reuters, which said TSMC was considering expanding into advanced memory chip manufacturing. According to the report, the company had begun drawing up plans to produce a type of memory called 3D DRAM at the request of Nvidia, its largest customer, according to two people familiar with the matter. The report said TSMC could choose to build new plants dedicated to these chips or acquire an existing plant and convert it to production. The start date for production was unclear, leaving the timing of any potential expansion unspecified. If the company proceeds, it would compete with Samsung Electronics, SK Hynix and Micron, Reuters said.
On Nov. 7, a TSMC spokesperson said the company was focused on its core business of contract integrated-circuit manufacturing, stating: "Please note that TSMC at all times focuses on its core business, which is dedicated integrated-circuit manufacturing." The statement reaffirmed the company’s focus on logic chip manufacturing but did not mention 3D DRAM plans or a request from Nvidia. It therefore does not explicitly deny the report that TSMC was considering memory production, nor is it sufficient on its own to conclude that competition concerns have eased. The distinction between announcing a general direction and confirming a specific production project remains important in assessing the potential impact on established memory suppliers. Among those companies are Samsung Electronics, SK Hynix and Micron, which Reuters’ report cited.
Oil pressure accompanied the broader market recovery during the session: Brent crude fell 4.3% to $94.11 a barrel on Nov. 9, after topping $112 at the start of the month. The AP attributed the market’s rise to falling oil prices and a recovery of some of the previous week’s losses. Nvidia shares did not join the move, falling 6.4% despite gains in the two main indexes, while AMD rose 10.7%, recovering some of its 11% loss in the previous week. These divergent moves show that chipmakers did not perform uniformly during the session, and that a rising market does not mean all stocks tied to the sector are higher. The available session data did not verify Micron’s closing price on Nov. 9.
EL7 data records Micron’s close at $690 and TSMC’s close at $375.44 on Nov. 6; those prices relate to the previous session and do not describe trading on Nov. 9. On results, Micron announced on Sept. 30 record revenue of $54.23 billion in the fourth quarter of its fiscal year 2026, compared with $41.46 billion in the previous quarter and $11.32 billion in the same period a year earlier. Chief Executive Sanjay Mehrotra said the company expected a stronger fiscal 2027, linking that outlook to AI-driven demand and strategic customer agreements. The company estimated first-quarter fiscal 2027 revenue at $61.5 billion, with a margin of $1.5 billion. These forecasts put Micron’s financial performance in the context of memory demand, while the timing of any potential TSMC production remains unclear, according to the report.