Nvidia’s position in the competitive AI market is under scrutiny as its shares decline while rival Alphabet sees a rise in stock value. Recently, investors have expected Alphabet to take a significant lead in artificial intelligence, especially following the release of its upgraded Gemini 3 model. Shares of Alphabet have surged to all-time highs amid this excitement, further fueled by reports of Meta contemplating the acquisition of Alphabet’s AI chips. In contrast, Nvidia’s stocks dropped over 2%, with the company striving to maintain its edge in the AI industry by asserting that its chips remain a generation ahead of competitors.
On the broader market front, the stock market celebrated a recovery rally led by the Dow Jones Industrial Average, which soared by over 660 points, or 1.4%. Investor optimism appears to be bolstered by the anticipation of potential interest rate cuts from the Federal Reserve in an upcoming meeting, following comments from key economic advisors hinting at a favorable stance for further reductions.
Amid rising tensions, Ukraine is expressing readiness to pursue a U.S.-backed framework for peace that could end its ongoing conflict with Russia. President Trump has indicated a closer approach to finalizing a deal, with plans for a future meeting involving both Zelenskyy and Putin anticipated when critical points are resolved. Meanwhile, U.S. special envoy Steve Witkoff plans a visit to Moscow to discuss the peace proposal further.
Michael Burry, famous for predicting the 2008 financial crisis, has shifted his focus to the AI sector, declaring it a potential bubble on his new blog. His assertions are reinforced by the skepticism of a former colleague, though Nvidia has responded by directly addressing Burry’s comments in private communications.
In the housing market, disheartening trends have emerged as an unprecedented number of homeowners are pulling their properties from the market. According to Redfin, about 85,000 sellers withdrew their homes in September, marking the highest such figure for that month in eight years. Factors like declining buyer demand and economic uncertainty are contributing to this retreat, as reflected in the recent Consumer Confidence Index, which has dipped to its lowest since April.
On a lighter note, President Trump participated in the annual White House turkey pardon tradition, illustrating a moment of levity amid the ongoing economic discussions and challenges. As families prepare for Thanksgiving, the comparisons of this year’s turkey prices to those of previous years highlight the ongoing dynamics of the current economy.