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Markets opened November on AI momentum: S&P 500 and Nasdaq gained as large tech deals and monster AI compute contracts drove buying, while the Dow lagged. Volatility rose around political risk — a protracted U.S. government shutdown and SNAP funding headlines — even as miners, cloud‑service suppliers and chip makers led sector rotation.
OpenAI struck a landmark multi‑year compute agreement with Amazon, breaking its Microsoft exclusivity and reshaping the cloud competitive map. Markets repriced AWS and AI infrastructure plays as investors digested the size and strategic implications of the pact.
$38B – Size of OpenAI’s multi‑year compute contract with Amazon, resetting cloud capacity expectations.
Microsoft locked a multibillion-dollar capacity deal with IREN to secure Nvidia GB300 GPUs, underscoring the premium on specialized AI data‑center partners. IREN’s stock surged as markets priced future cash flows from dedicated AI supply contracts.
Lambda announced multibillion-dollar AI infrastructure agreements with Microsoft, highlighting runaway demand for GPU capacity. The deals signal accelerating enterprise and cloud spending on generative AI compute.
Idexx Tops Earnings — Vet diagnostics rallies on stronger sales
Idexx beat Q3 forecasts and lifted outlook as pet‑health demand accelerated, sending the stock higher and highlighting resilient niche healthcare growth.
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Palantir posted strong quarterly results and raised guidance as commercial and government deals accelerate. Investors are parsing whether rapid revenue growth justifies ambitious valuations and possible stock‑split talk.
Nvidia’s ascent is driving market narratives: the White House limited export of its top chips while the company climbed to fresh market highs on relentless AI demand. The moves underline geopolitics’ role in chip supply and valuations.
Uniqure plunges 59% after confusing FDA feedback
Unclear agency guidance on a Huntington’s gene therapy sent Uniqure stock tumbling nearly 60%, wiping out market value and stalling a promising program.
More on investors.com
Kimberly‑Clark agreed to acquire Kenvue in a headline $48.7 billion transaction that reunites household staples under one roof. The deal comes as Kenvue battles political and legal headwinds, and investors assess synergies and regulatory hurdles.
The Trump administration said it will tap contingency funds to partially pay November SNAP benefits, a stopgap amid the protracted government shutdown. Lawmakers and courts are now racing deadlines as the shutdown threatens more social programs.
Administration will tap contingency funds to partially fund SNAP for November; Commerce Department approved shipment of advanced Nvidia chips to the UAE under export controls; U.S. and Pentagon are financing domestic rare‑earth magnet capacity to cut Chinese reliance.
Microsoft escalated its Gulf strategy with a $15.2 billion UAE investment and secured approval to ship advanced Nvidia AI chips to the Emirates. The moves position the UAE as a fast‑growing AI hub and test US export controls in practice.
Major US indices rose as investors leaned into the AI trade despite political volatility. Tech heavyweights led gains while some cyclical and consumer names lagged amid mixed macro signals.
Artificial intelligence could deeply disrupt US jobs.
— Federal Reserve Governor Lisa Cook
A $128 million exploit hit the Balancer protocol, renewing scrutiny on DeFi security and smart‑contract risk. Chains and projects are pausing or hard‑forking to limit contagion after large on‑chain outflows.
Crypto markets slumped as October liquidations rippled into November, scaring buyers and triggering further outflows from major tokens and funds. Analysts warn lower liquidity and whale selling could deepen the drawdown.
Sarepta’s late‑stage trial failures for Duchenne and confirmatory studies sent the biotech’s shares tumbling, raising questions about its pipeline and regulatory path. The setbacks reverberated across gene‑therapy stocks.
OPEC+ agreed to pause planned production increases for early 2026, a move that briefly buoyed crude prices and calmed fears of a year‑end glut. Traders are rebalancing forecasts amid mixed demand and supply signals.
Washington moved to build a domestic rare‑earth supply chain with federal funding while startups locked private capital and Pentagon offtakes. The push aims to reduce Chinese dominance in critical magnet components for defense and EVs.
A former L3Harris manager is accused of selling cyber exploits to Russia, a case that spotlights insider risk at defense suppliers. Separately, DOJ charged rogue negotiators in the ransomware ecosystem, deepening scrutiny of cybersecurity intermediaries.
Major consolidation reshaped oil and mining: SM Energy and Civitas announced a near‑$13 billion merger to scale Permian output, while Coeur moved to buy New Gold in a $7 billion all‑stock deal. The deals signal continued M&A momentum in energy and metals.
The government shutdown is disrupting air travel as air‑traffic controller staffing squeezes operations and triggers mounting delays. Airlines and travel groups warned of holiday chaos if the impasse continues.
The Supreme Court prepares to hear a high‑stakes test of presidential tariff authority that could reshape trade policy and executive power. Businesses and trade groups are lining up on both sides as billions in tariffs hang in the balance.
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