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A Sharp Pullback in Chip Stocks Meets Fresh Records in Four of Five Recent Earnings Reports

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NEW YORK, Nov. 5, 2026 /PRNewswire/ — Market Updates News Commentary – Semiconductor stocks are taking the brunt of a lower market this morning. As of 10:18 a.m. ET, the PHLX Semiconductor Index (SOX) was down 826.18 points, or 8.05%, at 9,442.47, a steeper decline than the Nasdaq Composite (down 3.74%) or the S&P 500 (down 2.21%). Even after today’s move, the index stood about 33% above where it finished 2025, based on daily closing prices, and the quarterly reports published over the past two weeks by the five chip and data storage companies below all show revenue higher than a year earlier. Active Companies from around the markets with current developments this week include: Advanced Micro Devices, Inc. (NASDAQ: AMD), Arm Holdings plc (NASDAQ: ARM), ON Semiconductor Corporation (Nasdaq: ON), Seagate Technology Holdings plc (NASDAQ: STX), Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM).

The selling reached well beyond chips. As of 10:18 a.m. ET, the S&P 500 was at 7,518.71, down 169.91 points, and the Nasdaq Composite was at 24,774.61, down 961.90 points. The Dow Jones Industrial Average was down 658.12 points, or 1.23%, at 52,698.00, and the small cap Russell 2000 was down 1.74% at 2,807.10. In the bond market, the yield on the 10-year Treasury note was 4.868%, compared with 4.894% at the prior close.

A single session is one data point, and the longer record gives it some scale. Based on daily closing prices, the SOX finished 2025 at 7,083.13 and closed at 7,190.27 one year ago today, which leaves this morning’s level roughly 33% above the year-end mark and about 31% above where it stood a year ago. The index was already working through a pullback before today: its highest close of the past 52 weeks was 14,634.72 on June 22, 2026, and this morning’s level sits about 35% below that peak. The broader market has held up better on a year-to-date basis, with the S&P 500 about 10% above its 2025 closing level and the Nasdaq Composite about 7% above its own.

Share prices can reprice a company in minutes. Quarterly results move more slowly, and this earnings season has given investors a detailed, company-by-company read on what is happening underneath the ticker symbols, from data center processors and chip designs to power semiconductors, mass storage and specialty foundry services.

Days like this one are a good reminder that the story and the chart are two different things, and it helps to know how to read both. Our sister site, Stock Preachers, offers a free 27-page guide, Knowledge is Power, that teaches those two skills in plain English across 10 chapters, from support, resistance and trendlines to the indicators that matter, chart patterns, reading the news, and risk and a trading plan.

Data center demand runs through the latest numbers

Advanced Micro Devices, Inc. (NASDAQ: AMD) reported its third quarter 2026 results on November 3, with revenue of $13.4 billion, up 45% year-over-year. Data Center segment revenue was a record $8.5 billion, up 97% year-over-year, which the company said was driven by strong demand for AMD EPYC processors and the launch of AMD Instinct MI450 Series GPUs. For the fourth quarter of 2026, AMD said it expects revenue of approximately $17 billion, plus or minus 3%. AMD shares were down 13.44% as of 10:18 a.m. ET.

“We delivered a record quarter with revenue exceeding the high end of our guidance as Data Center segment sales nearly doubled year-over-year,” said Dr. Lisa Su, AMD chair and CEO.

Arm Holdings plc (NASDAQ: ARM) published its second quarter fiscal year 2027 shareholder letter on November 4. Total revenue increased 27% year-over-year to $1,443 million, which Arm described as its best ever second-quarter revenue. License and other revenue grew 50% to $773 million and royalty revenue grew 8% to $670 million, with data center royalties doubling year over year. Arm also said its partners reported more than 10 billion Arm-based chips shipped during the quarter for the first time, and gave third quarter fiscal year 2027 revenue guidance of $1.54 billion, plus or minus $50 million. Arm shares were down 12.14% as of 10:18 a.m. ET.

“Arm delivered its fifth consecutive quarter of revenue growth above 20%, reflecting the strength of our business as AI drives increasing demand for compute,” said Rene Haas, CEO of Arm, in the letter.

Power, storage and specialty foundry tell a similar story

ON Semiconductor Corporation (Nasdaq: ON), known as onsemi, reported third quarter 2026 revenue of $1,722 million on November 2, an increase of 11% year-over-year, along with free cash flow of $489 million, up 31% year-over-year. The company said AI data center revenue grew 39% sequentially and 175% year-over-year, and it guided fourth quarter revenue to a range of $1,715 million to $1,815 million. onsemi shares were down 6.27% as of 10:18 a.m. ET.

“Increasing power requirements are driving accelerated demand in our AI data center and industrial end markets, as customers adopt and ramp our differentiated products,” said Hassane El-Khoury, President and CEO of onsemi.

Seagate Technology Holdings plc (NASDAQ: STX), which describes itself as a leading innovator of mass-capacity data storage, reported fiscal first quarter 2027 results on October 28. Revenue was $4,233 million, compared with $2,629 million in the same quarter a year earlier, with a GAAP gross margin of 57.3% and free cash flow of $1.5 billion. Seagate also increased its quarterly cash dividend by approximately 3% to $0.76 per share and guided fiscal second quarter revenue to $4.8 billion, plus or minus $100 million. Seagate shares were down 13.22% as of 10:18 a.m. ET.

“Seagate delivered another quarter of record profitability and our highest ever free cash flow in the September quarter, demonstrating the earnings power of our business amid a strengthening demand environment,” said Dave Mosley, Seagate’s chair and chief executive officer.

Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), a foundry of high-value analog semiconductor solutions, reported record third quarter revenue of $526 million on November 2, representing growth of 33% year over year, along with record gross profit of $179 million. Tower guided fourth quarter revenue to $600 million, with an upward or downward range of 5%, and said the midpoint represents an increase of 36% year-over-year. Tower shares were down 8.57% as of 10:18 a.m. ET.

“We are entering the strongest growth phase in our history, according to fourth quarter guidance, closing the year at $2 billion annual revenue and a $2.4 billion annualized revenue run rate,” said Russell Ellwanger, Chief Executive Officer of Tower Semiconductor.

Keeping one session in context

All five of these reports were published before today’s session, so none of them addresses this morning’s move. What they do provide is a record, in each company’s own numbers, of its latest quarter’s revenue and margins and its outlook for the quarter ahead, which readers can set alongside the daily moves in the index.

For readers who want a framework for both sides of that picture, the free Knowledge is Power guide from Stock Preachers is available to Market Updates readers, along with The Roadmap every Monday, Wednesday and Friday, at market-updates.com/

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This article is independent news commentary. Market Updates is wholly owned and operated by Market Equities Limited (“MEL”), a company incorporated under the laws of Ireland. MEL has not been paid by any company mentioned in this article. MEL and/or its owners, operators, directors, and affiliates own shares of Advanced Micro Devices, Inc. and do not intend to sell any of those shares within 30 days of the date of this article. They reserve the right to, and will, buy shares of those companies at any time without further notice, and after that 30-day period reserve the right to, and will, sell shares of those companies at any time without further notice. This ownership constitutes a conflict of interest as to our ability to remain objective in our communication regarding those companies, and individuals are strongly encouraged to not use this publication as the basis for any investment decision. MEL and its owners, operators, directors, and affiliates do not currently own any shares of the other companies mentioned in this article, but reserve the right to, and will, buy and sell shares of those companies at any time without further notice. Index levels, yields and share price changes are as of 10:18 a.m. ET on November 5, 2026, from third-party market data, with changes measured against the prior session close; year-to-date, one-year and 52-week comparisons are based on daily closing prices. Company figures and quotes are taken from each company’s news release, shareholder letter or SEC filing. Information is drawn from company news releases and filings, government and industry data, published reporting and third-party data believed to be reliable, but its accuracy is not guaranteed. Investing in securities carries risk, including the loss of some or all of your investment. This document is governed by the laws of Ireland.

 

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Presence Announces Leadership Transition, Naming Jess Wang Chief Executive Officer and Kate Eberle Walker Executive Chair

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November 12, 2026

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Wang brings proven leadership to accelerate Presence’s growth and technology innovation as schools face increasing need for trusted special education support

NEW YORK, Nov. 12, 2026 /PRNewswire/ — Presence, a leading provider of K–12 special education technology and teletherapy services, today announced Jess Wang has been appointed Chief Executive Officer, succeeding Kate Eberle Walker, who has transitioned to Executive Chair of the company’s Board of Directors. The transition marks the next chapter for Presence as the company builds on its national scale, strengthens its technology offerings, and expands its ability to help more schools meet the evolving needs of students with special needs.

Wang, who has served as Presence’s Chief Operating Officer since 2024, steps into the CEO role with deep knowledge of the business, strong relationships with customers and clinicians, and a proven track record of strengthening operational performance. Her appointment is a leadership transition designed to provide continuity, accelerate innovation, and position Presence for sustainable long-term growth.

The transition comes as schools face persistent staffing shortages, growing administrative demands, and increasing pressure to deliver effective special education services. More than ever, districts need trusted partners that combine experienced clinicians, purposeful technology, and dependable support.

Experienced Leadership for a Critical Moment in Special Education

Wang brings decades of experience spanning education, technology, and workforce development, with a proven track record of building and scaling national education organizations. She began her career as a public high school social studies teacher and Master Teacher, mentoring the next generation of educators. She later held senior leadership roles at education technology company 2U, Inc., where she built and led large, distributed teams, developed graduate programs for speech-language pathology, occupational therapy, and counseling professionals, and launched and scaled technology-enabled education services. Her experience driving enterprise-wide operational transformation, combined with her firsthand understanding of the classroom and the challenges of developing a qualified workforce, gives her a unique perspective on the evolving needs of schools, educators, and clinicians.

“Schools are being asked to do more than ever to support students with diverse learning needs, often with fewer resources,” Wang said. “They need partners they can trust, technology that solves real problems, and services they can depend on. Presence is uniquely positioned to deliver on those needs. We have an exceptional team, innovative technology, and a clear vision for making special education more connected, efficient, and effective. I’m excited to lead our next chapter with a focus on delivering for the schools, clinicians, and students who count on us.”

Building on a Strong Foundation of Growth and Innovation

Wang succeeds Walker following eight years of significant growth that transformed Presence into a national leader in special education technology and services. Under Walker’s leadership, the company expanded its reach, invested in technology innovation, and completed strategic acquisitions that broadened its capabilities and strengthened its position in the market.

Today, Presence partners with more than 11,000 schools across 47 states, supports a network of more than 2,000 licensed clinicians, and has delivered over 8 million remote evaluations and teletherapy sessions. Strategic milestones, including the acquisition of Global Teletherapy and Education Modified, have expanded Presence’s ability to deliver critical student services, streamline special education workflows, and give schools greater visibility into student supports.

“Leading Presence through eight years of growth and transformation has been one of the greatest privileges of my career,” Walker said. “I’m incredibly proud of the company we’ve built, the talented team behind it, and the millions of students we’ve helped support. We’ve established a strong foundation and tremendous momentum, and I couldn’t be more confident in Jess as the leader to take Presence forward.”

Walker will remain actively involved in supporting Presence’s long-term strategy and mission in partnership with Wang and the Board.

Accelerating Purposeful Technology Innovation and Customer Impact

Under Wang’s leadership, Presence will continue advancing its technology strategy while maintaining a strong focus on serving more students and schools.

Through its expanding technology offerings, Presence is helping schools reduce administrative burden, improve coordination, and gain greater visibility into student services. The company is also advancing responsible applications of artificial intelligence that support educator and clinician expertise while keeping qualified professionals at the center of student engagement.

Presence recently promoted Felipe Murillo to Chief Technology Officer, reinforcing its commitment to secure, scalable, and intelligent technology. Murillo oversees engineering, cybersecurity, and AI strategy as Presence builds a more integrated technology experience for schools and clinicians.

With an experienced leadership team, established customer partnerships, and continued support from investors including Spectrum Equity, TPG Rise Fund, and Bain Capital Double Impact, Presence is positioned to accelerate growth and help schools deliver more effective, connected special education services.

About Presence

Presence is a leading provider of teletherapy services and technology for K–12 schools. Since 2009, Presence has helped schools address students’ special education-related and mental health needs by connecting them with a nationwide network of licensed clinicians, award-winning technology, and end-to-end clinical support. Presence is helping schools, students, and clinicians succeed, wherever they are.

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Hyundai Future Innovators Initiative Brings New STEM Opportunities to Orange County Students

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November 12, 2026

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Hyundai and Orange County Schools Bright Futures Foundation Award $150,000 to 15 Public Schools in Orange County, California

 

FOUNTAIN VALLEY, Calif., Nov. 12, 2026 /PRNewswire/ — Hyundai Motor America, through its corporate social responsibility initiative Hyundai Hope, in partnership with Orange County Schools Bright Futures Foundation, announced the inaugural recipients of the Future Innovators Initiative by Hyundai, a new STEM education funding program designed to expand science, technology, engineering and math learning opportunities for students across Orange County, California.

Through the initiative, Hyundai and Orange County Schools Bright Futures Foundation are investing $150,000 in 15 Orange County public schools, with each selected school receiving a $10,000 grant to support hands-on STEM programs and projects that encourage problem-solving, critical thinking and innovation while helping prepare students for future educational and career opportunities.

“Orange County is home to our North American headquarters, and we’re proud to invest in the students and educators who are shaping the future of this community,” said Brandon Ramirez, director, corporate social responsibility, Hyundai Motor North America. “Through the Future Innovators Initiative, we’re helping schools create meaningful STEM experiences that can spark curiosity, build critical skills and introduce students to new possibilities for their futures.”

Hyundai celebrated the inaugural grant recipients during an event at its North American headquarters in Fountain Valley, bringing together educators, community partners and Hyundai representatives to recognize the selected schools and spotlight the innovative STEM projects the grants will help bring to life.

“Over the past several weeks, I’ve had the privilege of seeing firsthand the extraordinary innovation taking place across these 15 Orange County public schools,” said David Blair, executive director, Orange County Schools Bright Futures Foundation. “Orange County is home to incredible talent, and our students and educators have the potential to create generational change. Hyundai’s leadership and investment demonstrate what is possible when education, philanthropy, and community leadership come together. This is more than an investment in 15 schools. It is an investment in Orange County’s future and an example of what we can accomplish through strong community partnerships. The talent is here. Innovation is happening. Together, we can build on this momentum and make Orange County a model for educational excellence.”

The Future Innovators Initiative puts resources directly into the hands of local educators, helping bring innovative STEM projects from concept to classroom and giving students more opportunities for hands-on learning.

Investing in Orange County’s Future

The Future Innovators Initiative builds on Hyundai’s broader commitment to Orange County, home to the company’s North American headquarters. Through this investment, Hyundai is helping strengthen local schools while encouraging students to explore STEM pathways and future career possibilities.

“Across Orange County’s 28 school districts, our educators are doing extraordinary work to help students see what’s possible,” said Dr. Stefan Bean, Orange County Superintendent of Schools, Orange County Department of Education. “The Future Innovators Initiative by Hyundai reminds us how much more we can accomplish when businesses and community partners come alongside our schools. Through Hyundai’s investment and the Orange County Schools Bright Futures Foundation’s leadership, 15 public schools are gaining opportunities to bring innovative STEM learning to life. I’m grateful to everyone who is helping turn those classroom ideas into meaningful experiences for students. No one gets there alone, and when we come together to invest in our students, we build a brighter future for all of Orange County.”

The 15 inaugural grant recipients represent public schools across Orange County, with each receiving $10,000 to support innovative STEM programming.

Institution

City

Capistrano Valley High School

Mission Viejo

Crescent Elementary School

Anaheim

Cypress High School

Cypress

Edison High School

Huntington Beach

El Sol Science and Arts Academy

Santa Ana

Helen F. Stacey Intermediate School

Huntington Beach

John S. Malcom Elementary School

Laguna Niguel

Ladera Vista Junior High School of the Arts

Fullerton

NOVA Academy Early College High School

Santa Ana

Ocean View High School

Huntington Beach

Oxford Preparatory Academy, Saddleback Valley

Lake Forest

Saddleback High School

Santa Ana

Samueli Academy

Santa Ana

Thomas A. Edison Elementary School

Santa Ana

Wilson Elementary

Costa Mesa

Together, these projects will help foster curiosity, creativity and problem-solving while inspiring the next generation of innovators.

Hyundai Hope
Hyundai Hope is a corporate social responsibility initiative from Hyundai Motor North America, committed to the principle of Progress for Humanity and the goal of improving the wellbeing of society. Hyundai Hope dedicates time and supplies resources to nonprofit organizations that support the health and safety of individuals and foster positive growth in communities. For more information, visit www.HyundaiHope.com.

Hyundai Motor America

Hyundai Motor America offers U.S. consumers a technology-rich lineup of cars, SUVs, and electrified vehicles, while supporting Hyundai Motor Company’s Progress for Humanity vision. Hyundai has significant operations in the U.S., including its North American headquarters in California, the Hyundai Motor Manufacturing Alabama assembly plant, the all-new Hyundai Motor Group Metaplant America, several cutting-edge R&D facilities and more than 855 independent dealers. These operations are part of Hyundai Motor Group, which is investing $26 billion in the U.S. from 2025 to 2028. For more information, visit www.hyundainews.com.

Hyundai Motor America on Twitter | YouTube | Facebook | Instagram | LinkedIn | TikTok

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Elite’s Data Connect Honored By LegalTech Breakthrough With 2026 “Overall LegalTech Data Solution of the Year”

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44 minutes ago

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November 12, 2026

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Prestigious Annual Awards Program Recognizes Companies and Products Driving Innovation in the Global Legal Industry

NEW YORK, Nov. 12, 2026 /PRNewswire-PRWeb/ — Elite, the AI financial operations platform purpose-built for the world’s largest law firms, today announced Data Connect has been named “Overall LegalTech Data Solution of the Year” in the 7th annual LegalTech Breakthrough Awards program conducted by LegalTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout legal technology companies, products, and services around the globe.

“Data Connect offers firms a more deliberate and practical approach to improving how financial and operational data is accessed and used across their business, ensuring AI investments deliver real business value.” – Bryan Vaughn, Managing Director, LegalTech Breakthrough

Data Connect is a core part of Elite’s unified AI financial operations platform. It connects governed financial and operational data across 3E®, Elite Validate™, and eBillingHub®, giving firms one foundation to improve financial performance, power analytics and apply AI across their operations.

Data Connect makes financial and operational data usable in near real-time across firms. It delivers governed near real-time data from 3E®, Elite Validate™, and eBillingHub® directly into Microsoft Fabric alongside other firm systems, eliminating the need to build and maintain complex data pipelines. By making 3E data available inside the same environment as billing, CRM, and operational data, leakage becomes visible and stoppable. With governed 3E data live in Fabric, firms have visibility into profitability, staffing, and collections as work happens.

Built on Elite’s Data Fabric, Elite manages the infrastructure, security, and governance, delivering a continuously updated, trusted single source of truth across work in progress, billing progression, accounts receivable, and realization. Data Connect provides the necessary data around law firm financial concepts, including work in progress, realization, and matter-level profitability, so firms can apply their own calculations without first having to identify and map the underlying data.

The foundation also prepares firms for embedded and agentic AI capabilities in the future.

“AI and analytics investments across the legal industry are only as good as the data feeding them. Most firms have invested heavily in AI tools while their underlying financial data remains siloed, delayed, and unreliable. This is the problem Data Connect was built to solve. Pilot customers report cutting reporting time by 50% and eliminating multi-step manual processes for routine financial reporting,” said Mark Dorman, CEO, Elite. “We’re thrilled to accept ‘Overall LegalTech Data Solution of the Year’ from LegalTech Breakthrough. Data Connect gives firms the governed, continuously available data foundation they need to get more value from Elite’s unified AI financial operations platform.”

The mission of the annual LegalTech Breakthrough Awards program is to recognize the innovators transforming the global legal landscape with breakthrough technology. The program conducts a comprehensive analysis of the companies redefining how legal services are researched, drafted, managed, and delivered. From AI-driven research and drafting platforms and contract lifecycle management to eDiscovery, case and practice management, regulatory compliance, legal spend analytics, and access-to-justice solutions, these innovations are enabling legal organizations to work more efficiently, serve clients better and shape the future of the legal profession.

“Data Connect offers firms a more deliberate and practical approach to improving how financial and operational data is accessed and used across their business, ensuring AI investments deliver real business value. For years, firms have lived with financial and operational data trapped in fragmented systems, reassembled by hand every month. Most firms can’t see where revenue slips away, relying on lengthy manual investigations,” said Bryan Vaughn, Managing Director, LegalTech Breakthrough. “With Data Connect, 3E data becomes actionable in Fabric alongside CRM, HR, billing, and operational data, creating one unified dataset across the whole firm without the need to reconcile disconnected systems. The result is an AI-ready foundation, reduced reconciliation effort, and faster, more confident decision-making.”

About Elite

Elite is the trusted automation platform for law firm operations across the world’s largest and most successful law firms. Founded in 1947, Elite has guided firms through every technology shift and today delivers an AI-enabled SaaS platform that unifies financial, invoice, time, and data management into a single system of action. With embedded AI, predictive analytics, and integrated payments, Elite’s products enable firms to shorten billing cycles, reduce write-offs, and unlock firm-wide insights, making financial operations the foundation for law firm innovation and growth.

About LegalTech Breakthrough

Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the LegalTech Breakthrough Awards program is devoted to honoring excellence in legal technologies, services, companies, and products. The LegalTech Breakthrough Awards program provides a forum for public recognition around the achievements of LegalTech companies and solutions in categories including Artificial Intelligence, Access to Justice, Case Management, Contract Management, Court Technology, Data and Analytics, eDiscovery, Legal Operations, Legal Research, Practice Management, RegTech, and more. For more information visit LegalTechBreakthrough.com

Tech Breakthrough LLC does not endorse any vendor, product, or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose[CS1] .

Elite®, 3E®, Validate® and eBillingHub® are registered trademarks of Elite.

[CS1]Add appropriate trademark attribution statements.

Media Contact

Elite PR, Elite, 1 800-354-8337, heath@ward6marketing.com, www.elite.com

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