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BLOCKHAVEN

Morning Intelligence·Thursday, November 12, 2026

Chipmakers lead a softer premarket

Nvidia (−8.5%) and Taiwan Semiconductor (−3.6%) both trade lower premarket, and QQQ (−1.5%) is ahead of SPY (−0.8%).

Data through
Market data as of
Published
By
Blockhaven Research
In this edition
  1. Opening read
  2. Overnight tape
  3. Movers that matter
  4. Earnings radar
  5. Today's catalysts
  6. What we're watching
  7. Blockhaven Macro
  8. Risk and opportunity
  9. Market context
  10. Data note
  11. Sources

Opening read

Nvidia (−8.5%) and Taiwan Semiconductor (−3.6%) are 2 of the 4 names on this morning's movers list, both chipmakers and both lower.

The index proxies show the same tilt: QQQ, which carries more technology weight, is down 1.5% against down 0.8% for SPY. Taiwan Semiconductor also filed with the SEC since Wednesday's close; Blockhaven found no development in the SEC filings of Nvidia. The 10-year Treasury yield rose 10 bp on Tuesday, to 4.98%. The first test is whether QQQ is still behind SPY once regular trading has had an hour.

Overnight / pre-market tape

At 8:15 AM ET, SPY is down 0.8% and QQQ is down 1.5% versus the prior close. The 10-year Treasury yield rose 10 bp to 4.98% on Tuesday, the VIX closed Wednesday at 17.5, and Bitcoin trades at $72,418 (−1.8% over 24 hours).

Movers that matter

  1. NVDA−8.5% downpremarket

    Nvidia

    Nvidia shares are down 8.5% premarket. Reported by Business Standard, not verified by Blockhaven: “Megaspeed pledges cooperation with US amid Nvidia CEO Jensen Huang scandal”.[1][2]

    Other large chipmakers are also lower: Broadcom +0.4%, Micron Technology −5.6%, and Arm Holdings −4.3%.

  2. NBIS−14.4% downpremarket

    Earnings

    Nebius Group

    Nebius Group shares are down 14.4% premarket. The company is listed on a public earnings calendar to report before the open; results not yet verified in a company filing.[1][3]

  3. ORCL−3.7% downpremarket

    Oracle

    Oracle shares are down 3.7% premarket. Blockhaven found no development in the company's SEC filings or releases since Wednesday's close.[1]

    Other large software companies are also lower: Palantir −2.0%, Microsoft −0.6%, and ServiceNow −1.9%.

  4. TSM−3.6% downpremarket

    Company Filing

    Taiwan Semiconductor

    Taiwan Semiconductor shares are down 3.6% premarket. An SEC filing before the open shows a current report as a foreign private issuer (Form 6-K).[1][4]

    Other large chipmakers are also lower: Broadcom +0.4%, Micron Technology −5.6%, and Arm Holdings −4.3%.

Earnings radar

Overnight results

  • Vylor (VYLR) reported before the open.[4]What changed
    • Shares are −0.01% premarket.
    • The GAAP net loss widened to $570 million from $320 million a year earlier.
    Before the open

Coming today

  • Cisco (CSCO) is listed to report after the close.[3]After the close
  • Applied Materials (AMAT) is listed to report after the close.[3]After the close
  • Brookfield (BN) is listed to report before the open.[3]Before the open
  • Nu Holdings (NU) is listed to report after the close.[3]After the close
  • Nebius Group (NBIS) is listed to report before the open.[3]Before the open

Report timing comes from Nasdaq's public earnings calendar and is not company-confirmed; results are cited only when they appear in a company filing.

Today's catalysts

  1. Speech: Governor Michael S. BarrFederal Reserve

    Topic: Artificial Intelligence and Inequality.

Times are Eastern for Nov 12.

What we're watching at the open

  1. 1

    Whether QQQ stays behind SPY after the open

    QQQ is 0.7 points behind SPY at 8:15 AM ET. If the gap holds into midday, the move is in technology and growth names rather than the whole market.

  2. 2

    Whether Nvidia stays below Wednesday's $173.73 close

    Down 8.5% at 8:15 AM ET on 30,366,334 shares.

  3. 3

    Whether Nebius Group stays below Wednesday's $154.69 close

    Down 14.4% at 8:15 AM ET on 8,863,572 shares.

  4. 4

    Whether SPY holds below Wednesday's $759.81 close

    SPY is down 0.8% at 8:15 AM ET. Holding below the prior close through the session would confirm the premarket direction.

Blockhaven Macro

Regime read: Transition

Blockhaven's read, computed Wednesday, Nov 11, 7:20 PM ET, is Transition. Risk Appetite 55 (inside its neutral band, up 12 over 5 snapshots); Liquidity 32 (below its neutral band, down 2 over 5 snapshots); Crypto 36 (below its neutral band, down 18 over 5 snapshots). Its Market Stress and Vol Event Risk engines are elevated.

Risk Appetite sits inside its neutral band after rising 12 points over 5 snapshots, so the read does not lean either way on risk; Liquidity, below its band, is the one reading clearly off neutral. The regime read, Risk Appetite, Crypto, Market Stress and Upside Expansion are only partly verified against public data, so treat them as provisional.

Macro read computed .

Risk and opportunity

Risk

Rates volatility

Blockhaven's Macro read names rates volatility as its main risk. The 10-year yield moved 10 bp on Tuesday, to 4.98%, a move of the size this describes.

Market context

Each figure carries its own date and time, and they were not observed simultaneously. Treasury yields are prior-day closes and Bitcoin is a rolling 24-hour reading.

Market figures, each with its own date
FigureReadingDated
SPY, pre-market[1]$753.48, −0.8%
QQQ, pre-market[1]$679.72, −1.5%
10-year Treasury yield[6]4.98%, +10 bp
VIX[7]17.5
Bitcoin[8]$72,418, −1.8%

Data note

Data through 8:15 AM ET. Nasdaq public market data for quotes, SEC EDGAR for company filings, and official Federal Reserve schedule for events. BLS release information is from its published schedule as last verified on Tue, Nov 3; it was not re-confirmed this morning. Blockhaven's Macro read was computed Wednesday, Nov 11, 7:20 PM ET.

This edition was compiled and published automatically from public sources under Blockhaven's standing editorial policy. An editor did not review it individually before release.

Condition scores, not probabilities. Thresholds are currently uncalibrated. Historical validation and calibration are in progress, and no hit rates or return claims are published. Macro methodology

Source checks completed .

Sources

  1. 1.

    Nasdaq

    Nasdaq market activity(opens in a new tab)

    Accessed November 12, 2026

  2. 2.

    GDELT Project

    Latest Coverage: external headlines (GDELT Project open news index)(opens in a new tab)

    Accessed November 12, 2026

  3. 3.

    Nasdaq

    Nasdaq earnings calendar(opens in a new tab)

    Accessed November 12, 2026

  4. 4.

    U.S. Securities and Exchange Commission

    SEC EDGAR company filings(opens in a new tab)

    Accessed November 12, 2026

  5. 5.

    Board of Governors of the Federal Reserve System

    Federal Reserve calendar(opens in a new tab)

    Accessed November 12, 2026

  6. 6.

    U.S. Department of the Treasury

    Daily Treasury interest rate statistics(opens in a new tab)

    Accessed November 12, 2026

  7. 7.

    Cboe Global Markets

    Cboe market data(opens in a new tab)

    Accessed November 12, 2026

  8. 8.

    Coinbase

    Coinbase markets(opens in a new tab)

    Accessed November 12, 2026

  9. 9.

    Blockhaven

    Blockhaven Macro snapshot (public projection)

    Accessed November 12, 2026 · Snapshot dated 2026-11-11, methodology 2026.07.23-netliq-weekly.

Corrections and updates

No corrections or updates have been made to this piece.

Blockhaven research is published for information and education. It is not personalized investment advice.