“Safety is getting hammered, it is a risk-on day.”

Stock Trader Network’s Chief Market Strategist Dennis Dick dropped that observation on PreMarket Prep this morning, and it paired with Dan Ives’ call on CNBC before the bell that yesterday’s tech washout is a “golden buying opportunity.”

After a semiconductor rout yesterday, bulls stepped back into high-beta tech. Even with the VIX still elevated near 27, the VanEck Semiconductor ETF (NASDAQ: SMH) and iShares Semiconductor ETF (NASDAQ: SOXX) are ripping nearly 6% higher, while defensive hideouts like Netflix (NASDAQ: NFLX) and Consumer Staples are getting dumped in the red to fund the rotation back into offense.

Even with chips flying, memory stocks—Micron (NASDAQ: MU), SK Hynix (SKHY), and SanDisk (NASDAQ: SNDK)—are in focus after The Information reported that TSMC (NYSE: TSM), at Nvidia’s (NASDAQ: NVDA) request, is weighing making its own advanced memory chips to capture more AI spend. Elsewhere in chip land, Lam Research (NASDAQ: LRCX) tried to mark the floor on equipment sentiment by dropping a massive $25 billion share buyback authorization.

Here is where the flow is moving this morning:

• Cloudflare, Airbnb & AI Power Lead the Charge: Software and AI infrastructure are roaring higher on strong prints. Cloudflare (NYSE: NET) is surging 20% after posting its fastest growth in nearly four years, while Airbnb (NASDAQ: ABNB) is up 14% on a strong quarter and a brand-new $12 billion buyback. The AI power and compute trade is also back, with IREN (NASDAQ: IREN), Oklo (NYSE: OKLO), TeraWulf (NASDAQ: WULF), IonQ (NYSE: IONQ), and Vistra (NYSE: VST) all rallying on raised outlooks, joined by Moderna (NASDAQ: MRNA) climbing after hiking its full-year forecast.
• DraftKings & Atlassian Take the Heat: On the flip side, DraftKings (NASDAQ: DKNG) is getting taken to the woodshed—down 27% after coming up short in Q3 and slashing its full-year outlook. Meanwhile, Atlassian (NASDAQ: TEAM) is down 14% as traders sell the news despite a clean beat, and Lyft (NASDAQ: LYFT), Charter (NASDAQ: CHTR), and Affirm (NASDAQ: AFRM) are all slipping on soft guidance.
• Cracks in OpenAI’s Stargate?: Elon Musk says SoftBank is defaulting on its turbine orders. If he’s right, that is bad news for OpenAI’s $500 billion Stargate Project. Ever since Stargate was announced in January 2025, Musk has been vocal that SoftBank didn’t actually have the billions secured to backstop it. Now, an “anonymous seller” is reportedly shopping $500 million in data center loans (Musk thinks it’s SoftBank), pouring cold water on private AI infrastructure right as Bloomberg reports Anthropic’s IPO valuation estimates are falling amid the broader AI pullback.

Under the hood, we’ve got three pivots:

• Tesla Winds Down the Cybertruck for a Risky Cybercab Bet: Musk announced that Tesla (NASDAQ: TSLA) will wind down Cybertruck production next year to clear floor space for the driverless Cybercab. This could be a line in the sand for Tesla, which is staring down a troubling couple of years with Democrats in charge following the midterms. The big question for investors—why double down on driverless cab production right now when the company was already struggling to get regulatory permits in blue states like California before the election?
• Lilly & Hims Team Up on Weight-Loss Meds: Eli Lilly (NYSE: LLY) and Hims & Hers (NYSE: HIMS) are partnering to expand access to FDA-approved Lilly weight-loss and health medicines directly on the Hims platform.
• AST SpaceMobile Builds Its Own Ride to Orbit: AST SpaceMobile (NASDAQ: ASTS) is taking vertical integration into space, announcing plans to build its own 20-ton rocket powered by Firefly Aerospace’s (NASDAQ: FLY) Miranda engines to deploy its BlueBird satellites into low Earth orbit.

STN Desk Takeaway: As our STN Market Conditions put it this morning, it’s a windy November morning following yesterday’s storm on Wall Street, with the VIX still hovering near 27. While the broader index bounce looks modest after yesterday’s damage, the internal rotation is abandoning safety trades like staples and Netflix to chase the 6% rebound in semiconductors and post-earnings winners like Cloudflare and Airbnb.