Stocks rise despite steep losses in Nvidia as AI race revs up

"So goes Nvidia, so goes the market" was upended as stocks rose, even though the world's largest publicly traded company was one of the worst performers in the S&P 500.

Your Evening Briefing November 25, 2025 Stocks rise despite steep losses in Nvidia as AI race revs up The S&P 500, Nasdaq 100, and Russell 2000 all climbed higher. Energy was the worst-performing sector ETF, as oil prices fell on news of a possible Ukraine-Russia peace deal. The AI trade bifurcated today, with Alphabet rising on news that Google is in talks to sell "billions of dollars" of its custom AI chips to Meta, which had big ramifications for AI stocks: The report suggests that insiders believe a more direct foray could allow Google to grab a market share in chips amounting to about 10% of Nvidia's annual revenue, sending Nvidia down. As OpenAI is seemingly getting bested by Google's Gemini 3, Companies with close relationships to the ChatGPT maker, like SoftBank, which is poised to own about 11% of the company and Oracle and Advanced Micro Devices, both of whom have massive deals with OpenAI, all sank. Broadcom, the custom chip specialist that partnered with Google, rose. Stocks that moved higher: As oil prices tanked amid reports that Ukraine has agreed to the framework of a possible peace deal with Russia, shares of major US airlines surged on oil's price action, with discount carriers JetBlue, Southwest Airlines, and Frontier Airlines seeing the largest gains. The remaining members of the big four also rose, with United Airlines, American Airlines, and Delta Air Lines all up as well. Kohl's soared after hiking its full-year outlook again, and now expects a sales decline of 3.5% to 4% versus previous estimates of a 5% to 6% decline as the retailer rolls out more coupons. Abercrombie & Fitch jumped after raising its full-year revenue outlook, helped by stronger sales at Hollister that are expected to last through the holiday season. Best Buy topped Q3 expectations and raised its 2026 earnings per share and revenue outlook, as management expects holiday discounts to drive big tech upgrades. Stocks that moved lower: Burlington Stores was a weak spot among retailers who reported earnings today. Despite posting an EPS beat, revenue narrowly missed expectations and management pointed to early-quarter softness due to "unseasonably warm temperatures." Sandisk pared gains after an initial jump after it was announced that the flash memory card maker will join the S&P 500 on Friday, replacing advertising giant Interpublic Group, which is being acquired by Omnicom. Alibaba ticked down, even as the e-commerce and cloud giant reported second-quarter sales above analysts' estimates on "robust AI demand." Chinese EV maker Nio dipped after posting a narrower-than-expected Q3 loss. BlackRock's IBIT on track for its worst month of net outflows, as investors yank $2.3 billion from the bitcoin ETF in November The fund has seen billions rush into it — now, with a sustained period of negative price action, investors are heading for the exit. Read more. Pfizer's CFO on building a post-Covid future and how it won the fight for Metsera In an exclusive interview, Pfizer's Dave Denton explains how 2025 became a "watershed" moment for the pharmaceutical giant. Read more. What will happen if bitcoin and ethereum hit key liquidation levels Billions in forced liquidations have swept through crypto markets in Q4. Here are the major liquidation clusters on perpetuals protocol Hyperliquid where leverage may unwind. Markets are getting more concerned about Oracle's AI data center debt The price of insuring against Oracle defaulting on its growing debt load has spike massively since September. Lumentum soars in November as Wall Street and retail traders gush over the Google supplier Google, whose AI business can seemingly do no wrong as of late, was Lumentum's second-biggest customer as of the end of June. Elon Musk: We've tried to license Tesla's FSD technology to legacy automakers but "they don't want it" So much for Tesla's hope of licensing its autonomous driving software to others. Teens are upset that they can't speak to Character.AI chatbots anymore The platform has restricted access for those under 18, as concerns around the tech's impact grow. Bitcoin's plunge could hurt Tesla's bottom line Analyst Troy Teslike estimates how much based on the price of bitcoin at the end of the quarter.  Americans are eating less turkey, even as the birds keep getting bigger Turkeys aren't what they used to be. They're huge now. Was this email forwarded to you? Don't miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.  Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads. We care what you think! 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