Benzinga

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[Benzinga @Benzinga]

LIVE at 11 AM ET: @adammesh and @tastytrade’s Tom Sosnoff break down what’s moving the markets, from stocks and options to rates, earnings and global events.

Watch The Drift live on Benzinga YT:
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Steve Eisman (@realsteveeisman) says the threat of a new wireless competitor has made AT&T ($T), Verizon ($VZ) and T-Mobile ($TMUS) unattractive investments, even before a rival nationwide network is operating.

On the November 6 episode of The Real Eisman Playbook, he sharply toughened his assessment of Elon Musk’s (@elonmusk) ambitions. Only three weeks earlier, Eisman had suggested investors were exaggerating the danger posed by SpaceX ($SPCX).

The shift followed SpaceX’s November 4 agreement with Qualcomm ($QCOM) to supply technology for tens of thousands of 5G cell sites, with deployment expected to begin in 2027. That points to a strategy extending beyond connecting phones directly to satellites.

Eisman’s concern centers on pricing power. A cheaper fourth carrier could pressure the established companies to lower bills for existing customers, reducing revenue while leaving the expense of maintaining their networks largely intact.

Telecommunications expert William Webb has offered a more skeptical assessment of the threat. In a separate Benzinga interview, he pointed to satellite capacity limits and difficulty reaching phones inside buildings. Competing broadly with existing carriers would require substantial ground infrastructure, adding cost and complexity.

The disagreement is about how much disruption to price in before it arrives. Eisman sees competitive uncertainty undermining the investment case, while Webb emphasizes the practical barriers.

For consumers, successful competition could eventually mean lower bills; for investors, the question is who would absorb that pressure.

[Benzinga @Benzinga]

Hedge funds have been cutting equity exposure while money continues flowing into major index ETFs. Benzinga’s November 11 report describes a widening split between professional risk reduction and investors willing to keep buying through the AI trade’s volatility.

Morgan Stanley data cited by The Wall Street Journal showed hedge funds reduced market exposure by about 9% since June. More than 40% were flat or negative for the year through October, despite gains in the major stock indexes over that period.

The Vanguard S&P 500 ETF ($VOO), Invesco QQQ Trust ($QQQ) and iShares Core S&P 500 ETF ($IVV) attracted roughly $31 billion from the start of October through November 10, according to https://t.co/ZxvG1hVn9J data cited by Benzinga.

A separate https://t.co/ZxvG1hVn9J report shows $44.1 billion entered U.S.-listed ETFs in the week ended October 23. Semiconductor funds drew substantial purchases, including $5.4 billion for the iShares Semiconductor ETF ($SOXX) and $2.5 billion for the VanEck Semiconductor ETF ($SMH).

The contrast needs context. ETF inflows do not all come from individual investors, and some reflect portfolio rebalancing or tax-loss harvesting. Hedge funds also use index funds when they want broad exposure rather than individual stocks.

Light professional positioning can fuel buying if markets recover, while continued weakness can pressure investors who keep averaging down. The durable debate is whether recent inflows reflect disciplined long-term investing or confidence that has become too automatic.

[Benzinga @Benzinga]

Wall Street fell Tuesday after a hotter-than-expected October inflation report pushed Treasury yields sharply higher and increased expectations for another Federal Reserve rate hike.

The S&P 500 fell 0.6%, the Dow dropped about 240 points and the Nasdaq 100 declined 1.2%.

October CPI rose 0.4% month over month, above the 0.3% estimate, while core inflation increased 0.3% versus expectations for 0.2%.

The report sent the 10-year Treasury yield back to 5%, while the 2-year yield jumped 17 basis points to 4.74%, its biggest one-day increase since April 2025.

Rate markets moved to fully price in a December Fed hike, with some traders even betting on a half-point increase.

Nvidia ($NVDA) added to pressure on technology stocks, falling nearly 6% and erasing roughly $248 billion in market value. Shares are now about 30% below their early-October record.

Microsoft ($MSFT) fell around 2%, while the technology sector broadly underperformed as higher yields weighed on growth stocks.

Rate-sensitive areas were also hit. Homebuilders fell sharply as investors anticipated higher mortgage costs, while gold miners dropped as bullion prices retreated.

Bitcoin ($BTC) fell about 2.6% to roughly $73,300, while WTI crude slipped to around $86 per barrel.

The market is now focused on whether persistent inflation forces the Fed to tighten policy further just as technology and AI-related stocks are already under pressure.

[Benzinga @Benzinga]

Could Bitcoin ($BTC) Lose $73,000 as Demand Weakens? The Data Says It Might.

https://t.co/nV9JKkphLy

[Benzinga @Benzinga]

Short Interest Powder Kegs: 10 Stocks Bears Cannot Quit Buying.

https://t.co/vEgMg9BXUW

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Treasury Secretary Scott Bessent has reportedly moved to an undisclosed military base with his family after Iranian threats against him escalated.

A senior administration official said the threats had advanced far enough to justify the move, describing them as evidence that the Trump administration’s pressure campaign against Tehran is having an impact.

Bessent has become one of the most prominent officials behind “Operation Economic Outcast,” a Treasury-led campaign targeting Iran’s oil, shipping, aviation and financial networks.

The sanctions effort initially targeted dozens of entities, individuals and vessels tied to Iran and later expanded to additional oil tankers and other infrastructure Washington says supports Tehran’s economy.

Bessent has repeatedly argued that Iran cannot sustain itself without oil exports and has said U.S. sanctions and the naval blockade are restricting Tehran’s ability to generate revenue.

The reported security concerns make Bessent the latest senior Trump administration official to relocate to a military facility because of threats.

The White House and Treasury Department had not publicly commented on the reported move at the time of the report.

The development underscores how the economic confrontation with Iran is increasingly carrying personal security risks for senior U.S. officials directly involved in enforcing sanctions and financial restrictions.

[Benzinga @Benzinga]

A Reuters columnist says Alphabet ($GOOGL) could buy Uber ($UBER) to strengthen Waymo in the robotaxi race.

It would pair Uber’s huge ride-hailing network with Waymo’s driverless technology.

https://t.co/UXL5cIz8tV

[Benzinga @Benzinga]

Nvidia ($NVDA) has become the cheapest stock in the Dow Jones Industrial Average on a forward earnings basis after a sharp selloff tied partly to uncertainty surrounding CEO Jensen Huang.

Nvidia now trades at roughly 10.6 times forward earnings, below companies such as McDonald’s, Amazon (\(AMZN) and Microsoft (\)MSFT).

The valuation compression followed reports that Huang admitted to an affair and that Nvidia’s board opened an independent investigation into allegations involving the woman and possible ties to Chinese intelligence.

Huang apologized to employees, saying there was “no excuse” for his conduct. Nvidia’s board said it currently has no reason to believe company secrets or national security were compromised and has expressed confidence in Huang’s leadership.

Shares fell more than 4% Monday and another 6% Tuesday as investors priced in the possibility of a prolonged investigation and potential leadership uncertainty.

Dan Ives called the situation a “black eye moment” and said the board review could last four to six weeks, creating an overhang for the stock.

So far, the controversy has not materially changed Nvidia’s operating outlook. The company recently reported quarterly revenue of $96.2 billion, up 106% year over year, and guided the next quarter to about $108 billion.

The bigger risk is succession. Huang co-founded Nvidia in 1993 and remains closely tied to the company’s identity, leaving investors to consider what the business could look like if his role were weakened or changed.

[Benzinga @Benzinga]

Apple ($AAPL) is leading the Magnificent 7 in 2026 with a 28.2% gain through Nov. 10.

Tesla ($TSLA) sits last at -15.6%, followed by Nvidia ($NVDA) at -9.4% and Alphabet ($GOOGL) at -8.2%.

[Benzinga @Benzinga]

CoreWeave ($CRWV) says qualified AI demand is 10x its available capacity through 2027.

CEO Michael Intrator says the company is holding back future capacity as pricing keeps rising.

https://t.co/UI1mu1S6jd

[Benzinga @Benzinga]

Meta Platforms ($META) shares showed relative strength Tuesday, rising while the broader market and communication services sector moved lower.

Meta gained about 0.6% as investors weighed new entertainment partnerships tied to its upcoming VR hardware and broader AI strategy.

The company is expanding its VR ecosystem through deals with IMAX (\(IMAX) and Pixelworks (\)PXLW).

IMAX said Meta’s upcoming VR glasses will become the first IMAX Enhanced-certified VR device, with an updated app offering virtual theater experiences when the product launches in spring 2027.

Pixelworks also signed a multi-year agreement to certify Meta VR devices for TrueCut Motion content across movies, episodic programming and immersive 3D experiences.

Meta is positioning the glasses as more than a standalone hardware product. The company plans to integrate its Muse AI agent directly into the device, while also emphasizing entertainment, productivity, shopping, fashion and accessibility features.

JPMorgan analyst Doug Anmuth sees the strategy as part of Meta’s effort to bring AI into everyday use and eventually generate revenue beyond advertising.

The technical picture remains mixed. Meta trades below its 20-day and 50-day moving averages but remains above its 100-day and 200-day averages.

Wall Street remains broadly bullish, with a Buy consensus rating and an average price target around $860, well above the roughly $645 share price cited in the report.

[Benzinga @Benzinga]

Broadcom ($AVGO) led the 30 largest U.S.-listed companies Tuesday, gaining 3.9%.

Nvidia ($NVDA) was the biggest loser, falling 5.5%, while Microsoft ($MSFT) dropped 2.2%.

[Benzinga @Benzinga]

The Drift w/ Adam Mesh & Tom Sosnoff | November 11, 2026 https://t.co/ZcGIpds3Oy

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Goldman Sachs says Anthropic could generate $685B in annual revenue by 2030, nearly 150x last year’s total.

The bank still expects the company to remain free-cash-flow negative through 2030.

https://t.co/GiorLUDPn4

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Two Congressmen Are Buying the Same $2B Small Cap Stock You’ve Likely Never Heard Of.

https://t.co/8lHAryq3bD

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SpaceX has caught its booster before. Friday it goes for the part that has never come back. Could this change the story for the stock?

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Wall Street Hasn't Ignored Earnings Beats Like This Since the Dot-Com Bust.

https://t.co/vSbQU3gNeh