A closely watched gauge of chipmakers rose 3.5% as US midterm voting began, reversing a recent selloff driven by worries that AI spending is becoming harder to justify. Bank of America's Chief Market Strategist Joe Quinlan said investors are looking beyond AI names to infrastructure such as pipes, valves, transmission lines and water systems, as well as the broader AI ecosystem including South Korea and Taiwan. He said the bull market still has room to run, with 2027 looking good and 2028 possibly choppier, while earnings remain strong. Citing Torsten Slok's view that current earnings growth implies roughly 10% nominal GDP growth, he added that the bank's team expects the Fed to raise rates in December and again in March.
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Keywords
semiconductorsmidterm electionsFedinterest ratesNVDA
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Related tickers and likely impact
NVDA
▲ Likely positiveNvidia
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 11/02/2026 | 202.06 |
| Change that session | -1.26% |
QQQ
▲ Likely positiveInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/02/2026 | 681.09 |
| Change that session | -1.36% |
SPY
▲ Likely positiveSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/02/2026 | 752.10 |
| Change that session | -0.48% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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