Tech News · November 7, 2026 · 4:58

Global tech selloff deepens & Chip stocks attempt Friday rebound - Tech News (Nov 7, 2026)

Nvidia sheds $400B as the AI selloff spreads, OpenAI raises $11B, Anthropic's IPO is tested, and Tesla is ending the Cybertruck. Your tech briefing.

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Global tech selloff deepens & Chip stocks attempt Friday rebound - Tech News (Nov 7, 2026)
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Today's Tech News Topics

  1. Global tech selloff deepens

    — The Nasdaq fell 5.5%, its worst day since April 2025, while Nvidia lost over $400 billion in market value and Oracle, CoreWeave and Nebius slid. South Korea's KOSPI briefly plunged nearly 9% and Tokyo dropped about 6% as investors questioned AI infrastructure returns.

  2. Chip stocks attempt Friday rebound

    — Semiconductor and storage stocks including SanDisk, Western Digital, Micron, AMD and Seagate bounced in Friday trading after the steep AI-driven selloff. The rebound highlights ongoing chip-sector volatility without settling doubts about AI spending.

  3. OpenAI raises eleven billion more

    — OpenAI has reportedly secured an additional $11 billion in funding at a valuation near $1.25 trillion. The round shows massive capital still flowing into leading AI companies despite the tech market rout.

  4. Anthropic IPO faces market test

    — Anthropic's expected pre-Thanksgiving IPO, with valuation talks around $1.2 to $1.3 trillion, faces pressure from falling AI and tech shares. The offering could become a key test of investor appetite for AI stocks.

  5. Intelligence report on Jensen Huang

    — U.S. intelligence agencies reportedly drafted an assessment about an alleged relationship between Nvidia CEO Jensen Huang and a suspected Chinese operative. The reported claims involve Chinese efforts to influence Nvidia chip supply to China and remain unproven.

  6. China blocks SoftBank-ABB robotics deal

    — After Beijing halted SoftBank's $5.4 billion acquisition of ABB's robotics business in a foreign-investment security review, the companies are exploring carving out the Chinese operations. The case shows how geopolitics is reshaping cross-border industrial automation deals.

  7. Tesla ends Cybertruck for Cybercab

    — Elon Musk says Tesla will wind down Cybertruck production in 2027 and redirect factory capacity to Cybercab robotaxis. The shift underscores Tesla's push to scale its autonomous-vehicle strategy.

Sources & Tech News References

Full Episode Transcript: Global tech selloff deepens & Chip stocks attempt Friday rebound

U.S. intelligence agencies have reportedly drafted an assessment involving Nvidia CEO Jensen Huang and a suspected Chinese operative. We'll get into what is, and isn't, known in just a moment. Welcome to The Automated Daily, tech news edition. The podcast created by generative AI. I'm TrendTeller, and today is November 7th, 2026. On the agenda: the AI market selloff takes another heavy swing, OpenAI and Anthropic test investor nerves, Beijing reshapes a major robotics deal, and Tesla says goodbye to the Cybertruck. Let's get started.

Global tech selloff deepens

We start with the market turmoil we've been following, which escalated sharply this week. The Nasdaq dropped 5.5 percent in a single session, its worst day since April 2025, with AI companies and chipmakers leading the way down. Nvidia alone shed more than 400 billion dollars in market value. Oracle fell 7 percent, and AI cloud players CoreWeave and Nebius took hard hits as well. The selling spread quickly to Asia. South Korea's KOSPI briefly plunged nearly 9 percent before closing down about 6, with SK Hynix and Samsung among the worst performers, and Tokyo also fell roughly 6 percent. Asian markets had ridden the AI boom harder than most, so they had further to fall. The bigger worry is practical: if this sentiment sticks, borrowing could get more expensive for data-center builders and AI firms that depend on cheap capital.

Chip stocks attempt Friday rebound

By Friday, there was at least a partial bounce. SanDisk, Western Digital, Micron, AMD and Seagate all moved higher after the previous session's beating. Welcome relief for investors, but it doesn't answer the core question of whether AI spending will actually pay off. For now, volatility is the theme.

OpenAI raises eleven billion more

Despite the turbulence, the money keeps flowing at the very top. In an update on OpenAI's fundraising, the company has reportedly raised another 11 billion dollars, in a round expected to close in the coming weeks, at a valuation of around 1.25 trillion dollars. That keeps it among the most valuable private tech companies on the planet, and it shows that private investors remain willing to make enormous bets even as public markets flinch.

Anthropic IPO faces market test

Its rival Anthropic may have a tougher road. Its anticipated pre-Thanksgiving IPO, with valuation discussions reportedly in the 1.2 to 1.3 trillion dollar range, is now coming under pressure from the slide in tech shares. A shakier market could affect both timing and pricing, and the listing is shaping up as a real test of how much appetite the public has for high-growth AI names.

Intelligence report on Jensen Huang

Now to that report we teased. U.S. intelligence agencies reportedly drafted an assessment concerning an alleged relationship between Nvidia CEO Jensen Huang and a suspected Chinese operative. The reporting also describes an alleged Chinese effort to gather information on Huang and to influence how Nvidia supplies semiconductors to China. Given that Nvidia's chips sit at the center of the global AI race, the national-security stakes are obvious. It's important to stress, though, that these are reported intelligence assessments, not established findings in any court.

China blocks SoftBank-ABB robotics deal

Staying with China and technology, SoftBank and ABB are looking for a workaround after Beijing blocked SoftBank's 5.4 billion dollar purchase of ABB's robotics business during a foreign-investment security review. The two companies are working with advisers on structures that would carve out ABB's Chinese robotics operations, potentially allowing the rest of the deal to go ahead. It's another clear sign that China is scrutinizing foreign control of strategic automation technology, and that geopolitics now shapes ownership, tech transfer and market access in cross-border deals.

Tesla ends Cybertruck for Cybercab

Finally, a notable product shift at Tesla. Elon Musk says the company plans to wind down Cybertruck production in 2027 and redirect that factory capacity toward its Cybercab robotaxis. The Cybertruck was one of Tesla's most talked-about vehicles, so retiring it marks a big change in priorities, and it signals just how much the company is staking on scaling up autonomous driving.

That's the rundown for November 7th, 2026: a bruising AI selloff with a tentative rebound, giant valuations at OpenAI and Anthropic, a reported intelligence assessment involving Jensen Huang, a robotics deal reshaped by Beijing, and Tesla trading trucks for robotaxis. Thanks for listening to The Automated Daily, tech news edition. I'm TrendTeller, and I'll see you next time.

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