Today’s Market Recap: Dow Gains Over 1%, SpaceX Surges More Than 8% After Hours, Supermicro Jumps Over 14%, Netflix Falls More Than 5%

Tracking the Market Trend

TradingKey - As of the close on October 20 Eastern Time, the Dow Jones Industrial Average rose 1.02% to 52,495.88, the Nasdaq Composite slipped 0.02% to 26,424.82, and the S&P 500 gained 0.28% to 7,712.57.

In after-hours trading, earnings from SpaceX (SPCX) and Super Micro Computer (SMCI) lifted AI-related stocks. Super Micro Computer jumped more than 14%, SpaceX rose more than 8%, CoreWeave (CRWV) gained more than 5%, Intel (INTC) climbed more than 4%, and NVIDIA (NVDA) advanced more than 2%. Netflix (NFLX) fell approximately 5.6% after reporting its results.

Crude oil: The expiring November WTI contract fell 1.80% to settle at $101.79 per barrel. The December WTI contract declined approximately 0.7% to $97.82 per barrel, while December Brent crude fell 0.69% to $108.79 per barrel.

Precious metals: December COMEX gold futures fell 0.42% to $4,142.5 per troy ounce, while December silver futures rose 1.51% to $58.14 per troy ounce.

Market Headline

SpaceX’s AI revenue surged 830% in Q3, becoming its largest revenue source for the first time. The company reported its results after the U.S. market closed on October 20. Revenue rose 161% year over year to $14.58 billion, net income reached approximately $4.4 billion, and adjusted EBITDA increased 306% to $8.81 billion. Revenue from its “Super Intelligence” business reached $7.56 billion, accounting for roughly 52% of total revenue. Growth was mainly driven by new cloud-service agreements, the acquisition of Cursor and wider adoption of Grok applications. The Connectivity segment, which includes Starlink, remained SpaceX’s largest source of operating profit, contributing approximately $2.37 billion during the quarter.

Netflix issued weaker-than-expected fourth-quarter revenue guidance and lowered its full-year advertising revenue forecast, sending shares down more than 5% after hours. Third-quarter revenue increased 11.8% year over year to $12.87 billion, marking the third consecutive quarter of slowing growth. The company expects fourth-quarter revenue of $13.44 billion, below analysts’ forecast of $13.51 billion. Netflix lowered its full-year advertising revenue forecast from approximately $3 billion to $2.7 billion, mainly because some advertising-product features have rolled out more slowly than expected.

Super Micro Computer expects its preliminary fiscal 2027 first-quarter revenue and gross margin to exceed previous guidance, lifting its shares by more than 10% after hours. On October 20, the company said quarterly revenue for the period ended September 30 is expected to reach $18.5 billion to $19.5 billion, above its previous guidance of $14.5 billion to $15.5 billion. Gross margin is estimated at 12% to 12.5%, compared with the previous forecast of 10.4% to 10.8%. The company attributed the revenue growth to stronger demand for AI platforms. The figures are unaudited preliminary estimates and remain subject to revision.

Anthropic disclosed a massive accounting loss ahead of its IPO, putting its computing commitments and valuation under scrutiny. According to a draft prospectus reviewed by The Wall Street Journal, the company recorded a net loss of approximately $80.7 billion in the first half of 2026, including about $72 billion in accounting charges related to changes in the value of financing instruments. Reuters separately reported that Anthropic’s third-quarter revenue rose 45% sequentially to $16.8 billion. Its computing and infrastructure commitments now exceed $600 billion and could reach $750 billion if agreements still under negotiation are included. The company is expected to list in November, while some investors are discussing a valuation of approximately $1.5 trillion, below the previously anticipated $2 trillion.

OpenAI is reportedly accelerating a roughly $30 billion funding round to secure investor commitments before Anthropic’s IPO. Reuters reported on October 19, citing people familiar with the matter, that the financing could value OpenAI at more than $1.4 trillion. SoftBank, Abu Dhabi-based investment firm MGX and other existing shareholders are discussing participation. Anthropic is expected to go public in mid-November, and the two companies are competing for some of the same institutional investors. The final financing size, valuation and participants have yet to be determined.

Salesforce（CRM） plans to acquire Braze at an enterprise value of approximately $5.66 billion to strengthen its AI marketing and customer-engagement capabilities. Under the agreement announced by the two companies on October 20, holders of Braze Class A common stock will receive $47.50 in cash per share, representing a premium of approximately 58% over the previous closing price. Braze serves roughly 2,770 customers, including Canva and Venmo. Its real-time customer-engagement and AI decisioning capabilities are expected to complement Salesforce Marketing Cloud, Data 360 and Agentforce. The transaction is expected to close in Salesforce’s fiscal 2028, subject to shareholder and regulatory approval.

NVIDIA（NVDA） is expanding its industrial AI partnership with Germany and plans to invest in four local startups. On October 19, NVIDIA and the German government signed a joint declaration of intent in Berlin to advance physical AI models and industrial applications. NVIDIA also announced planned investments in Agile Robots, Avelios Medical, Mirelo and Reflex Aerospace, covering robotics, healthcare, audio generation and satellite technology. These investments form part of NVIDIA’s broader commitment of nearly $10 billion to Europe’s technology ecosystem. Siemens also announced a partnership with NVIDIA to advance AI-driven autonomous factories.

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