I. Today's Market: The Dow Rose 3.03%, Its Best Day Since April 2025 Unit: %, single-day change on November 4; all three readings are positive, so the zero line sits at the left edge and every bar runI. Today's Market: The Dow Rose 3.03%, Its Best Day Since April 2025 Unit: %, single-day change on November 4; all three readings are positive, so the zero line sits at the left edge and every bar run
Pre-Market Briefing on Nov 5: Riot Rose 9.63% on a 15-Year, Roughly $28B AI Lease, and Cloudflare Reports Tonight With 36% Growth on the Line
I. Today's Market: The Dow Rose 3.03%, Its Best Day Since April 2025
Unit: %, single-day change on November 4; all three readings are positive, so the zero line sits at the left edge and every bar runs right on one shared scale. The Dow reads +3.03%, the S&P 500 +1.58% and the Nasdaq +1.44%.
All three indexes rose, the Dow closing at 53,356.12 for its best day since April 9, 2025, the S&P 500 at 7,688.62 and the Nasdaq at 25,736.51. The drivers were midterm election results that removed uncertainty and WTI crude falling 8.29% to $88.12, a two-month low that eased inflation expectations, while the 10-year Treasury yield fell about 6 basis points to 4.89%.
The gains barely touched technology. The tech sector finished at −0.01%, with consumer discretionary (+4.26%) and financials (+3.51%) leading; the Philadelphia Semiconductor Index fell 3.13%, Nvidia 3.17% and Micron 7.00%, and the compute and power chain fell harder, with CoreWeave down 9.90% and Vistra 13.83%, as money clearly rotated out of AI infrastructure into rate-sensitive and value stocks. On a day the indexes jump, check first which sectors carried the gain, because the same rally can mean money is leaving the part of the market you care about.
II. Stock in Focus: Among Miners and AI Hosts, Only Riot Rose
Unit: %, single-day change on November 4. The six shown come from a hand-picked set of nine bitcoin miners and AI compute hosts, not an industry field; the set spans positive and negative, so a zero line is drawn and all six share one scale. Riot sits at one end on +9.63% and Hut 8 at the other on −23.23%, 32.86 percentage points apart among the stocks shown.
Riot was the only one of the nine to rise, and the gap came from its own lease. Two averages have to be kept apart: the other eight in the set averaged −12.35%, while the financial capital markets industry Riot is classified under averaged +2.08%, so the denominators differ. Riot closed at $15.37, up 9.63%, on volume 4.47 times its average, with a $5.8B market value and a price still about 49% below its 52-week high. What drove it was a 15-year lease of the entire 910MW Corsicana campus to a frontier AI lab, worth about $28B; company-wide contracted capacity now stands at 1,151MW and about $38B, and third-quarter revenue of $181.4M beat the $162.1M estimate. ⚠ But the tenant is not named, and the 910MW arrives in three phases, the first 400MW not until September 2027. Alongside it, Arista rose 5.04% while the computer hardware industry averaged −3.27%, after third-quarter revenue grew 58.5%, its fastest since going public.
Five Dimensions: Peer Rank Full, and Volatility Control Weakest at 0
Unit: 0 to 100, 0 at the centre and 100 at the rim, all five axes on one scale. Peer rank reads 100, valuation heat 98, relative strength 88 and trend position 21, and the weakest is volatility control at 0.
Read one high axis against two low ones: peer rank 100, trend position 21 and volatility control 0. Relative strength is 50 plus five times the excess over the industry, measured against the financial capital markets industry's +2.08%, which works out to 87.75; trend position 21 means the price is still in the lower part of its 52-week range, and volatility control 0 matches a beta of 3.9. When reading a big one-day gain, check where it started from and how much volatility it took: a first-place rank describes today, while the starting point and volatility describe the year.
III. What to Watch Tonight: Cloudflare Earnings, and Whether 36% Growth Holds
- At 13:30｜Jobless claims and third-quarter productivity and unit labor costs An hour before the U.S. open
- After the close at 21:00｜Cloudflare (NET) third-quarter earnings The call is at 22:00; company guidance is revenue of $736.0M–$737.0M, about 31% growth at the midpoint, and non-GAAP operating income of $129M–$130M
- Also after the close｜Microchip (MCHP) and Atlassian (TEAM) earnings Cloudflare leads tonight's technology reports
- Friday at 13:30｜October nonfarm payrolls report The focus of the week, with the preliminary University of Michigan consumer sentiment reading at 15:00
- Next Tuesday, November 10, at 13:30｜October CPI With the election settled, repricing the rate path is the main variable for technology stocks right now
Unit: %, year-on-year growth in quarterly total revenue as disclosed in the company's investor relations releases, with bars from zero on one shared scale. 25Q3 reads 31.0%, 25Q4 33.6%, 26Q1 34.0% and 26Q2 36.0%, with last quarter's revenue at $696.1M.
- Four quarters of acceleration, but guidance back where it started The $736.5M guidance midpoint against last year's $562.0M implies about 31% growth, 5 percentage points below last quarter's 36%; for a usage-priced business, the market prices turning points in growth rather than absolute size
- Demand keeps pace, profit lags a step Current RPO grew 35%, nearly in step with revenue, while non-GAAP gross margin slipped from 75.3% in 25Q3 to 73.1%, because network and compute capacity is built first and billed by usage later, and that time gap squeezes gross margin
- ⚠ Margin has to improve at the same time Guided operating income implies an operating margin of about 17.6%, nearly 4 percentage points above last quarter's 13.8%, so whether growth and margin can both be delivered are tonight's two answers
IV. Frequently Asked Questions
Q: Riot's contract totals about $28B. Why not compare it directly with market value or revenue?
A: Contract revenue is a total recognized over many years, not money received this period. Spread over 15 years, $28B is about $1.87B a year, roughly 2.6 times its latest quarterly revenue of $181.4M annualized; and the 910MW arrives in three phases, with the first 400MW scheduled for September 2027, so revenue from this contract only starts once capacity is delivered. Divide a contract total by its years, then line it up with its start date, because comparing the total directly with quarterly revenue or market value misses the time gap.
Q: The indexes jumped that day, so why did AI compute stocks fall hard?
A: The day's drivers were the midterm results, falling oil and a 10-year yield down to 4.89%, which favoured rate-sensitive and value stocks as money clearly rotated out of AI infrastructure: the Philadelphia Semiconductor Index fell 3.13%, CoreWeave 9.90%, and the other eight miners and AI hosts in Riot's set averaged −12.35%. Riot was the exception because it had a lease of its own that day. When a stock rises while its group falls, look for news of its own first; only if there is none does a rotation ripple become the likely explanation.
Q: Cloudflare's free cash flow grew 69%. Why doesn't that mean it has much more cash?
A: Last quarter's free cash flow was $56.4M, and its 69% growth was the fastest of the four measures, but it was only 8% of revenue, below the 13% of 25Q3; the fast growth came from a low base a year earlier, not from cash actually piling up. Read a growth rate together with its share of revenue: high growth with a falling share describes the base, not the health of the business.
The data in this article is as of the November 4 US close and all times are UTC; guidance and expectations are company or market statements, not published figures.
Disclaimer: This article is compiled and written by the MEXC RealStocks team. The data in this article is based on the closing of the US stock market on November 4, 2026. The content is a compilation of public market information, and individual stocks are publicly discussed targets, which do not represent the recommendation or opinion of MEXC and do not constitute any investment advice. More US stock content: @MEXC | @Alpha_MEXC | @MEXC_Research
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