Editorial companion

What stands out

Wednesday’s movers tell a tidy story: Nike slid after it said it will cut e-commerce partnerships in China beginning January 2027, and Super Micro jumped as its server backlog exploded on demand for Nvidia chips, which drags Nvidia into the narrative even when it isn’t the headline. That split, consumer-brand pain versus AI-hardware frenzy, captures a market already sorting winners from losers by exposure to China retail versus AI capex. Bloomberg’s rundown even highlighted AT&T strength, but the clearest takeaway is how polarized returns have become between these themes.