Cloud-computing provider CoreWeave sparked a broad rally in artificial-intelligence hardware on Wednesday, jumping 25% in regular trading after Bloomberg reported its third-quarter revenue rose 168% to $3.66 billion and management raised its 2026 sales forecast. San Francisco artificial-intelligence lab Anthropic added to hardware demand by marketing an initial public offering of up to $64.35 billion alongside $26 billion in private share commitments from chip and cloud suppliers. Lead underwriter Goldman Sachs circulated models projecting Anthropic's annual revenue will top $600 billion by 2030. Memory-chip maker Micron Technology climbed 12%, chipmaker AMD gained 7% and networking-chip supplier Broadcom rose 4%, lifting the S&P 500 1.3% while US cash bond markets remained closed for Veterans Day with the 10-year Treasury yield near 5%.
Chipmaker Nvidia closed the regular session up 2.9% before sinking in late trading on a Wall Street Journal report, cited by Bloomberg, that its board is preparing to oust chief executive Jensen Huang. Directors and the Federal Bureau of Investigation are probing Huang's relationship with a former technology executive suspected of working for Chinese intelligence, a crisis that erased $214 billion from Nvidia's market value relative to Tuesday's close. The Journal's report came minutes after The New York Times reported that Huang had a second extramarital relationship, this one with a vice president at Nvidia, according to CNBC. Neither Nvidia nor its board had issued an official statement on either report by Wednesday evening, and MarketWatch and CBS News reported that the company did not immediately respond to requests for comment. After-hours trading kept Nvidia's leadership crisis confined to Nvidia, sending its stock down 8.5% after the close while rivals AMD and Broadcom rose another 3.8% and 2.7%.
Investment bank Morgan Stanley's brokerage unit wrote in a Tuesday note, reported by Bloomberg, that global stock hedge funds cut market risk through the first week of November at the steepest pace in more than a decade. The semiconductor fund SMH climbed 4.9% in regular trading before slipping 2.5% after hours, extending an 8.0% three-day rebound off last week's low that matched its 8.2% start after late July's bottom before that summer bounce gave way to fresh losses. FactorPulse's basket of the 50 past-year winners most sensitive to market swings jumped 5.5% for its 41st-best day in 1,724 sessions since 2020, helping a FactorPulse gauge of hedge-fund losses win back 45% of its drop since November 5.
| Factor | Return Today Pct | Z Today | For Long Short Books |
|---|---|---|---|
| Short-Sale Activity | 0.22 | 2.02 | wrong-way |
| Liquidity | 0.44 | 1.65 | |
| Semiconductors | 0.96 | 1.55 | |
| Residual Volatility | 0.70 | 1.41 | |
| One-Day Momentum | 0.40 | 1.40 | |
| Beta | 1.34 | 1.37 | risk-on |
| Value | 0.32 | 1.36 | |
| Oil | 0.58 | 1.21 | |
| Leverage | 0.19 | 1.13 | |
| Long-Term Momentum | 0.62 | 0.97 | |
| Growth | 0.21 | 0.88 | |
| Profitability | 0.15 | 0.79 | |
| Dividend Yield | 0.12 | 0.69 | |
| Size | 0.05 | 0.15 | |
| Treasury (Duration) | 0.03 | 0.09 | |
| China | 0.01 | 0.03 | |
| Hedge-Fund Ownership | -0.00 | -0.01 | |
| Bitcoin / Crypto | -0.08 | -0.26 | |
| International | -0.24 | -0.82 | |
| Morning Activity | -0.12 | -0.93 | |
| Gold | -0.36 | -1.11 | |
| Medium-Term Momentum | -0.43 | -1.50 | |
| Short Interest | -0.27 | -1.61 | right-way |
| Short-Term Momentum | -0.73 | -2.42 | right-way |
| Fund | Ticker | August: low to first session after the report % | August: sessions to the closing high after | August: first close below the low | November: low to last close % | Note |
|---|---|---|---|---|---|---|
| AI power stocks · AIPO | AIPO | 17.00 | 3 | 20261016 | 8.40 | |
| Data centers · DTCR | DTCR | 8.00 | 2 | 20261014 | 2.50 | |
| Semiconductors · SMH | SMH | 16.00 | 37 | 20261105 | 8.00 | |
| August, Aug 12 | the first session after the report. First session after CoreWeave's report: the stock closes up 19.3% | |||||
| August, Aug 17 | 3 sessions after it. The fund's closing high after the report, 18.5% above its Jul 29 low | |||||
| August, Oct 16 | 46 sessions after it. The fund's first close below its Jul 29 low | |||||
| November, Nov 11 | the first session after the report. First session after CoreWeave's report: the stock is up 24.8% at the close |
Nvidia closed the regular session up 2.9% before tumbling late on a Wall Street Journal report, cited by Bloomberg, that its board is preparing to remove CEO Jensen Huang amid a probe into ties with a suspected foreign operative. Minutes earlier The New York Times had reported that Huang had a second extramarital relationship, this one with a vice president at the company. CNBC The Semiconductors factor gained 0.96% net of styles, whereas the chipmaker logged a 6.8% company-specific loss including post-market trading. Rivals AMD and Broadcom, both backers of a $26 billion AI IPO placement, rose another 3.8% and 2.7% after the close, keeping the leadership crisis confined to Nvidia as its stock fell 8.5%.
| Exposure Group | Today Pct | 5D Scaled Pct | 20D Scaled Pct | 63D Scaled Pct |
|---|---|---|---|---|
| 1 | 0.58 | 0.24 | 0.89 | 0.26 |
| 2 | 0.51 | 1.05 | 0.46 | -0.11 |
| 3 | 0.14 | 0.42 | 1.10 | -0.24 |
| 4 | 0.90 | 1.67 | 1.26 | -0.30 |
| 5 | 0.65 | 0.81 | 0.95 | -0.59 |
| 6 | 0.53 | 1.92 | 1.61 | 0.34 |
| 7 | 0.48 | 0.95 | 1.27 | -0.24 |
| 8 | 0.23 | 0.59 | 0.85 | -0.54 |
| 9 | 0.24 | 0.98 | 2.20 | 0.51 |
| 10 | 0.07 | 1.11 | 1.03 | 0.21 |
| 11 | 0.53 | 0.90 | 1.49 | -0.22 |
| 12 | 0.23 | 1.27 | 0.99 | -0.14 |
| 13 | 0.86 | 0.38 | 0.70 | -0.49 |
| 14 | 0.84 | 0.83 | 1.43 | -0.10 |
| 15 | 0.79 | 0.01 | 0.41 | -0.91 |
| 16 | 0.99 | -0.20 | -0.20 | -0.84 |
| 17 | 1.50 | 0.19 | -0.15 | -0.96 |
| 18 | 1.97 | -1.05 | -1.46 | -1.71 |
| 19 | 2.63 | -2.32 | -2.40 | -1.92 |
| 20 | 3.84 | -2.63 | -4.58 | -4.04 |
Earnings reactions in the regular sessionReporters worth over $100 billion, or moving more than 10% with a value above $5 billion
| Company | Move | Stock-specific | Market cap | Revenue YoY | Margin YoY | What drove it |
|---|---|---|---|---|---|---|
| CoreWeave CRWV | +24.8% | +10.7% | $27B | +168% | -5.5 pts adj. operating | Q3 revenue beat and raised full-year revenue forecast |
Stock-specific: the part of a stock's move not explained by the market, style or thematic (industry and theme) factors in the FactorPulse risk model.
Revenue and margin from the company's earnings release, year over year; margin change in percentage points; — where the release is not parsed or the figures failed checks.
Of the 500 largest companies, 426 have reported (82% of market cap), on day 30 of the season.
How earnings reactions split, day 30 of the seasonThe 500 largest US companies with a confirmed earnings reaction so far (409), vs the same day in the past eight seasons and in four-season stretches back to mid-2020
| Season | ≤ −5σ | −5 to −2σ | −2 to 0σ | 0 to 2σ | 2 to 5σ | ≥ 5σ |
|---|---|---|---|---|---|---|
| This season | 8% | 15% | 28% | 24% | 19% | 5% |
| Past 8 seasons | 15% | 19% | 17% | 16% | 18% | 15% |
| Q2 2026 | 13% | 20% | 18% | 16% | 19% | 14% |
| Q1 2026 | 13% | 20% | 13% | 20% | 17% | 17% |
| Q4 2025 | 18% | 16% | 17% | 14% | 21% | 15% |
| Q3 2025 | 11% | 18% | 21% | 18% | 17% | 15% |
| Q2 2025 | 16% | 23% | 14% | 16% | 15% | 16% |
| Q1 2025 | 18% | 17% | 16% | 19% | 19% | 11% |
| Q4 2024 | 17% | 19% | 17% | 16% | 15% | 16% |
| Q3 2024 | 18% | 21% | 15% | 12% | 18% | 17% |
| Q3 '23–Q2 '24 | 16% | 17% | 16% | 15% | 20% | 17% |
| Q3 '22–Q2 '23 | 12% | 19% | 19% | 17% | 22% | 11% |
| Q3 '21–Q2 '22 | 13% | 18% | 15% | 19% | 23% | 13% |
| Q3 '20–Q2 '21 | 6% | 21% | 28% | 23% | 17% | 5% |
σ: a stock's earnings-day stock-specific move divided by its typical daily stock-specific move over the past year. Each bar is cut at the same business day of the season; companies weighted by the square root of market cap.
AI hardware and power funds rallied on supplier earnings and Anthropic's $64.35 billion IPO roadshow, with the memory-chip fund DRAM rising 10.5%, the semiconductor fund SMH 4.9% and the AI power infrastructure fund AIPO 3.7%. The Wall Street Journal Goldman Sachs models the AI lab's annual revenue exceeding $600 billion by 2030. SEC CoreWeave jumped 24.8% in regular trading before slipping 7.8% after hours, leaving a 10.7% stock-specific gain after Bloomberg reported third-quarter revenue up 168% to $3.66 billion and raised 2026 guidance of $13.0 billion to $13.3 billion. SMH had gained 8.0% in the three sessions through Tuesday off its November 5 low against 8.2% at the same point after its July 29 low, an earlier turn in which that cloud provider rose 19.3% on results and then fell 54.8% over 63 sessions.
| Fund | Ticker | July to August: fall into the low % | July to August: 3 sessions after % | July to August: 10 sessions after % | October to November: fall into the low % | October to November: 3 sessions after % | Note |
|---|---|---|---|---|---|---|---|
| Semiconductors · SMH | SMH | -24.60 | 8.20 | 16.00 | -29.40 | 8.00 | |
| AI power stocks · AIPO | AIPO | -24.40 | 12.60 | 17.00 | -25.40 | 8.40 | |
| Nasdaq-100 · QQQ | QQQ | -10.30 | 5.80 | 9.40 | -14.40 | 4.30 | |
| July to August, Jul 30 | 1 session after the low. Citadel takes over the public stock book of Situational Awareness, the AI fund that lost 67% in July | ||||||
| July to August, Aug 12 | 10 sessions after the low. First session after CoreWeave's report: the stock closes up 19.3% | ||||||
| October to November, Nov 10 | 3 sessions after the low. CoreWeave reports after this close | ||||||
| October to November, Nov 11 | 4 sessions after the low. First session after CoreWeave's report: the stock is up 24.8% at the close |
High-beta momentum stocks led the session's risk advance, with the top-50 cohort jumping 5.53%—its 41st-best day of 1,724 since 2020—against 0.16% for stocks on neither screen. The Beta factor rose 1.34% in a right-way move for long-short books, trimming its 20-session loss to 5.69%. Morgan Stanley's prime brokerage wrote in a November 10 note, cited by Bloomberg, that global equity hedge funds cut risk through early November at the steepest rate in more than a decade, pulling long-short gross market value down 10.7% since late June. Bloomberg The hedge-fund pain index has won back 45% of its drawdown since the November 5 low, while the five-day de-risking score sits at the 16th percentile with no short-covering leg firing.
Background: our research note Factor Fingerprints of Hedge Fund Deleveraging Events compares October with 31 hedge-fund deleveraging events since 2020.
| Session | Sigma Vs Peak | Note |
|---|---|---|
| 20260924 | -1.05 | |
| 20260925 | -0.40 | |
| 20260928 | -0.97 | |
| 20260929 | -0.52 | |
| 20260930 | -0.98 | |
| 20261001 | -0.37 | |
| 20261002 | -0.03 | |
| 20261005 | -0.47 | |
| 20261006 | 0.00 | |
| 20261007 | -0.18 | |
| 20261008 | -0.86 | |
| 20261009 | -0.62 | |
| 20261012 | -1.47 | |
| 20261013 | -1.46 | |
| 20261014 | -2.82 | |
| 20261015 | -4.07 | |
| 20261016 | -4.86 | |
| 20261019 | -4.55 | |
| 20261020 | -5.45 | |
| 20261021 | -4.86 | |
| 20261022 | -9.42 | −4.6σ on the day. Chip Stocks Fall With Yields as AI Credit Spreads Widen |
| 20261023 | -9.29 | |
| 20261026 | -8.57 | |
| 20261027 | -7.57 | |
| 20261028 | -6.98 | |
| 20261029 | -7.52 | |
| 20261030 | -9.36 | |
| 20261102 | -11.38 | −2.0σ on the day. Oil Falls Below $100 on Iran Peace Hopes, and Last Year's Winners Tumble |
| 20261103 | -10.18 | |
| 20261104 | -12.77 | −2.6σ on the day. AI Builders Fall on Voter Backlash Against Data Centers |
| 20261105 | -15.86 | −3.1σ on the day. AI Selloff Spreads to Whole Market, Sending Nasdaq-100 Down 6% |
| 20261106 | -13.92 | |
| 20261109 | -11.57 | +2.3σ on the day. High-Beta Stocks Jump 8% as Nvidia Falls 4% on Huang Probe |
| 20261110 | -10.87 | |
| 20261111 | -8.77 | |
| leg: beta | -10.26 | turned Oct 27, new low Nov 5 |
| leg: 12-month momentum | -8.13 | no turn yet |
| leg: short-interest P&L | -4.32 | turned Nov 9 |
| leg: volatility (VIX) | -2.79 | turned Oct 21, new low Nov 5 |
| leg: weekly reversal | -0.93 | turned Nov 9 |
| leg: crowding (13F) | 3.24 | turned Nov 4 |
| flow gauge, not in the index: 1-day reversal | -8.04 | turned Nov 4, new low Nov 11 |
| flow gauge, not in the index: short-sale P&L | 3.54 | turned Oct 28, new low Nov 2 |
Short-Term Momentum fell 0.73% in a right-way move as last week's steepest decliners bounced, marking its 26th-largest drop across 1,601 sessions since June 2020. Stocks in the weakest five-day return ventile gained 2.34%. Short-Sale Activity rose 0.22% in its 29th-largest climb since June 2020, a wrong-way move for Tuesday's fresh short sales, whereas Short Interest fell 0.27% in a right-way session for standing short books.
| Factor | Return Today Pct | Today In Sigma | Rank Among Comparable Days |
|---|---|---|---|
| Short-Sale Activity | 0.22 | 2.02 | fourth-highest of 101 |
| Short Interest | -0.27 | -1.61 | fourth-lowest of 101 |
| One-Day Momentum | 0.40 | 1.40 | fourth-highest of 101 |
| Value | 0.32 | 1.36 | fifth-highest of 101 |
| Short-Term Momentum | -0.73 | -2.42 | 6th-lowest of 101 |
| Part | Today Pct | Average Day Pct |
|---|---|---|
| The market | 10.00 | 9.70 |
| Style factors | 30.90 | 24.50 |
| Themes | 1.20 | 2.90 |
| Company-specific | 58.00 | 62.80 |
+0.22% (z +2.0) · bottom Short-Term Momentum 
-0.73% (z -2.4)
| Factor | Return Today Pct | Z Today | Return 63 Sessions Pct | For Long Short Books |
|---|---|---|---|---|
| Short-Sale Activity | 0.22 | 2.02 | 0.40 | wrong-way |
| Liquidity | 0.44 | 1.65 | -0.60 | |
| Semiconductors | 0.96 | 1.55 | -6.10 | |
| Beta | 1.34 | 1.37 | -10.20 | right-way |
| Long-Term Momentum | 0.62 | 0.97 | -3.50 | |
| Hedge-Fund Ownership | -0.00 | -0.01 | 0.30 | |
| Medium-Term Momentum | -0.43 | -1.50 | -0.80 | |
| Short Interest | -0.27 | -1.61 | -0.70 | right-way |
| Short-Term Momentum | -0.73 | -2.42 | -0.80 | right-way |
| Factor | Return | Z-Score | 5d Z | 20d Z | 63d Z | Category | Direction |
|---|---|---|---|---|---|---|---|
| Beta | +1.34% | +1.4 | +0.9 | -1.3 | -1.3 | Style-Risk | High-beta stocks outperformed low-beta stocks |
| Semiconductors | +0.96% | +1.6 | +0.8 | -1.6 | -1.2 | Thematic | Stocks with high semiconductor beta outperformed |
| Short-Term Momentum | -0.73% | -2.4 | -3.0 | +0.1 | -0.3 | Style-Flow | Multi-day decliners outperformed multi-day winners |
| Short-Sale Activity | +0.22% | +2.0 | +0.3 | -0.2 | +0.4 | Style-Flow | Top decile outperformed bottom decile |
| Short Interest | -0.27% | -1.6 | -2.7 | +0.7 | -0.5 | Style-Positioning | Most heavily shorted stocks underperformed least shorted |
| Residual Volatility | +0.70% | +1.4 | +0.2 | -0.9 | -0.1 | Style-Risk | Most volatile stocks outperformed steadiest |
| Oil | +0.58% | +1.2 | -0.1 | -2.6 | -0.2 | Thematic | Stocks with high oil beta outperformed |
| Hedge-Fund Ownership | 0.00% | +0.0 | +0.1 | +0.7 | +0.3 | Style-Positioning | Hedge-Fund Ownership is essentially flat today |
| Fund | Ticker | Return Today Pct | Return Prior 20 Sessions Pct | Today In Own Sigma | Volume Pace |
|---|---|---|---|---|---|
| Momentum · MTUM | MTUM | 3.79 | -14.80 | 2.04 | 1.37 |
| Semiconductors · SOXX | SOXX | 6.01 | -19.10 | 1.93 | 1.77 |
| Memory chips · DRAM | DRAM | 10.46 | -23.10 | 1.87 | 1.85 |
| Russell 1000 Growth · IWF | IWF | 2.29 | -10.30 | 1.87 | 0.92 |
| Semiconductors · SMH | SMH | 4.85 | -17.80 | 1.81 | 1.67 |
| Technology · XLK | XLK | 3.22 | -13.90 | 1.79 | 1.60 |
| Min-volatility stocks · USMV | USMV | 0.97 | 2.50 | 1.67 | 1.87 |
| Japan · EWJ | EWJ | 1.86 | -7.10 | 1.34 | 2.70 |
| S&P MidCap 400 · MDY | MDY | 0.80 | 1.20 | 0.81 | 3.06 |
| China internet · KWEB | KWEB | -1.62 | -2.70 | -0.97 | 3.11 |
+10.5% · bottom gold (GDX) 
-1.5%| ETF | Theme | Today | 1d Ago | 5d Ago | 20d Ago | 63d Ago |
|---|---|---|---|---|---|---|
| DRAM | memory chips & storage | +10.5% | -2.7% | -14.7% | -23.1% | -25.8% |
| WGMI | bitcoin miners & AI hosting | +8.8% | -2.1% | -9.0% | -29.4% | -45.8% |
| EWY | south korea | +6.2% | -2.1% | -10.2% | -16.4% | -20.9% |
| SOXX | semiconductors | +6.0% | -0.1% | -5.4% | -19.1% | -19.5% |
| SMH | semiconductors | +4.9% | -0.8% | -6.7% | -17.8% | -17.3% |
| MTUM | momentum | +3.8% | -0.2% | -4.1% | -14.8% | -15.0% |
| AIPO | AI power infrastructure | +3.7% | -2.0% | -7.2% | -17.1% | -23.8% |
| QQQ | large cap growth | +2.3% | -0.7% | -1.5% | -9.2% | -6.7% |
| SPY | large cap | +1.3% | -0.4% | -0.6% | -3.6% | -2.7% |
| GDX | gold | -1.5% | -5.4% | +11.5% | -0.9% | -4.9% |
US cash Treasury markets stayed shut Wednesday for Veterans Day, Bloomberg reported, leaving the 10-year yield at 4.988% after Tuesday's 0.4% monthly rise in October consumer prices. The dollar climbed to a 10-week high of 159.70 yen after October core inflation held at 0.3% and Federal Reserve Governor Christopher Waller said the central bank could consider a 50-basis-point rate hike at its December 8-9 meeting. Morningstar Monday's New York Fed Survey of Consumer Expectations kept median one-year inflation expectations at 3.9%, following Friday's 165,000 October payrolls gain and 51.0 preliminary Michigan consumer sentiment reading data.sca.isr.umich.edu. Implied corporate credit spreads narrowed over the five sessions through Tuesday by 5 bp in the investment-grade bond fund LQD and 12 bp in the high-yield bond fund HYG, against 20-day widenings of 7 bp and 15 bp.
+2.91% · bottom Long-Term Momentum 
-5.94%Variance decomposition: live as of the Nov 11 session, compared with each factor's range over the past year. Total cross-sectional dispersion is higher than on 56% of days in the past year.
Variance mix — % of total, today vs 1d ago vs 1-yr avg
market 69%ile style 82%ile thematic 18%ile idiosyncratic 26%ile
Variance explained — today vs. factor's trailing-year range
Marker = the factor's share of today's total variance, placed in its own trailing-year range (box 25–75%ile, ticks 90%ile and max). Amber marker = unusually load-bearing today (≥90%ile of its own year). Factor name green = up today / red = down.
Correlation & dispersion — realized vs implied
Realized correlation, 500 largest stocks (20d): 20.91% 41%ile since 2020 · 98.4%ile 3m · implied (Cboe COR1M): 9.79 4.2%ile since 2006 (gap +11.1pp)
All stocks in the model: 16.99% 36%ile since 2020 · 96.8%ile 3m
Realized 20d vol (ann. pts): all stocks 56 vs VIXEQ 42 · index 20 vs VIX 17 · style factors 32 98.4%ile
20-day window (19 completed days + today); percentiles vs model history since 2020; '3m' tokens rank vs the trailing 63 trading days; definitions in Terms below. Implied prints (Cboe) are delayed ~15 min. as of 17:58 ET
Top 50 high-beta momentum names (eq-wt, since-2020 rank): +5.5% 97.7%ile · rest of market +0.2%
HF de-risking score (since-2020 rank): 42%ile today · 16%ile 5-day · HF pain index 8.8σ below peak (3rd-deepest of 32 since 2020), 45% won back
| Factor | Today | 1d | 5d | 20d | 60d |
|---|---|---|---|---|---|
| Style-Risk | |||||
| Residual Volatility | +0.70% z+1.4 | -0.28% | +0.20% | -2.07% | -0.27% |
| Beta | +1.34% z+1.4 | -0.83% | +1.89% | -5.69% | -8.67% |
| International | -0.24% z-0.8 | -0.27% | -0.37% | -1.67% | -0.63% |
| Style | |||||
| Liquidity | +0.44% z+1.6 | -0.23% | -1.08% | -1.49% | -1.23% |
| Value | +0.32% z+1.4 | +0.13% | +0.01% | -0.72% | -0.19% |
| Leverage | +0.19% z+1.1 | +0.11% | +0.41% | +0.90% | -1.43% |
| Growth | +0.21% z+0.9 | +0.04% | -0.25% | -1.95% | -1.71% |
| Profitability | +0.15% z+0.8 | -0.04% | -0.27% | +0.58% | +1.36% |
| Dividend Yield | +0.12% z+0.7 | -0.03% | -0.15% | -0.75% | -1.62% |
| Size | +0.05% z+0.2 | +0.32% | -0.45% | -3.21% | +1.39% |
| Style-Momentum | |||||
| Medium-Term Momentum | -0.43% z-1.5 | +0.01% | -0.57% | -1.18% | -0.87% |
| Long-Term Momentum | +0.62% z+1.0 | +0.31% | +0.01% | -5.94% | -4.73% |
| Style-Positioning | |||||
| Short Interest | -0.27% z-1.6 | -0.16% | -1.00% | +0.52% | -0.55% |
| Hedge-Fund Ownership | -0.00% z-0.0 | +0.01% | +0.03% | +0.36% | -0.06% |
| Style-Flow | |||||
| Short-Term Momentum | -0.73% z-2.4 | -0.39% | -2.05% | +0.15% | +0.08% |
| Short-Sale Activity | +0.22% z+2.0 | -0.11% | +0.09% | -0.10% | +0.16% |
| One-Day Momentum | +0.40% z+1.4 | +0.25% | +3.27% | +2.91% | +0.78% |
| Morning Activity | -0.12% z-0.9 | -0.24% | -0.26% | -0.97% | -1.01% |
| Thematic | |||||
| Semiconductors | +0.96% z+1.5 | +0.40% | +1.11% | -4.43% | -6.79% |
| Oil | +0.58% z+1.2 | +0.13% | -0.08% | -5.58% | -2.17% |
| Gold | -0.36% z-1.1 | -0.96% | -0.26% | -0.39% | +0.28% |
| Bitcoin / Crypto | -0.08% z-0.3 | -0.02% | -1.26% | -2.37% | -0.39% |
| Treasury (Duration) | +0.03% z+0.1 | -0.51% | -0.72% | +2.47% | -1.22% |
| China | +0.01% z+0.0 | -0.28% | +0.15% | -0.64% | -0.30% |
5/20/60d windows include today's session; 1d is the previous session.
Factor z-score. Today's factor return divided by its daily-return standard deviation over ~1,600 trading days.
High-beta momentum cohort. US names above $2B market cap in the top quintile of both raw beta and 12-month momentum; membership frozen at each month's first business day. “Top 50” = the 50 strongest by combined rank.
HF de-risking score. A FactorPulse measure of de-risking in factor returns: the average of four legs, each in its own daily-volatility units and counted only when it moves in the de-risking direction. They are the most-shorted names rising, 12-month momentum winners falling, names crowded in hedge-fund 13F filings falling net of their beta and momentum, and last week's relative moves continuing instead of reverting (counted only alongside another leg). A leg counts as firing at half its daily volatility or more, so a leg can show a small value without firing. Types: A, covering and selling together; B, selling only; C, covering only. Ranked against every session since January 2020. It reads factor returns only, never positions.
Stock-specific (idiosyncratic) return. The part of a stock's move not explained by the market, style or thematic (industry and theme) factors in the FactorPulse risk model.
Data compiled by FactorPulse AI; edited and verified by Jeff Klein. For informational purposes only. Does not constitute financial advice, an investment recommendation, or an offer to buy or sell any securities. Always consult a qualified financial professional before making investment decisions.
For more on factor construction methodology, see www.factorpulse.com/glossary.
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