As large technology companies increase their capital raising activities, it is important to assess how the market views the efficiency of AI and infrastructure investments by these tech giants, as high market interest rates are reflected in the actual cost of capital for these companies. In geopolitics, there are increased expectations for negotiations in both the Middle East and Ukraine. There are reports of progress in US-Iran nuclear talks, and President Trump has expressed optimism about the possibility of ending the conflict with Iran. At the same time, a Ukrainian delegation has arrived in Abu Dhabi for a three-way meeting with Russia and the United States, raising the possibility of a diplomatic solution to the Russia-Ukraine war. Expectations for a reduction in geopolitical risk premiums are being reflected in energy prices. WTI crude oil is down 1.37% at $85.66 per barrel, and Brent crude oil is down 1.26% at $91.40 per barrel. The easing of US-Iran relations and concerns about disruptions to oil supply are contributing to a decline in the geopolitical premium for oil prices. While lower oil prices are favorable for US inflation, they could be a short-term headwind for the energy sector. Gold is up 0.26%, and silver is up 1.05%, maintaining a relative strength. Today's earnings reports include Transcat in the pre-market and CoreWeave and Liggett Computing after the market close. In particular, CoreWeave's results will be a key event, as the company has recently seen increased concerns about AI infrastructure investment and data center funding. The company's revenue growth, debt, capital expenditures, and future guidance will influence investor sentiment towards the entire AI infrastructure value chain. TSMC's monthly revenue announcement will also be a key indicator for confirming global AI and semiconductor demand. Cryptocurrencies are continuing their downward trend. Bitcoin is trading near $75,000, and there have been net outflows of approximately $213 million from US Bitcoin spot ETFs and approximately $185 million from Ethereum spot ETFs. However, in the current US stock market environment, the potential for further rate hikes by the Fed and the impact of the CPI release are more important factors in determining cryptocurrency prices than the direction of the US stock market. Overall, the US stock market is in a period of searching for direction ahead of today's CPI release. While the strong rebound in Asian semiconductor stocks and the decline in oil prices are positive factors, the Federal Reserve's hawkish comments and the possibility of further rate hikes are limiting the upside for technology stocks. Today's CPI release at 10:30 PM Korea time will be a key event, and the resulting movement in US Treasury yields, along with CoreWeave's earnings report after the market close, will determine whether the rebound in AI and semiconductor stocks can continue.

US Stock Market Pre-Market Briefing - November 10, 2026 US index futures are mixed ahead of the CPI release. The Dow Jones futures are up 0.36%, the S&P 500 futures are up 0.14%, the Nasdaq 100 futures are down 0.14%, and the Russell 2000 futures are up 0.12%. The VIX is down 0.65% at 19.88. After last week's sharp decline in AI and semiconductor stocks, overall market volatility has eased, but technology stocks are relatively weak, and the market is cautiously awaiting today's CPI results. The main event today is the US October Consumer Price Index (CPI). It is scheduled to be released at 10:30 PM Korea time, and the market is expecting a headline CPI of +0.3% MoM and a core CPI of +0.2% MoM. Due to the lack of comparable data from the US government shutdown in October last year, this release may not include year-over-year CPI and core CPI figures. Therefore, the market is expected to focus more on the monthly trend of inflation. If inflation is higher than expected, it could increase pressure on growth stocks, potentially leading to expectations of further rate hikes in December and higher Treasury yields. Conversely, if inflation slows down, it could act as a catalyst for a rebound in technology stocks. The Federal Reserve is also maintaining a hawkish stance. Richmond Fed President Thomas Barkin mentioned that the policy direction is leaning towards further tightening, citing strong demand and high inflation. Chicago Fed President Austan Goolsbee also expressed concern about potential demand overheating due to service price pressures and investment in AI data centers. With recent strong employment data, market expectations for a rate hike in December have increased. Therefore, today's CPI will be a key turning point in determining the Fed's policy path. Asian stock markets have rebounded strongly, along with a moderation in the selling pressure on US technology stocks. The Korean KOSPI rose more than 4% in the early trading session, with SK Hynix up more than 6% and Samsung Electronics up around 5%, leading the rebound. The Japanese Nikkei 225 also recovered above 60,000 during the session, rising more than 2%. This is likely due to a combination of factors, including a rebound in global AI and semiconductor stocks, and increased buying pressure after last week's sharp decline. This could be a positive signal for further stability in US semiconductor stocks. However, pressure for monetary policy normalization is increasing in Japan. In the Bank of Japan's October meeting summary, several members raised the need for further interest rate hikes, and the market is pricing in a higher probability of a rate hike in December. The demand for Japanese 30-year government bonds in the recent auction was also below the 12-month average, suggesting a potential for increased volatility in long-term interest rates. It is important to monitor whether Japanese interest rates will continue to rise, as this could affect carry trades and global risk asset liquidity. In the AI sector, Anthropic's planned IPO is a key variable. According to reports, the company is aiming to raise up to $693 billion and is considering a public offering price range of $70 to $80 per share. The actual institutional demand at this level will be a key indicator for the valuation of the entire AI industry, especially after recent adjustments in AI valuations. It is also reported that OpenAI and Anthropic investor Altimeter is planning to raise more than $30 billion in new private equity funding, suggesting that the inflow of capital into private AI companies will continue. Apple has completed the issuance of $7.5 billion in corporate bonds. The bonds have maturities ranging from 2028 to 2036, with a mix of floating and fixed rates, and the long-term interest rate is as high as 5.35%.

TSMC's revenue for October 2026 reached NT$586.89 billion, a 14.7% increase compared to the previous month and a 59.7% increase compared to the same month in the previous year. The cumulative revenue for January to October 2026 was NT$4.48561 trillion, a 43.3% increase compared to the same period last year.