UEX Global Watch – Cisco and Applied Materials Earnings Ahead; Two Key Tests for the AI Supply Chain

November 12, 2026 | 18:00 (UTC+8)

I. Six Major Global Market Highlights

01 | US Stocks – Cisco Earnings Ahead as AI Networking Demand Faces a Key Test

Cisco (CSCO) is scheduled to hold its fiscal Q1 2027 earnings call at 05:30 Beijing time on November 13, following the release of its results after the US market close. Investors will focus on AI networking equipment orders, the recovery in enterprise networking, and revenue guidance for the next quarter.

Why It Matters: As major technology companies continue expanding AI data centers, demand for switches, high-speed interconnects, and optical networking equipment is emerging as an important growth driver. Cisco's results will provide fresh evidence of whether AI infrastructure spending is translating into stronger demand for networking equipment.

Related Assets: CSCO, ANET, AVGO

02 | US Stocks – Applied Materials Earnings to Shed Light on Memory Chip and Advanced Manufacturing Investment

Semiconductor equipment leader Applied Materials (AMAT) will hold its fiscal Q4 2026 earnings call at 05:30 Beijing time on November 13. Investors will closely watch semiconductor equipment revenue, capital spending by memory chip manufacturers, and management's outlook for equipment demand in the coming quarter.

Why It Matters: Growing demand for AI servers and high-bandwidth memory (HBM) continues to encourage memory manufacturers to expand investment. Applied Materials' orders and guidance will provide important signals about the semiconductor investment cycle, particularly in memory equipment, advanced packaging, and leading-edge manufacturing.

Related Assets: AMAT, MU, LRCX, KLAC

03 | Crypto – MSCI Removes Strategy from Indexes, Raising Questions About Crypto Treasury Companies

MSCI announced plans to remove Strategy (MSTR) from relevant equity indexes and adjust the index eligibility of companies including Metaplanet, with changes taking effect after the November 30 close. MSCI considers certain companies primarily engaged in holding financial assets to be more similar to investment funds than traditional operating businesses.

Why It Matters: Index changes could trigger selling by passive funds tracking MSCI benchmarks and affect equity financing conditions for crypto treasury companies. However, the changes do not require Strategy to sell its existing Bitcoin holdings.

Related Assets: BTC, MSTR, Metaplanet

04 | Crypto – Bitcoin ETFs Record Five Consecutive Days of Outflows

According to Farside data, US spot Bitcoin ETFs recorded approximately $299.8 million in net outflows on November 11, marking their fifth consecutive trading day of withdrawals. BlackRock's IBIT accounted for approximately $269.7 million in outflows, while Grayscale's GBTC recorded $39.1 million.

Why It Matters: Persistent ETF outflows indicate continued pressure on institutional spot demand. Investors will be watching whether flows into major Bitcoin funds stabilize and whether BTC can attract renewed, sustained buying interest.

Related Assets: BTC, IBIT, FBTC

05 | Commodities – Oil Markets Balance Supply Growth Against Shipping Risks as Gold Tracks US Rate Expectations

International oil prices remain under pressure from rising OPEC+ production, while shipping risks in the Strait of Hormuz continue to attract attention. On November 12, Brent crude futures traded near $92 per barrel. Meanwhile, stronger-than-expected US inflation reinforced expectations of tighter monetary policy, putting pressure on gold as the dollar strengthened and interest rates rose.

Why It Matters: The key variables for oil are the balance between actual supply growth and geopolitical risks. For gold, investors will focus on upcoming US employment and inflation data and their implications for Federal Reserve policy.

Related Assets: Gold, Silver, WTI Crude, Brent Crude

06 | US Stocks – Nvidia Falls About 7% Premarket as AI Infrastructure Stocks Come Under Pressure

Nvidia's (NVDA) board is reportedly discussing CEO Jensen Huang's future amid ongoing corporate governance concerns. In US premarket trading on November 12, Nvidia declined approximately 7%, while CoreWeave fell 7.2% and Nebius dropped 4.7%. Other semiconductor and AI infrastructure companies also came under pressure.

Why It Matters: Nvidia's leadership stability has become a focus for investors, with uncertainty spreading across AI-related stocks. However, there is currently no confirmed evidence that the developments have affected chip orders or customer demand. Further official disclosures from the board will be important.

Related Assets: NVDA, CRWV, NBIS, MU

II. Global Asset Movers

As of approximately 18:00 Beijing time, US AI-related stocks were under pressure in premarket trading, precious metals declined, and cryptocurrencies remained volatile. Oil prices reflected competing forces from supply growth and geopolitical risks.

Bitcoin (BTC)	73,448.52 USDT, down 0.44% over 24 hours; 18:07 snapshot	Persistent ETF outflows and concerns about financing conditions for crypto treasury companies following MSCI index changes.
Brent Crude	$92.39/barrel, down 0.4%; 17:46 snapshot	Rising OPEC+ production weighs on prices, while shipping risks in the Strait of Hormuz remain a countervailing factor.
Spot Gold	$3,931.54/oz, down 1.4%; 17:12 snapshot	A stronger US dollar and shifting interest-rate expectations continue to pressure precious metals.
Nvidia (NVDA)	Down approximately 7% premarket; 17:11 snapshot	Leadership uncertainty has prompted investors to reassess corporate governance risks.
CoreWeave (CRWV)	Down 7.2% premarket; 17:11 snapshot	Investors are assessing the potential impact of Nvidia-related developments on AI computing partnerships and financing arrangements.
Nasdaq 100 Futures	Down 0.79%; 17:11 snapshot	Nvidia and other AI-related companies weakened, weighing on technology stocks relative to the broader market.

Market Data Note: Each asset uses an independently timestamped quote. Percentage changes follow the relevant source's trading-session conventions. US premarket prices do not represent regular-session trading prices.

III. Key Events in the Next 12 Hours

Monitoring Window: November 12, 18:00 – November 13, 06:00 (UTC+8)

November 12, 21:30	US Initial Jobless Claims	Labor market conditions and implications for Federal Reserve interest-rate expectations.
November 12, 22:30	US Stock Market Opens	Regular-session reactions in Nvidia and other AI infrastructure stocks following significant premarket moves.
From November 13, 01:00	US EIA Petroleum Inventory Data	Changes in crude oil and refined petroleum product inventories.
November 13, 05:30	Cisco (CSCO) Earnings Call	AI networking orders, enterprise business growth, and forward guidance.
November 13, 05:30	Applied Materials (AMAT) Earnings Call	Memory chip equipment demand, advanced manufacturing investment, and forward guidance.

Looking Ahead: The US October Producer Price Index (PPI) is scheduled for release at 21:30 Beijing time on November 13. The report will provide further evidence of upstream price pressures and their implications for monetary policy expectations.

This report is for market information purposes only and does not constitute investment advice.