Nvidia’s Blockbuster AI Beat Lifts Wall Street: Stock Market Recap - November 19, 2025 -( $AAPL $EXAS $GOOG $NVDA $OKLO $SER $TSLA $TSM $VIX Rise!) - Vista Partners LLC

U.S. stocks closed Wednesday looking more contemplative than chaotic, as Wall Street tiptoed into the bell ahead of Nvidia’s after-hours earnings—and then promptly exhaled when the AI titan delivered another blockbuster beat. The S&P 500 and Nasdaq finished modestly higher after shaking off early jitters, the Dow lagged as old‑economy names took the brunt of profit‑taking, and small caps quietly outperformed through the Russell 2000, suggesting that not every trader is hiding exclusively in megacap AI royalty.barrons+3

Indices and macro backdrop

By the close, the S&P 500 settled around 6,642.16, up slightly by .38% on the day and clinging to its reputation as the market’s emotional barometer, while the Nasdaq Composite edged .59% higher to 22,564.23 as traders leaned back into chips and software ahead of Nvidia’s print. The Dow finished in the just in the green up .10% at 46,138.77, whereas the Russell 2000 failed to eke out a gain moving .04% lower to 2,347.89 as bargain hunters sifted among beaten‑up small caps for anything resembling mispriced growth.

The economic calendar remained distorted by the after‑effects of this year’s federal shutdown, with some key releases still shuffled further out on the schedule and investors relying more heavily on high‑frequency indicators and corporate guidance than on a clean run of government data. FOMC‑wise, there was no rate decision on today’s docket, but the market’s attention stayed locked on the coming minutes and the next meeting window, with futures pricing hold at the next meeting and a slower, gentler path to cuts than traders had hoped for a month ago.

Rates, curve, tariffs and DC

Treasury yields drifted higher again, pushing the 10‑year toward the upper end of its recent range at 4.142% and the 2‑year at 3.604%.. The move reinforced the “higher for longer” narrative: enough to unsettle richly valued growth shares intraday, but not so violent as to trigger outright capitulation across equities.

Tariff talk and trade maneuvering stayed in the background, with the administration still exploring targeted tweaks that would ease costs on some consumer imports while keeping broader leverage in place, a compromise that markets greeted with something between a shrug and a polite nod. The shutdown saga, for now, is filed under “temporarily resolved but not forgotten,” as rate‑sensitive sectors continue to trade as if budget brinkmanship could return on short notice.

Nvidia and the tech complex

The evening’s main act belonged unmistakably to Nvidia (NVDA, $186.52, +2.85%), which reported another crushing quarter after the close, with revenue and earnings both topping already‑lofty expectations and data‑center demand once again doing the heavy lifting. Management highlighted ferocious appetite for its Blackwell‑generation AI chips—described as “off the charts”—and guided in a way that reassured investors that fears of an imminent AI hardware bust remain premature. Nvidia reported record revenue for the third quarter ended October 26, 2025, of $57.0 billion, up 22% from the previous quarter and up 62% from a year ago. For the quarter, GAAP and non-GAAP gross margins were 73.4% and 73.6%, respectively. For the quarter, GAAP and non-GAAP earnings per diluted share were both $1.30.

Nvidia shares, which had already firmed into the close, jumped sharply in after‑hours trading to the $193.87 range as options desks scrambled to re‑hedge, and the broader chip complex caught a sympathetic bid in extended hours as well. That late surge set the stage for tomorrow’s open, with traders now debating whether a near‑perfect quarter in the market’s AI bellwether is enough to reset the tone for the entire tech sector—or whether it merely raises the bar for everyone else. During the first nine months of fiscal 2026, NVIDIA returned $37.0 billion to shareholders in the form of shares repurchased and cash dividends. As of the end of the third quarter, the company had $62.2 billion remaining under its share repurchase authorization. NVIDIA will pay its next quarterly cash dividend of $0.01 per share on December 26, 2025, to all shareholders of record on December 4, 2025.

Individual movers

Eli Lilly (LLY, $1049.60, +1.90%) spent the session largely in the role of high‑quality bystander, trading sideways to modestly higher as investors continued to view its weight‑loss and diabetes franchises as long‑duration cash‑flow machines rather than sources of short‑term drama. Taiwan Semiconductor’s (TSM, $282.37, +1.60%) U.S. listing tracked the chip tape, firming into the close as investors leaned into the broader AI‑foundry narrative that keeps it at the center of nearly every advanced‑node capacity conversation.

Alphabet (GOOG) was again strong closing at $292.99, +2.82%. Apple (AAPL, $268.56, +.42%) saw a similar, if milder, pattern as investors weighed its new four‑trillion‑dollar‑club status against the uncomfortable arithmetic of slower device growth and a higher discount rate.

Tesla (TSLA) traded .68% higher to $403.99 amid a broader cooling in high‑beta growth and ongoing questions about EV demand, margins and corporate drama, while Meta (META, $590.32, -1.23%) drifted in sympathy with other ad‑ and engagement‑driven names. Broadcom, Oracle and Intel were mixed on the day—each still fundamentally lashed to the AI and data‑center story, but now trading stock‑by‑stock as investors differentiate between pure‑play accelerators, networking, and legacy CPU and enterprise software exposure.

Palantir (PLTR) once again acted like a levered sidecar on AI sentiment, finishing lower by 1.14% to $165.42 after a volatile session as money rotated toward names perceived as software beneficiaries of the same infrastructure wave Nvidia is powering in hardware. At the more speculative end of the tape, Opendoor (OPEN, $6.69,-11.04%) shares fell by double digits and nuclear‑upstart Oklo (OKLO) traded 6.45% higher to $102.86 as Oklo and Siemens Energy announced that they have signed a binding contract for the design and delivery of the power conversion system for Oklo’s Aurora powerhouse. The agreement authorizes Siemens Energy to begin engineering and design work to expedite procurement of long-lead components and initiate the manufacturing process for the power conversion system. This partnership on key components combines Oklo’s expertise in advanced fission technology with Siemens Energy’s industry-leading steam turbine and generator systems to deliver clean, reliable electricity using proven industrial equipment.

Deals, IPOs, commodities and crypto

The primary market stayed relatively subdued, with no headline‑grabbing mega‑mergers or splashy NYSE/Nasdaq IPOs to rival the AI earnings spectacle, as prospective issuers continued to wait for a cleaner read on volatility and the Fed’s trajectory. Deal chatter persisted in the background across media, telecom and energy, but nothing crossed the tape that changed the broader equity narrative for the day.

In commodities, crude oil fell to $59.42, -2.06% as traders reassessed supply risks and demand resilience. Gold at $4,078.40 and silver at $51.04 remained choppy, caught between higher real yields and lingering geopolitical and macro anxiety, leaving each to serve simultaneously as inflation hedge, recession hedge and sometimes‑disappointing portfolio decoration.

Bitcoin hovered near the psychologically important 90,000 area after recently breaking below prior support, its slide emblematic of how tightly crypto has become correlated with high‑beta tech in a world where rate‑cut hopes keep getting pushed out. For now, the message from today’s tape is clear: the market will tolerate higher yields and macro uncertainty—so long as the AI profit engine, led by Nvidia, continues to deliver numbers that justify the fever dream.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4909), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, today (Nov. 17) announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion. On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026. On Nov. 3, Modular Medical the successful validation of its Pivot controller line, a critical milestone in preparing for the commercial launch of its Pivot patch pump targeted for Q1 2026. The Pivot controller line validation further demonstrates manufacturing readiness for high-volume production, positioning Modular Medical to meet the growing demand in the diabetes treatment market for advanced technology.

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $6.20), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated, “These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”

GeoVax Labs, Inc. (Nasdaq: GOVX, $.4148, +1.67%), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, reported (Nov. 13) its financial results for the quarter ended September 30, 2025, and provided a business update highlighting key corporate and clinical advancements across its vaccine and oncology programs. David Dodd, CEO of Geovax stated, “As highlighted in this report, during the third quarter GeoVax continued making important progress, advancing innovative vaccines and immunotherapies that address urgent and underserved medical needs. With continued global Mpox spread and constrained vaccine supply, our GEO-MVA program represents a U.S.-based, scalable, next-generation MVA platform. Our EMA and BARDA-aligned program position GeoVax to accelerate regulatory readiness and commercial entry. For our GEO-CM04S1 COVID-19 vaccine program, recent clinical presentations validate our belief that multi-antigen vaccines – expressing both spike and nucleocapsid – are essential for breadth and durability in vulnerable immunocompromised populations. In particular, the robust immune responses demonstrated in Chronic Lymphocytic Leukemia (CLL) patients represents a meaningful step forward in addressing the unmet needs of over 40 million immunocompromised Americans. In our Gedeptin(R) oncology program, the expansion into multiple solid tumor indications builds upon a growing recognition that tumor-targeted immune priming can dramatically improve checkpoint outcomes. We are executing a clear path to clinical and commercial value creation. GeoVax continues to execute with purpose and discipline. Our multi-antigen vaccine and immunotherapy platforms position the Company squarely within the national call to strengthen America’s health security, expand domestic manufacturing, and deliver equitable global solutions.”

Volato Group, Inc. (NYSE American: SOAR, $1.12) and M2i Global, Inc. (MTWO, $.0998) announced (Oct. 16) the next phase of development of the digital and commercial infrastructure underpinning the U.S. Strategic Mineral Reserve (SMR). M2i initiated the SMR framework and technical specifications earlier this year. Volato is now applying its proven enterprise-software expertise to build and operationalize the secure technology backbone that will support critical mineral traceability, contracting, and compliance across the United States and allied nations. This infrastructure is being developed to serve as the market-facing layer of the U.S. Strategic Mineral Reserve initiative, providing miners, refiners, recyclers, manufacturers, and government entities with a trusted environment for physical critical mineral transactions—with verified provenance, end-to-end custody visibility, and regulatory compliance at its core.

Serina Therapeutics (NYSE American: SER, $3.8640, +2.77%) stands at a pivotal juncture as it harnesses fresh capital, regulatory momentum, and a sharpened communications strategy to propel its lead program, SER-252, into late-stage clinical testing for advanced Parkinson’s diseas. The Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies.

The InterGroup Corporation (NASDAQ: INTG, $33.31) reported results (Oct. 9) for the fiscal year ended June 30, 2025, including improved segment income in Hotel and Real Estate, increased liquidity, the alleviation of going-concern uncertainty at majority-owned subsidiary Portsmouth Square, Inc., and the Company’s return to compliance with Nasdaq listing requirements.

Exact Sciences Corp. (NASDAQ: EXAS, $86.18, +23.68%), a leading provider of cancer screening and diagnostic tests, announced (Nov. 7) pivotal clinical validation results from the ALTUS study (NCT: 05064553). The prospective, head-to-head trial demonstrated that the company’s Oncoguard® Liver blood test delivers superior early-stage and overall sensitivity for hepatocellular carcinoma (HCC) — the most common form of liver cancer — compared to the current standard of care.

Nokia (NOK) is promising investors a sleeker, AI‑age version of itself by 2028, aiming to lift profits by as much as 60% while quietly admitting that the road there runs through a restructuring zone. The market, in classic fashion, responded to this vision of future riches by sending the stock currently lower on the day, but is currently up +45.54% over the last year at $6.04