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by Vista Partners LLC November 27, 2025

How Rate Cuts, Earnings and AI Could Push the S&P Toward 8,000 by 2026 -( $SPY )

Happy Thanksgiving! Did you know that Wall Street’s 2026 crystal ball is back out, freshly polished, and—if the latest targets are to be believed—tilted decidedly toward “up and to the right,” with some big houses now sketching the S&P 500 somewhere in the neighborhood of 7,500 to 8,000? The only thing more abundant than optimism in these outlooks is the number of footnotes explaining why you should treat that optimism cautiously.

The 8,000 club

Deutsche Bank has planted the boldest flag, floating a 2026 year‑end S&P 500 target that could stretch as high as 8,000 on the back of brisk earnings growth, aggressive buybacks, and a still‑frothy AI investment cycle. JPMorgan is nearby on the same peak, calling for 7,500 with an option on 8,000 if inflation cools enough to keep the Federal Reserve in rate‑cut mode rather than relapse into hawkishness.

Other firms are joining the high‑altitude camp with slightly more restrained altimeters. HSBC has sketched out 7,500 by the end of 2026, while Morgan Stanley and Evercore talk about levels in the high‑7,000s, arguing that AI, easier policy, and a still‑resilient U.S. economy justify valuations that would have looked like typos a few cycles ago.

AI, easy money and the K‑shaped catch

Beneath the point‑precise targets sits a remarkably similar story: AI spending keeps humming, productivity picks up, and corporate earnings grow at a healthy double‑digit clip into 2026. In this script, the Fed obligingly trims rates a bit more, financial conditions stay loose enough to support buybacks and capex, and U.S. equities remain the global market’s overachieving honor student.

The fine print, however, is less cinematic. Several strategists concede that the same forces lifting index‑level profits may deepen a K‑shaped economy where affluent households ride the asset boom while lower‑income consumers trade down, hunt bargains, and provide a steady stream of cautionary anecdotes for earnings calls. In other words, the S&P 500 may be sprinting while large swaths of Main Street are still stretching on the sidelines.

Targets as mood rings

For all the pseudo‑scientific precision—7,500 here, 7,800 there, 8,000 if the stars (and the FOMC) align—the 2026 outlooks read less like engineering blueprints and more like mood rings for institutional risk appetite. The bullish camp leans hard on history: bull markets rarely end “just because,” earnings recessions usually precede price recessions, and AI is the kind of secular story that tends not to die quietly.

Skeptics, where they appear, mostly reserve their dissent for valuation math and the assumption that monetary policy will glide gently from restrictive to supportive without any policy error detours. Even some of the bulls note that the road to 8,000 could involve stretches of good old‑fashioned volatility, with politics, geopolitics, and the occasional earnings miss reminding investors that “mid‑teens total return” is not a line item in any guarantee.

The punchline for investors

Taken together, the 2026 forecasts sketch a Wall Street that is far more worried about missing the next leg of the bull market than about calling the top too early. The implied message to clients is simple: stay invested, lean into AI and quality growth, and let compounding do the heavy lifting—just do not confuse a round number like 8,000 with destiny. After all, index targets age about as gracefully as milk on a trading desk; the story that matters is less whether the S&P lands at 7,412 or 7,963, and more whether the earnings, policy, and politics underlying those digits stay cooperative long enough to make today’s bold projections look, in hindsight, merely sensible.

The Sources

[1] Wall Street’s 2026 forecasts are rolling in — and some see the S&P 500 hitting 8,000 https://finance.yahoo.com/news/wall-streets-2026-forecasts-are-rolling-in–and-some-see-the-sp-500-hitting-8000-110002501.html
[2] JPMorgan sees S&P 500 reaching 7,500 in 2026 — or surging past 8,000 if the Fed keeps cutting rates https://finance.yahoo.com/news/jpmorgan-sees-sp-500-reaching-7500-in-2026–or-surging-past-8000-if-the-fed-keeps-cutting-rates-142602366.html
[3] HSBC sees S&P 500 hitting 7,500 by end of 2026 with ‘more to come’ in the AI trade https://finance.yahoo.com/news/hsbc-sees-sp-500-hitting-7500-by-end-of-2026-with-more-to-come-in-the-ai-trade-110058536.html
[4] Deutsche Bank sees S&P 500 running as high as 8,000 in 2026 https://finance.yahoo.com/video/deutsche-bank-sees-p-500-142851505.html
[5] Banking giant issues S&P 500’s Street-high target of 8,000 – Finbold https://finbold.com/banking-giant-issues-sp-500s-street-high-target-of-8000/
[6] The Three Factors This Wall Street Expert Says Will Keep the Bull Market Running Into 2026 https://www.investopedia.com/this-expert-says-3-factors-will-keep-the-bull-market-running-into-2026-11850044
[7] S&P 500 could hit 8,000 in 2026 on more easing from Fed: JPMorgan https://finance.yahoo.com/news/p-500-could-hit-8-124940411.html
[8] Wall Street’s biggest bull: DB sets S&P 500 2026-end target at 8,000 https://www.investing.com/news/stock-market-news/wall-streets-biggest-bull-db-sets-sp-500-2026end-target-at-8000-4374766
[9] Risk Assets Poised for Gains in 2026 https://www.morganstanley.com/insights/articles/stock-market-investment-outlook-2026
[10] Evercore ISI sets 2026 S&P 500 target at 7,750 on AI revolution lifting ‘multiples and society to new heights’ https://www.cnbc.com/2025/09/02/evercore-isi-sets-2026-sp-500-target-at-7750.html
[11] JPMorgan just one-upped the most bullish call on Wall Street for the S&P 500 next year https://www.marketwatch.com/story/jpmorgan-just-one-upped-the-most-bullish-call-on-wall-street-for-the-s-p-500-next-year-c6ae8ba7
[12] Deutsche Bank Sets S&P 500 Target at 8000 by 2026 in … https://watcher.guru/news/deutsche-bank-sets-sp-500-target-at-8000-by-2026-in-boldest-call-yet
[13] [PDF] OUTLOOK 2026 Promise and Pressure – J.P. Morgan https://www.jpmorgan.com/content/dam/jpmorgan/documents/wealth-management/outlook-2026.pdf
[14] Stocks Rise as Traders Bet on Fed Cuts and 2026 S&P 8,000 Target https://finance.yahoo.com/news/stocks-rise-traders-bet-fed-181522856.html
[15] Wall Street’s biggest bull: DB sets S&P 500 2026-end target at 8,000 https://finance.yahoo.com/news/wall-street-biggest-bull-db-120403772.html
[16] Where to invest to capture the broadening stock market rally in 2026, according to Goldman Sachs https://www.aol.com/articles/where-invest-capture-broadening-stock-191400909.html
[17] Wall Street’s bullish calls for markets in 2026, HP to cut … – YouTube https://www.youtube.com/watch?v=gPALZJCVif4
[18] JPMorgan sees S&P 500 reaching 7500 in 2026 – Yahoo Finance UK https://uk.finance.yahoo.com/news/jpmorgan-sees-sp-500-reaching-7500-in-2026–or-surging-past-8000-if-the-fed-keeps-cutting-rates-142602366.html
[19] S&P 500 will hit 7,500 by 2026: Strategist https://www.youtube.com/watch?v=mAnseL8snx0
[20] Morgan Stanley: S&P 500 Could Hit 7,800 in 2026 | 2 Reasons + 6 Investing Tips. https://www.youtube.com/watch?v=xDDDDmk21a8

by Vista Partners LLC November 26, 2025

Wall Street Rallies Into Holiday Break as AI Giants, Small Caps Lead Broad Advance -( $AVGO $BTC $EPRX $EXAS $GOVX $INTG $NOK $OKLO $OPEN $RIO $SOAR $TSLA $TSM Rise!)

Wall Street went into the Thanksgiving break loosening its tie, as rate‑cut optimism and a broad risk-on mood carried U.S. equities higher into Wednesday’s close. The S&P 500 added roughly .69% to 6,812.61 as investors rotated back into cyclicals and small caps, the Dow also logged a solid gain north of .67% to 47,427.12 helped by health care and industrial stalwarts, while the Nasdaq climbed .82% to 23,214.69 as large cap tech shook off early wobbliness. The Russell 2000 outpaced the large-cap benchmarks with a gain of about 1.10% to 2,486.12, a late‑cycle flourish that suggests traders are willing, at least for the moment, to believe in both a soft landing and a friendlier Fed.

Macroeconomic and policy backdrop

Shutdown-delayed data continued to distort the normal calendar, with several key government reports still pushed into the indeterminate future even as markets lean hard on private surveys and high‑frequency indicators. Initial jobless claims remained a focal point for traders as one of the last clean reads on the labor market ahead of the December FOMC meeting, while survey evidence still points to decent growth but persistent price pressure where tariffs bite hardest.

On the policy front, the Fed’s latest Beige Book reaffirmed a picture of modest growth and cooling but sticky inflation, reinforcing market odds that the next move is a cut rather than another hike, even as officials keep their rhetorical options open. Tariff-related noise stayed elevated, with recent analyses noting that higher duties are feeding through to certain input costs and complicating the inflation outlook, but there were no game‑changing new tariff announcements on the day. As for Washington’s funding drama, the government shutdown has officially ended but left a statistical hangover: some data—most notably elements of the October labor and GDP series—will never be fully reconstructed, a reminder that fiscal politics now leave scars rather than mere bruises on the economic record.

Fed, yields and the curve

Treasury trading moved lower, with the 10‑year yield hovering around 3.996% and the 2-year at 3.483% as futures markets priced in a high probability of a December rate cut. The curve remained inverted but a touch less so, a quiet vote that recession risks are receding even if the all‑clear has yet to be sounded. Fed officials are now squarely in the pre‑meeting countdown; the next policy statement and press conference in December loom as the moment when markets will find out whether the “one and done” cut narrative becomes official doctrine or just another seasonal fable.

Commodities, Crypto, M&A

Gold resumed its role as the market’s favored anxiety hedge, trading to 4,198.80 an ounce on a softer dollar and firmer conviction in near‑term easing; bullion is now up smartly for November and quietly outpacing equities on a risk‑adjusted basis. Silver prices continued higher tis week now at $53.745/oz. Oil stayed stuck in a tight late‑year range near the high‑50s per barrel for WTI closing at $58.57/bbl, with traders more focused on OPEC+ headlines and incremental demand data than on any immediate supply shock. Bitcoin (BTC), having recently notched fresh lows recovered nearly 3.5% on Wednesday to above $90k again. Corporate moves and deal flow

Corporate news was busy but hardly frantic, with more incremental positioning than blockbuster drama. Elevated chatter continued around large‑cap health care’s appetite for precision‑medicine and diagnostics assets—deals like Abbott’s (ABT, $128.54, +.38%) pursuit of Exact Sciences (EXAS, $101.45, +56.95% over the last month) remain firmly on traders’ M&A bingo cards—but there were no new, market‑moving acquisition announcements of that magnitude officially inked on the day. On the IPO front, both NYSE and Nasdaq saw a modest trickle of smaller listings and updated filings but nothing with the scale or sizzle to move indices on its own; in the current environment, private‑equity exits are still more marathon than sprint.

Big‑cap and thematic names

Among the Large‑caps, Alphabet (GOOG, $320.28, +9.31% over the last 5-days) extended its recent run as the communication‑services sector’s standard‑bearer as buy‑the‑dip traders treated regulatory noise and AI‑spend worries as background hum rather than investment thesis and as Google got into the chip manufacturing game in a big way. Apple (AAPL, $277.55, +.21%) and Meta (META, $633.61, +7.33% over the last 5-days) participated in the broader tech rebound with respectable gains, helped by a calmer rate backdrop and unrelenting enthusiasm around their respective AI and services roadmaps. NVIDIA’s session was more theatrical: the stock swung from an early loss of more than 4% to $180.26, +1.37% after reports that the Trump administration may allow certain high‑end chips to be sold into China, a reminder that in AI hardware, policy risk and growth optionality are now joined at the hip.

Taiwan Semiconductor (TSM, $289.96, +1.85%) and Broadcom (AVGO, $397.57, +3.26%) benefited from the friendlier tone in semis as the PHLX Semiconductor Index finished higher, even as NVIDIA and AMD remained the designated volatility donors of the group. Intel INTC, $36.81, +2.74%), still in the midst of its foundry and turnaround story, tracked the chip complex upward, as investors continue to demand execution before rerating the narrative. Tesla (TSLA) added to recent gains moving up 1.71% to $426.58 as EV sentiment stabilized and analysts leaned supportive despite trimming some outer‑year forecasts, underlining that for this name, valuation debates are a feature, not a bug.

Sector standouts and stock‑specific notes

Health care enjoyed another strong session, with Eli Lilly (LLY) pressing near fresh highs as investors leaned into its obesity and diabetes franchises and treated near‑term pricing and reimbursement questions as the sort of “high‑class problems” growth investors can live with. Oracle (ORCL) recovered +4.01% TO $204.96. McDonald’s inched higher CLOSING UP .63% TO $312.40, continuing to benefit from its “affordable indulgence” positioning at a time when consumer‑sentiment surveys still show households grumbling about prices even as they keep ordering fries.

In the cross‑currents of old and new energy, Rio Tinto (RIO, $72.20, +1.59%) caught a bid alongside other diversified miners as investors revisited the long‑term demand story for copper and critical materials tied to both AI infrastructure and the green transition. Nokia (NOK, $6.08, +.33%) moved modestly with the broader communications‑equipment space, its 5G‑and‑beyond story ticking along but hardly rewriting any growth playbooks in a single session.

High‑beta and next‑gen names

Among higher‑beta stories, Palantir (PLTR, $165.77, +1.36%) remained a favored speculative AI platform, with the stock moving in step with broader AI enthusiasm and ongoing government‑contract chatter, a name where every incremental contract still fuels the “operating‑leverage to come” narrative. Opendoor (OPEN, $7.78, +.52%) traded in line with other housing‑sensitive names, catching some tailwind from lower‑yield hopes but still tethered to a housing market where activity, not just prices, will determine how fast its model can scale. OKLO ($88.72, +3.44%), one of the more closely watched advanced‑nuclear plays, stayed a niche but symbolically important part of the energy‑transition complex, with price action reflecting both excitement about next‑gen reactors and the cold reality that regulatory timelines move at anything but AI speed.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3928), 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, $6.23, +1.63%), 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, $.40. +5.43%), 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, $1.34, +6.35%) and M2i Global, Inc. (MTWO, $.0902), a company specializing in the development and execution of a complete global value supply chain for critical minerals, announced on Nov. 19 that Nimy Resources (“Nimy”) and M2i will collaborate with the aim of forming commercially binding contract terms for the respective sale and purchase of gallium production. They also 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, $3.91) 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, $31.02, +1.91%) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”

Nokia (NOK, $6.08, +.33%) 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.

Opendoor Technologies Inc. (OPEN, $7.78, +.52%) a digital red estate disruptor, jumped higher as the belief that interest rates would be cut in December rose significantly.

DoubleVerify Holdings Inc. (DV) closed at at $10.43. DoubleVerify Holdings is a software company that helps advertisers verify and improve the quality and performance of their digital ads across the web, apps, social platforms, and connected TV. DoubleVerify provides a digital media measurement and analytics platform that checks whether ads are viewable, shown to real people (not bots), served in brand‑safe environments, and delivered in the right geography. Its tools give advertisers independent, third‑party data so they can reduce ad fraud, avoid unsafe content, and get better return on their digital ad spend.DoubleVerify primarily earns revenue by charging advertisers, agencies, and platforms based on the volume of media it measures (such as impressions or transactions). Its technology is integrated with major ad platforms and programmatic exchanges, and is used globally by brands, marketplaces, and publishers to monitor and optimize campaigns.

Sources

https://theoptionsinsider.com/news/most-active-options/hotoptions-report-for-end-of-day-november-21-2025-nvda-open-tsla-wolf-amd-googl-pltr-aapl-amzn-mstr-sofi-intc-orcl-meta-goog-nflx-msft-crwv-hood-mu/

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https://cryptorank.io/news/feed/f79c0-nvidia-tesla-alphabet-meta-apple-lead-stocks

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https://www.cnn.com/markets

by Vista Partners LLC November 25, 2025

Dow and Russell 2000 Rip Higher on Softer Data: Housing, AI and Health Care Stocks Drive Wall Street’s Late-November Rally -( $GOOG $LLY $MCD $META $MTWO $OPEN $SER $SOAR Rise!)

U.S. stocks extended their post‑shutdown relief rally on Tuesday, November 25, 2025, with investors leaning into the idea that the Fed could start easing before the New Year. The S&P 500 climbed roughly .91% to finish near 6,765.88, the Dow Jones Industrial Average added about 1.43% to around 47,112.45, the Nasdaq gained close to 0.67% to approximately 23,025.59, and the small‑cap Russell 2000 surged nearly 2.14%, signaling a reawakening of risk appetite across the market

Economic Data and Policy

Macroeconomic releases showed an economy cooling just enough to keep central bankers comfortable, with manufacturing still in modest expansion and services activity firm. Consumer sentiment ticked up from preliminary levels but remained subdued versus last year, underscoring a Main Street mood that lags Wall Street’s optimism. In Washington, delayed October budget figures finally arrived, revealing a sharply wider deficit influenced by shutdown timing effects and record tariff revenues, while the funding extension pushed shutdown fears to the back burner.

Fed, Yields, and Tariffs

Fed commentary stayed in the spotlight as a key policymaker suggested there may be room for a near‑term adjustment toward neutral, which markets interpreted as a subtle nod toward rate cuts. Treasury yields drifted lower, with the 10‑year at 4% and the 2‑year easing to 3.465% leaving the curve still inverted but less menacing than in prior weeks. Tariff news remained more of a background risk than an immediate catalyst, though fresh data on elevated tariff receipts reminded investors that trade policy is still quietly reshaping the fiscal landscape.

Commodities and Crypto

In commodities, gold edged higher to $4,126.30/oz. as softer data and dovish policy expectations burnished its appeal, while silver digested recent gains closing higher at $51.75/oz. Oil prices were choppy and closed lower at $58.11/bbl. Bitcoin stayed volatile but elevated in the high‑$80,000s, with analysts split between the risk of a corrective slide toward the high‑$70,000s and the potential for another leg up once froth is worked off.

Mega‑Cap Tech and AI

Among the giants, Alphabet (GOOG) led a strong day for communication services with a gain north of 1.2%, while Eli Lilly (LLY, $1,109.94, +3.72%) helped put health care at the top of the sector leaderboard for November. NVIDIA reversed early losses, but still closed down 2.59% at $177.82 even after reports surfaced that it may be allowed to ship H200 chips into China, highlighting how closely AI hardware fortunes are tied to policy nuance, while Oracle sank nearly 6% during intraday trading and closed at $197.03, -1.62% as investors punished higher‑multiple enterprise names. Meta popped 3.78% higher to $636.22. Apple, Tesla, Taiwan Semiconductor, Broadcom, Intel, Palantir, Nokia, and other tech‑related names mostly traded with the broader risk‑on tone, with AI and data‑center stories still drawing flows even as some high fliers faced valuation fatigue.

Cyclicals, Housing, and M&A

On the domestic front, McDonald’s (MCD, $310.45, +1.82%) and other consumer bellwethers benefited from lower‑rate hopes despite still‑uneasy sentiment readings. Housing‑sensitive stocks rallied alongside homebuilders as falling yields revived the soft‑landing narrative, giving a lift to Opendoor (OPEN, $7.74, +.65%) and other plays levered to transaction volumes.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.40), 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, $6.13), 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, $.3794), 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, $1.26, +2.44%) and M2i Global, Inc. (MTWO, $.10, +6.38%), a company specializing in the development and execution of a complete global value supply chain for critical minerals, announced on Nov. 19 that Nimy Resources (“Nimy”) and M2i will collaborate with the aim of forming commercially binding contract terms for the respective sale and purchase of gallium production. They also 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, $3.91, +4.27%) 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, $30.44) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”

Nokia (NOK, $6.06) 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.

Opendoor Technologies Inc. (OPEN, $7.74, +.65%) a digital red estate disruptor, jumped higher as the belief that interest rates would be cut in December rose significantly.

DoubleVerify Holdings Inc. (DV) closed at at $10.48, +2.64%. DoubleVerify Holdings is a software company that helps advertisers verify and improve the quality and performance of their digital ads across the web, apps, social platforms, and connected TV. DoubleVerify provides a digital media measurement and analytics platform that checks whether ads are viewable, shown to real people (not bots), served in brand‑safe environments, and delivered in the right geography. Its tools give advertisers independent, third‑party data so they can reduce ad fraud, avoid unsafe content, and get better return on their digital ad spend.DoubleVerify primarily earns revenue by charging advertisers, agencies, and platforms based on the volume of media it measures (such as impressions or transactions). Its technology is integrated with major ad platforms and programmatic exchanges, and is used globally by brands, marketplaces, and publishers to monitor and optimize campaigns.

by Vista Partners LLC November 25, 2025

Novartis Extends Its SMA Bet: FDA Approval of Itvisma Puts One-Time Gene Therapy in the Spotlight -( $NVS $IBB $XBI )

Novartis (NVS) just secured one of those FDA approvals that makes Wall Street sit up straighter and actuaries reach for stronger coffee, as regulators cleared Itvisma, a one-time gene replacement therapy for spinal muscular atrophy (SMA) in patients two years and older, including teens and adults. The decision instantly turns a niche pediatric gene therapy franchise into a franchise that now stretches across most of the SMA population, with a single intrathecal injection priced at a cool $2.59 million, give or take a few deductible tiers.

A gene therapy grows up

SMA has long been one of genetics’ crueler case studies, a rare neuromuscular disease where a faulty SMN1 gene gradually erodes motor neurons and, with them, basic muscular function. Itvisma’s pitch is disarmingly simple for a $2.59 million product: deliver a working copy of SMN1 via an AAV9 vector directly into the cerebrospinal fluid and try to halt the slide with a single, fixed dose that does not care whether the patient is a preschooler or a middle‑aged professional.

In clinical studies, patients treated with intrathecal onasemnogene abeparvovec showed improved or stabilized motor function across a range of ages and prior treatment histories, an outcome that neurologists tend to describe as “transformational” and payers tend to describe with a long silence followed by “Let’s revisit our budget impact models.” Regulators leaned not only on new intrathecal data but also on the track record of Zolgensma, the earlier intravenous formulation for infants, effectively giving Novartis a regulatory two‑for‑one on the same active ingredient in a new, concentrated package.

The $2.59 million question

On the pricing front, Itvisma lands at a wholesale acquisition cost of $2.59 million, slightly above Zolgensma’s original sticker but marketed as a discount compared with the decade‑long meter-runs of chronic SMA therapies such as Spinraza and Evrysdi. Novartis argues that a one‑time gene replacement that may reduce or replace years of maintenance treatment is, in health‑economic terms, less “eye‑watering” than it looks, particularly when stacked against first‑year Spinraza costs north of $700,000 and ongoing six‑figure annual injections.

Payers, for their part, now face a classic spreadsheet dilemma: approve a single multimillion‑dollar outlay today or commit to a decade of chronic therapy payments that quietly compound in the background like a 1990s adjustable‑rate mortgage. That tension is already shaping expectations around outcomes‑based contracts, staged reimbursement, and an alphabet soup of patient support programs designed to keep access headlines upbeat while prior authorizations do the less glamorous work offstage.

Market share, meet motor neurons

For the SMA treatment market, Itvisma’s arrival in older children, teens, and adults redraws the competitive map almost overnight. Roughly 9,000 people in the United States are living with SMA, many of whom were previously managed with chronic disease‑modifying therapies that now risk looking like annuities in a world where gene therapy offers a one‑time shot at stability.

Roche’s Evrysdi and Biogen’s Spinraza still have entrenched positions, especially in patients wary of novel gene delivery or flagged as higher‑risk for hepatotoxicity and cardiotoxicity, risks the FDA called out explicitly in adults with pre‑existing conditions. Yet the first‑and‑only label for a gene replacement therapy in patients two and older gives Novartis a differentiator that marketing teams usually only encounter in PowerPoint fantasy leagues.

Neurology’s proof‑of‑concept moment

Beyond SMA, regulators are treating the Itvisma approval as a signal flare for the broader field of neurological gene therapy, highlighting that vector‑based treatments can be scaled from fragile infants to fully grown adults without rewriting the underlying scientific playbook. Clinicians note that intrathecal delivery—straight into the fluid bathing the spinal cord—offers a template for reaching the central nervous system with smaller vector loads, a design feature that other programs in neuromuscular and neurodegenerative disease will be happy to borrow.

Patient groups, including Cure SMA and the Muscular Dystrophy Association, have been quick to brand the approval as a major step forward, stressing not only motor scores and survival curves but mundane wins like being able to lift a coffee cup or type an email without fatigue. In a field where families used to measure hope in clinical‑trial enrollment slots, the idea that a one‑time infusion of genetic code might be covered—eventually—by commercial insurance is about as close as rare‑disease advocacy gets to a punchline with a happy ending.

Sources

[1] Novartis receives FDA approval for Itvisma®, the only gene replacement therapy for children two years and older, teens, and adults with spinal muscular atrophy (SMA) https://www.novartis.com/news/media-releases/novartis-receives-fda-approval-itvisma-only-gene-replacement-therapy-children-two-years-and-older-teens-and-adults-spinal-muscular-atrophy-sma
[2] FDA Approves Gene Therapy for Treatment of Spinal Muscular Atrophy https://www.fda.gov/news-events/press-announcements/fda-approves-gene-therapy-treatment-spinal-muscular-atrophy
[3] FDA Approves Gene Therapy Onasemnogene Abeparvovec for Broader SMA Population https://www.ajmc.com/view/fda-approves-gene-therapy-onasemnogene-abeparvovec-for-broader-sma-population
[4] Novartis scores FDA approval for new version of SMA gene therapy, prices at $2.59M https://www.fiercepharma.com/pharma/novartis-scores-fda-approval-new-version-sma-gene-therapy-prices-259m
[5] US FDA approves Novartis’ gene therapy for rare muscle disorder https://www.reuters.com/business/healthcare-pharmaceuticals/fda-approves-novartis-gene-therapy-rare-muscle-disorder-2025-11-24/
[6] FDA approves $2.59 million gene therapy for SMA https://www.managedhealthcareexecutive.com/view/fda-approves-2-59-million-gene-therapy-for-sma
[7] Spinal Muscular Atrophy: The Past, Present, and Future of Diagnosis … https://pmc.ncbi.nlm.nih.gov/articles/PMC10418635/
[8] Novartis Receives FDA Approval of Itvisma for the Treatment of SMA https://www.curesma.org/novartis-receives-fda-approval-of-itvisma-for-the-treatment-of-sma/
[9] Novartis’ Itvisma Approval: Growth Potential vs. Reimbursement … https://www.ainvest.com/news/novartis-itvisma-approval-growth-potential-reimbursement-hurdles-sma-therapy-2511/
[10] One-Time Gene Therapy Itvisma Approved for Spinal Muscular … https://www.empr.com/news/one-time-gene-therapy-itvisma-approved-for-spinal-muscular-atrophy/
[11] Payer Perspectives on the Treatment Landscape of Spinal Muscular … https://www.jmcp.org/pb-assets/Outserts/MarketInsight_August2020pdf-1595847332277.pdf
[12] Novartis’ SMA gene therapy cleared for wider use in US https://pharmaphorum.com/news/novartis-sma-gene-therapy-cleared-wider-use-us
[13] FDA Approves New Intrathecal Administration Route for Spinal … https://www.neurologylive.com/view/fda-approves-new-intrathecal-administration-route-spinal-muscular-atrophy-gene-therapy
[14] Muscular Dystrophy Association Calls FDA Approval of Novartis’ Itvisma (onasemnogene abeparvovec-brve) a Major Step Forward for the Spinal Muscular Atrophy Community https://www.mda.org/press-releases/mda-calls-fda-approval-of-novartis-itvisma-a-major-step-forward
[15] Itvisma: FDA Approves One-Time Gene Therapy for Spinal Muscular Atrophy in Children 2 or Older, Teens, and Adults https://www.webmd.com/drugs/updates/itvisma-one-time-gene-therapy-spinal-muscular-atrophy-children-adults
[16] [PDF] STATE OF SMA https://www.curesma.org/wp-content/uploads/2024/06/9042024_State-of-SMA_vWeb.pdf
[17] New formulation of Novartis’ SMA gene therapy gets FDA green light … https://firstwordpharma.com/story/6686475
[18] Adult Spinal Muscular Atrophy Treatment Insights | Practical Neurology https://practicalneurology.com/diseases-diagnoses/neuromuscular/hometown-highlights-clinical-experience/30162/
[19] US FDA approves Novartis’ gene therapy for rare muscle disorder https://economictimes.com/industry/healthcare/biotech/pharmaceuticals/us-fda-approves-novartis-gene-therapy-for-rare-muscle-disorder/articleshow/125554024.cms
[20] [PDF] SMA Final Report – HRSA https://www.hrsa.gov/sites/default/files/hrsa/advisory-committees/heritable-disorders/reports-recommendations/sma-final-report.pdf

by Vista Partners LLC November 24, 2025

Amazon Bets $50 Billion on Data Centers to Power U.S. Government AI -( $AMZN $NVDA $SPY )

Amazon (AMZN) is teeing up a $50 billion bet that the best way to win Washington’s AI future is to own the real estate, the power, and the silicon underneath it.

A new Beltway company town

In a move that would make even Pentagon contractors blush, Amazon Web Services plans to pour up to $50 billion into new data centers dedicated to U.S. government customers, adding nearly 1.3 gigawatts of AI and supercomputing capacity across its Top Secret, Secret and GovCloud regions. Construction is slated to start in 2026, effectively turning corners of the federal cloud into company towns where the landlord, power company and supercomputer vendor all share the same Seattle ZIP code.

The pitch to agencies is simple: bring your most sensitive workloads and get access to Amazon’s full AI stack, including AWS’s own accelerators, Nvidia hardware and higher‑level services designed for generative models and agentic systems. In theory, that lets civil servants swap procurement spreadsheets for simulations, models and chatty copilots that can sift satellite imagery, global security feeds and logistics data faster than a mid‑level staffer can find the latest version of a PowerPoint deck.

From cloud wars to capacity wars

The investment underscores a broader reality of the AI arms race: the bottleneck is no longer ideas, it is infrastructure. Amazon has already signaled plans to spend more than $100 billion on AI‑related capex as demand for its cloud services runs ahead of current capacity, particularly in high‑performance compute and memory‑heavy AI clusters. AWS’ backlog tied to AI and cloud contracts has swelled into the hundreds of billions, and executives regularly concede that power — not just chips — is the single biggest constraint on growth.[6][7][8]

Rivals are hardly standing still: Microsoft, Google and Oracle are also stacking up multibillion‑dollar data‑center commitments, often tied to marquee AI partners like OpenAI or Anthropic. Amazon’s twist is to fuse that scale with the one customer base that buys in decades, not quarters: federal agencies that sign long‑term deals and do not tend to churn, at least not without a congressional hearing.

Government missions, private rails

On paper, the use cases read like a wish list for federal CIOs: AI‑driven cybersecurity, faster intelligence analysis, drug‑discovery workloads for health agencies, and supply‑chain optimization for the sprawling federal procurement machine. AWS chief executive Matt Garman has framed the build‑out as “removing technology barriers” for government missions, promising that agencies will be able to craft their own AI systems atop a menu of models and tools rather than relying on a single black‑box application.

In practice, the arrangement tightens the already dense web of dependencies between Washington and a handful of hyperscalers whose infrastructure now underpins everything from tax filings to intelligence workflows. For critics, that raises familiar questions about concentration risk, bargaining power and what happens when “keeping the government running” becomes indistinguishable from “keeping a specific cloud region online,” especially as AI workloads push data centers and power grids to their limits.

The AI bubble with a federal backstop

The scale of the commitment also lands amid broader hand‑wringing over whether AI infrastructure spending is outrunning near‑term revenues, with Anthropic, OpenAI and others announcing their own eye‑popping data‑center plans despite limited current profitability. By anchoring a big slice of its buildout in long‑horizon government contracts, Amazon is effectively arguing that if there is an AI bubble, it would prefer to inflate it with customers that print their own currency.

For investors, the wager is that today’s capex drag turns into tomorrow’s annuity as agencies lock in to AWS AI platforms for mission‑critical workloads, making it progressively harder to unwind those choices later. For taxpayers, the question is more prosaic and more pointed: in the coming decade, will the most powerful computers in government buildings sit behind security checkpoints in Virginia — or behind Amazon login screens backed by 1.3 gigawatts of rented supercomputing power.

Sources

[1] Amazon to invest $50 billion in data centers to power US government AI efforts https://finance.yahoo.com/news/amazon-to-invest-50-billion-in-data-centers-to-power-us-government-ai-efforts-181259967.html
[2] Amazon to invest up to $50 billion to expand AI and supercomputing infrastructure for US government agencies https://www.aboutamazon.com/news/company-news/amazon-ai-investment-us-federal-agencies
[3] Amazon pledges up to $50 billion to expand AI, supercomputing for US government https://www.moneycontrol.com/news/business/companies/amazon-pledges-up-to-50-billion-to-expand-ai-supercomputing-for-us-government-13693994.html
[4] Amazon announces $50B investment to expand AI and supercomputing capabilities for the US government https://siliconangle.com/2025/11/24/amazon-announces-50b-investment-expand-ai-supercomputing-capabilities-us-government/
[5] Amazon to invest up to $50 billion in AI, supercomputing for US government clients https://www.marketscreener.com/news/amazon-to-invest-up-to-50-billion-in-ai-supercomputing-for-us-government-clients-ce7d5edcd089f226
[6] Amazon commits over $100B to AI amid ‘constraints on capacity’ https://finance.yahoo.com/video/amazon-commits-over-100b-ai-150821495.html
[7] Amazon leans on AWS’ size, security as Q2 cloud market nears $100B https://www.ciodive.com/news/aws-security-generative-ai-cloud-capacity-revenue-growth/756554/
[8] Amazon $100B AI Investment Stumbles Amid Supply Hurdles https://finance.yahoo.com/news/amazon-100b-ai-investment-stumbles-113854908.html
[9] Amazon commits up to $50 billion to boost AI, supercomputing infrastructure for agencies https://fedscoop.com/amazon-50-billion-ai-supercomputing-infrastructure-agencies/
[10] Anthropic announces $50B investment in new US data centers to meet AI demand https://abcnews.go.com/US/wireStory/anthropic-announces-50b-investment-new-us-data-centers-127455028
[11] Anthropic Will Spend $50 Billion to Build US Data Centers – YouTube https://www.youtube.com/watch?v=chRjXUdMS_w
[12] Amazon to Invest $50 Billion Building Data Centers to Support U.S. Government https://www.morningstar.com/news/dow-jones/202511244880/amazon-to-invest-50-billion-building-data-centers-to-support-us-government
[13] Anthropic invests $50 billion in American AI infrastructure https://www.anthropic.com/news/anthropic-invests-50-billion-in-american-ai-infrastructure
[14] Amazon to invest $50 billion in data centers to power US government AI efforts https://ca.finance.yahoo.com/news/amazon-to-invest-50-billion-in-data-centers-to-power-us-government-ai-efforts-181259967.html
[15] Amazon to spend up to $50 billion on AI infrastructure for U.S. government https://www.cnbc.com/2025/11/24/amazon-to-spend-up-to-50-billion-on-ai-services-for-us-government.html
[16] Amazon pledges up to $50 billion to expand AI, supercomputing for US government https://www.reuters.com/business/retail-consumer/amazon-invest-up-50-billion-ai-supercomputing-us-government-customers-2025-11-24/
[17] Amazon to invest up to $50B to build AI infrastructure for US government agencies https://www.foxbusiness.com/markets/amazon-invest-up-50b-build-ai-infrastructure-us-government-agencies
[18] Amazon-backed Anthropic commits $50B to build US data centers https://nypost.com/2025/11/12/business/amazon-backed-anthropic-commits-50b-to-build-us-data-centers/
[19] Amazon commits over $100B to AI amid ‘constraints on capacity’ https://www.linkedin.com/posts/unislogistics_amazon-commits-over-100b-to-ai-amid-constraints-activity-7294747001890439169-hldq
[20] Amazon CEO Andy Jassy’s 2024 shareholder letter – CNBC https://www.cnbc.com/2024/04/11/amazon-ceo-andy-jassy-says-committed-to-cost-cutting-while-investing-in-ai-in-shareholder-letter.html

by Vista Partners LLC November 24, 2025

S&P 500, Nasdaq Rally as Rate‑Cut Bets Lift -Nov. 24, 2025 -( $AAPL $AVGO $GOOG $INTC $LLY $META $NOK $OPEN $SOAR $TSLA Rise!)

Wall Street shook off its November sulk on Monday, with the major benchmarks staging a rate-cut–hope rally that looked suspiciously like early Christmas cheer delivered by central bankers rather than Santa. The S&P 500 climbed about 1.55% to roughly 6,705.12, the Dow Jones Industrial Average advanced just .44% to around 46448.27, the Nasdaq added a solid 2.69% to about 22,872.01, and the small‑cap Russell 2000 stained 1.89% as traders rediscovered their appetite for risk even a bit lower on the market-cap ladder. Communication services, health care, consumer discretionary, and financials led a broadly green tape, while utilities alone played the wallflower at this rate‑cut party.

Macroeconomic data

The day’s macro docket was light but Fed‑sensitive. Flash November S&P Global U.S. Manufacturing PMI eased to 51.9 from 52.5, while Services PMI ticked up to 55.0 from 54.8, a combination suggesting growth that is solid but not so hot as to scare the bond market. The final University of Michigan Consumer Sentiment reading for November edged up to 51.0 from the preliminary 50.3, but remained well below last year’s levels, underscoring that households still feel pinched by stubborn prices and softening real incomes.

Fed, yields and tariffs

New York Fed President John Williams helped light the fuse, remarking that there is still “room for a further adjustment” to bring policy closer to neutral, a formulation traders translated as permission to price in a December cut with almost giddy enthusiasm. Fed funds futures now assign roughly three‑in‑four odds to a 25‑basis‑point move at the December meeting, up from about 40% before his comments, and Treasury yields obliged by drifting lower, with the 2‑year around 3.503% and the 10‑year near 4.036% in late trade. The FOMC’s next full meeting is scheduled for December 9–10, with no new policy statement due today and markets instead parsing speeches and minutes from the late‑October gathering for clues on how fast the Fed might pivot. There were no major fresh tariff salvos out of Washington, leaving existing trade tensions to simmer quietly in the background rather than drive the day’s price action.

Washington and shutdown chatter

On the fiscal front, investors remained alert to the ever‑present U.S. government shutdown risk but received no new deadline drama or fresh stopgap twists today, allowing the market to refocus on rates rather than appropriations brinkmanship. With the immediate shutdown threat contained by earlier temporary funding measures, the equity narrative stayed fixed on whether the Fed will deliver the rate‑cut gift investors have already unwrapped in their models.

Nvidia (NVDA)

NVIDIA spent the morning on the wrong side of the ledger, down solidly at one point before clawing back to finish modestly 2.05% higher on the day to $182.55, a round‑trip that would make even options traders reach for seasickness tablets, but certainly played into Cathy Wood’s recent Nvidia trading hands. A report that the Trump administration is weighing whether to allow H200 chip sales to China helped stabilize sentiment, but the stock still lagged the broader rally, signaling some fatigue after its outsized year‑to‑date run.

Alphabet (GOOG/GOOGL)

Alphabet, by contrast, behaved like the teacher’s pet of megacap tech, adding just over 6.28% to around $318.47 and extending a recent string of gains even as some peers wobbled intraday. The move came as chatter flowed that they were in talks to offer its AI chips to Meta ($613.05, +3.16%). The communication services sector’s 2%-plus advance owed much to Alphabet’s strength, as investors leaned back into the cash‑rich platforms they expect to benefit handsomely from any easing in financial conditions.

Apple, Tesla, Broadcom, Intel and peers

Apple (AAPL, $275.92, +1.63%), Tesla (TSLA, $417.78, +6.68%), Broadcom (AVGO, $377.96, +11.10%), Intel ($35.79, 3.74%) and the broader megacap tech complex traded astrongly into AI and platform names.

Eli Lilly (LLY)

In health care, Eli Lilly continued to bask in its new status as the first pharmaceutical company to join the $1 trillion market‑cap club closing at $1.70.16 +.99%, a feat driven by explosive demand for its GLP‑1 obesity and diabetes franchise. The stock, which has surged more than a third this year and nearly ten‑fold since 2018, saw brisk trading as analysts lifted price targets and investors debated how long the weight‑loss gold rush can sustain current valuation gravity‑defiance.

M&A

On the deal front, the market continued to digest Abbott’s previously announced plan to acquire Exact Sciences in a transaction valued at roughly $21–23 billion including debt, a bid that effectively plants Abbott’s flag firmly in the fast‑growing cancer screening and precision oncology landscape. Exact Sciences recently traded near $101, +.11% reflecting a takeover premium that has energized merger‑arbitrage desks, while Abbott shares have been more subdued as investors weigh the near‑term earnings dilution against the long‑term diagnostic growth optionality.

Commodities: gold, silver, oil

Gold closed at 4,132.70 per ounce, +.95% helped by softer data and dovish Fed commentary that nudged real yields down and re‑energized the “own something shiny if central bankers are about to cut again” crowd. Silver also firmed alongside gold, rising 1.31% at $50.99. Crude oil closed at $58.85/bbl. +.02%.

Crypto and Bitcoin

Bitcoin continued to move lower at around $87,935.00.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4144), 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, $.38), 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, $1.23, +6.03%) and M2i Global, Inc. (MTWO, $.094), a company specializing in the development and execution of a complete global value supply chain for critical minerals, announced on Nov. 19 that Nimy Resources (“Nimy”) and M2i will collaborate with the aim of forming commercially binding contract terms for the respective sale and purchase of gallium production. They also 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, $3.75) 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, $32.80) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”

Nokia (NOK, $6.09, +2.53%) 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.

Opendoor Technologies Inc. (OPEN, $7.69, a digital red estate disruptor, jumped higher as the belief that interest rates would be cut in December rose significantly.

DoubleVerify Holdings Inc. (DV) closed at at $10.21.

The Sources

by Vista Partners LLC November 23, 2025

Inside Resident Futurist Cathie Wood’s ARK Strategy: Why She Bought Nvidia & CoreWeave & Why Nokia Could be Next – ( $ARKK $CRWV $NOK $NVDA )

Cathie Wood, Wall Street’s resident futurist and ARK Innovation ETF (ARKK) captain, has once again donned her risk-protective cape, reclaiming her position among Nvidia (NVDA) devotees by buying the dip with characteristic panache. On Thursday, as Wall Street’s mood swung faster than a crypto influencer’s net worth, Wood orchestrated her return to Nvidia, scooping up 93,374 shares—roughly $17 million—after a four-month hiatus.

ARK’s Tactical Move

Wood’s pivot is more than a headline-grabbing maneuver. Nvidia’s latest quarterly earnings report dazzled, only for the stock to twist in theatrical fashion—up 5% in the morning and then down 3% by the close—as traders second-guessed the sustainability of AI’s gold rush. While some investors rushed for the exits, spooked by rising inventory levels and a few doomsday pronouncements about tech bubbles, Wood did what most onlookers are too cautious (or too tethered to Excel models) to attempt: she bought weakness with surgical precision.

Nvidia’s Dance with Volatility

What makes this dip interesting isn’t just its magnitude—it’s the context. Nvidia, the undisputed supplier of AI’s picks and shovels, has become a market thermometer for everything from data centers to next-gen robotics. Yet, Wood avoided the temptation of “sell-high, nap-later,” instead choosing to average in as jittery investors pondered inventory cycles and circular AI financing. It’s the kind of move that conjures visions of Warren Buffett’s classic “be greedy when others are fearful,” but with more blockchain and fewer Nebraska steak dinners.

Digging Deeper: CoreWeave and the Nvidia Ecosystem

Wood also aimed her shopping cart at CoreWeave (CRWV), an Nvidia-backed cloud computing startup that recently saw its stock battered by a rough earnings report and lowered revenue guidance. She channeled nearly $24 million into 350,734 shares, embracing the opportunity while most investors weighed whether the cloud was made of vapor. Nvidia itself holds a formidable stake in CoreWeave—24.28 million shares, stemming from an initial $100 million bet—which includes a multi-billion, decade-long cloud capacity agreement.

Punchline: AI, ARK, and a Touch of Irony

For those keeping score, Wood’s flagship ARK Innovation ETF is up a staggering 55–60% year-to-date, quadrupling the S&P 500’s returns, proving that it sometimes pays to zig when Wall Street Zags. As the market nervously monitors AI bubbles while sandwiching turkey leftovers with earnings revisions, Wood’s willingness to “buy the dip,” even when the room smells faintly of existential dread, is a reminder that investing is equal parts math, psychology, and a dash of elegant bravado.

So, while the rest of Wall Street gossips about tech bubbles over artisan coffee, Cathie Wood is quietly adding Nvidia shares—high volatility, high conviction, and just a hint of sophisticated humor. Somewhere out there, Jensen Huang is smiling, and Warren Buffett might even tip his hat.

Could Nokia Be Next?

Cathie Wood could consider investing in Nokia (NOK) following her recent bullish moves in Nvidia and CoreWeave for several compelling strategic reasons. Most notably, Nvidia has just invested $1 billion in Nokia, acquiring nearly a 3% stake as part of a partnership to develop AI-powered telecommunications infrastructure—including the next generation of 5G-Advanced and 6G networks—firmly anchoring Nokia in the heart of the AI supercycle.

This move aligns with Wood’s investment thesis: seeking disruptive companies benefiting from exponential technologies and ecosystem synergies. Nokia’s transformation from a mobile handset brand to a global leader in network infrastructure, cloud connectivity, and AI-powered telecom solutions echoes the kind of innovative pivot Wood favors—especially amid surging demand for data and edge AI deployments.

Now, with Nvidia’s direct investment and technology partnership giving Nokia a unique position in the 6G race, the stock has rallied and stands to benefit from AI-driven growth. For a fund manager like Wood who just backed Nvidia and its AI cloud partner CoreWeave and its recent pullback, Nokia becomes a natural extension and value propostion in “picks and shovels” investing for the future digital landscape, leveraging Nvidia’s validation and the rising tide of next-gen wireless.

Sources

[1] NVIDIA and Nokia to Pioneer the AI Platform for 6G https://nvidianews.nvidia.com/news/nvidia-nokia-ai-telecommunications
[2] NVIDIA and Nokia to pioneer the AI platform for 6G https://www.nokia.com/newsroom/nvidia-and-nokia-to-pioneer-the-ai-platform-for-6g–powering-americas-return-to-telecommunications-leadership/
[3] Nvidia takes $1 billion stake in Nokia – CNBC https://www.cnbc.com/2025/10/28/nvidia-nokia-ai.html
[4] Nvidia’s $1 billion stake sends Nokia to decade high on AI hopes https://www.reuters.com/world/europe/nvidia-make-1-billion-investment-finlands-nokia-2025-10-28/
[5] Nvidia Says It’s Adding This Tech Company to Its Investment … https://www.investopedia.com/nvidia-says-it-s-adding-this-tech-company-to-its-investment-portfolio-the-stocks-are-surging-update-11838574
[6] Nvidia Invests $1B in Nokia for AI-Driven Network – TechRepublic https://www.techrepublic.com/article/news-nvidia-backs-nokia-ai-networks-2025/
[7] Nokia Reports Strong Q3 2025 Sales Growth Amid Strategic … https://www.theglobeandmail.com/investing/markets/markets-news/Tipranks/35652068/nokia-reports-strong-q3-2025-sales-growth-amid-strategic-expansions/
[8] NVIDIA’s $1B Investment in Nokia: AI’s Expansion Beyond the Data … https://www.youtube.com/watch?v=rKhy2bHytKM
[9] Nvidia takes $1B stake in Nokia, which promises 5G and 6G overhaul https://www.lightreading.com/5g/nvidia-takes-1b-stake-in-nokia-which-promises-5g-and-6g-overhaul
[10] Cathie Wood’s ARK Invest buys Nvidia shares for first time in months … https://seekingalpha.com/news/4524730-cathie-woods-ark-invest-buys-nvidia-shares-for-first-time-in-months
[11] Cathie Wood, Ken Griffin, and Nvidia All Own This Artificial … https://www.aol.com/articles/cathie-wood-ken-griffin-nvidia-080000916.html
[12] Nokia Oyj: A 35% Rally in 2025, But is it Undervalued? – AInvest https://www.ainvest.com/news/nokia-oyj-35-rally-2025-undervalued-2511/
[13] Nvidia takes $1B stake in Nokia, which promises 5G and 6G overhaul https://www.reddit.com/r/Nok/comments/1ojv04a/lightreading_nvidia_takes_1b_stake_in_nokia_which/
[14] Cathie Wood, Ken Griffin, and Nvidia All Own This Artificial … – Nasdaq https://www.nasdaq.com/articles/cathie-wood-ken-griffin-and-nvidia-all-own-artificial-intelligence-ai-stock-should-you-buy
[15] Cathie Wood Grabs Nvidia for First Time in Months as Stock Eyes … https://www.fxleaders.com/news/2025/11/21/cathie-wood-grabs-nvidia-for-first-time-in-months-as-stock-eyes-250-target/
[16] Cathie Wood Speaks Out—Invests in Nvidia After Four-Month Hiatus https://intellectia.ai/news/stock/cathie-wood-breaks-her-silenceloads-up-nvidia-after-4-months
[17] Nokia conducts thorough review of its business portfolio – TipRanks https://www.tipranks.com/news/the-fly/nokia-conducts-thorough-review-of-its-business-portfolio-thefly
[18] Cathie Wood’s Mistake Could Cost ARK Invest Everything – YouTube https://www.youtube.com/watch?v=AQ0_c-hz9kE
[19] Nokia to invest $4B to expand R&D and manufacturing in the U.S. https://seekingalpha.com/news/4524968-nokia-to-invest-4b-to-expand-rd-and-manufacturing-in-the-us
[20] Cathie Wood Breaks Her Silence–Loads Up Nvidia After 4 Months https://finance.yahoo.com/news/nvda-cathie-wood-buys-dip-132007946.html
[1] Cathie Wood buys the dip in Nvidia-backed stock https://finance.yahoo.com/news/cathie-wood-buys-dip-nvidia-191700535.html
[2] Cathie Wood’s ARK buys Nvidia shares after Q3 earnings https://www.investing.com/news/stock-market-news/cathie-woods-ark-buys-nvidia-shares-after-q3-earnings-4372006
[3] Cathie Wood Breaks Her Silence–Loads Up Nvidia After 4 Months https://finance.yahoo.com/news/nvda-cathie-wood-buys-dip-132007946.html
[4] Cathie Wood’s ARK Innovation ETF bought 93,374 shares of Nvidia on Thursday https://cryptorank.io/news/feed/5b215-cathie-wood-ark-picks-up-nvidia-stock-anew
[5] Wood’s ARK Buys Nvidia Shares for First Time Since August https://www.bloomberg.com/news/articles/2025-11-21/cathie-wood-s-ark-buys-nvidia-shares-for-first-time-since-august
[6] Cathie Wood’s Ark Invest breaks hiatus and picks up Nvidia stock … https://www.cryptopolitan.com/cathie-wood-ark-picks-up-nvidia-stock-anew/
[7] Cathie Wood buys the dip in Nvidia-backed stock – TheStreet https://www.thestreet.com/investing/stocks/cathie-wood-buys-the-dip-in-nvidia-backed-stock
[8] Cathie Wood’s Ark Invest Can’t Let Go Of The Dip-Buying Opportunity https://stocktwits.com/news-articles/markets/equity/cathie-wood-s-ark-invest-can-t-let-go-of-nvda-dip-buying-opportunity/cLPMlfnREO4
[9] Cathie Wood Breaks Her Silence–Loads Up Nvidia After 4 Months https://www.gurufocus.com/news/3220011/cathie-wood-breaks-her-silenceloads-up-nvidia-after-4-months?mobile=true
[10] Cathie Wood Goes Bargain Hunting: 3 Stocks She Just Bought https://www.aol.com/finance/cathie-wood-goes-bargain-hunting-164700912.html
[11] Cathie Wood’s ARK Invest buys Nvidia shares for first time in months (NVDA:NASDAQ) https://seekingalpha.com/news/4524730-cathie-woods-ark-invest-buys-nvidia-shares-for-first-time-in-months
[12] Cathie Wood Buys Nvidia, ACHR and Crypto Stocks, Offloads AMD, EXAS https://www.tipranks.com/news/cathie-wood-buys-nvidia-achr-and-crypto-stocks-offloads-amd-exas
[13] Cathie Wood Buys NVIDIA Shares Low https://www.chosun.com/english/market-money-en/2025/11/21/B7UH4D7HVVFKVCIZAPQQJDHF5I/
[14] On Thursday, Cathie Wood-led Ark Invest executed significant … https://www.facebook.com/Benzinga/posts/on-thursday-cathie-wood-led-ark-invest-executed-significant-trades-including-buy/1417411397051193/
[15] Cathie Wood: 34 NVIDIA transactions (ARK Invest / NVDA) https://stockcircle.com/portfolio/cathie-wood/nvda/transactions

by Vista Partners LLC November 21, 2025

From Lilly’s Defensiveness to Tesla’s Turbulence: Winners and Laggards in a Volatile Week for Wall Street -( $DV $EXAS $INTG $JNJ $LLY $MCD $SOAR $VIX Rise!)

Large caps took a hit this week with the Dow 30 ending at 46,245.41, -1.9% & the S&P 500 closed at 6,602.99 equally off 1.9%. The high-beta tech kept the Nasdaq on the defensive for most of the week and fell 2.7% to 22,273.08. Small caps, as captured by the Russell 2000 closed off .8% at 2,369.59. Yes indeed, fear was up for most of the week until Friday evidenced by the market’s ‘fear gauge’ The VIX that ended at $23.43, +18.15% for the week after dropping 11.32% on Friday. The macro calendar was a patchwork thanks to the lingering effects of the government shutdown, with some regular reports still delayed, forcing markets to lean more heavily than usual on Fed speak and market proxies rather than hard data.

Fed, yields, tariffs and shutdown

The Federal Reserve’s November rate cut is already in the books, but this week the focus shifted to whether December will bring an encore, as hawkish-leaning commentary from multiple Fed officials chipped away at the implied odds of another move, even as other voices signaled more openness to easing. Treasury yields responded with a modest bear-steepening bias, with 2yr at 3.522% and 10‑year yield at 4.067%, keeping the curve inverted, but slightly less so and reminding equity investors that “higher for not-much-longer” is still the party line, although seemed that thinking came into question on Friday as rates dipped and markets sprung forward. Tariff risk remained more of a macro hum than a blaring siren, with markets still treating existing Trump-era and new trade measures as a slow‑burn margin headwind rather than an imminent shock, while shutdown dynamics improved as funding progress in Congress and the end of the latest standoff lowered near-term tail risk, even though the data gap from the earlier closure will linger for economists for weeks.

AI darlings and mega caps

NVIDIA ($178.88, -5.94% over the last 5-days) spent the week at the center of the AI psychodrama—extending its post‑earnings swings as investors tried to reconcile blockbuster demand signals with equally towering expectations, leading to sharp intraday rallies followed by profit‑taking that left the stock volatile but still emblematic of the AI trade’s staying power. Apple (AAPL, $271.49, -.34% over the last 5-days) held up comparatively better, benefitting from investors’ preference for megacap cash‑flow machines over more speculative growth, while Tesla (TSLA,$391.09, -3.28% over the last 5-days) endured another rough patch as the market marked down its combination of capital intensity, cyclicality, and headline risk in a week when duration assets were already under pressure. Meta Platforms (META, $594.25, -2.50% over the last 5-days) traded more like an over‑owned bond proxy with an AI label than a growth insurgent, wobbling as investors rotated in and out of the “Magnificent” complex depending on the latest read of Fed probabilities and AI spending fatigue.

Health care, chips and global cyclicals

Eli Lilly (LLY, $1,059.70, +3.36% over the last 5-days) continued to play the role of defensive growth royalty, riding GLP‑1 optimism and ongoing enthusiasm about its weight‑loss and diabetes franchise, leaving the shares near the top of the health‑care leaderboard even as the broader market chopped sideways. Taiwan Semiconductor Manufacturing Company (TSM, $275.06, -3.43% over the last 5-days) and Intel (INTC, $34.50, -2.87% 0ver the last 5-days) moved largely in sympathy with the semiconductor complex, which oscillated between relief rallies and valuation hangovers as investors alternated between embracing the AI capex cycle and worrying about how much of it is already in the price. Broadcom (AVGO, $340.20, -.66% over the last 5-days) sat in the “picks-and-shovels” bucket—benefitting from the idea that selling infrastructure into the AI wave may be less fraught than betting on any single model. However Oracle (ORCL, $198.76, -10.81% over the last 5-days) took in on the proverbial chin.

Telecoms, consumer and materials names

Nokia ($5.94, -11.74% over the last 5-days) spent the week more as a macro and AI‑infrastructure sympathy trade than a headline generator, with sentiment still tied to whether carriers and cloud providers keep opening their wallets for next‑gen networks even with Nokia’s CEO pleading their future case. McDonald’s (MCD, $309.35, +.76% over the last 5-days) stayed in its familiar role as a defensive consumer barometer, its shares reflecting a market that still believes even a wobbling global economy can afford french fries, though not necessarily at an ever‑expanding multiple. Rio Tinto Group (RIO, $69.99, -.91% over the last 5-days) moved largely with the global commodity tape (although it supports a 5.42% forward dividend), where concerns about industrial demand and China’s uneven recovery kept enthusiasm for miners in check despite ongoing talk of multi‑year undersupply in key metals.

High-beta stories: AI platforms, nuclear and housing

Palantir Technologies ($154.85, -11.01% over the last 5-days) saw continued interest as a liquid proxy for defense and AI analytics spending, with the stock trading like an option on government and enterprise AI budgets rather than on any single quarter’s fundamentals. OKLO ($88.17, -9.63% over the last 5-days) —the advanced nuclear small‑modular reactor hopeful—remained sensitive to every incremental headline around U.S. nuclear policy and energy security, with the share price trading more like a venture bet in public‑equity clothing than a classic utility. Opendoor Technologies (OPEN, $6.75-16.87% over the last 5-days) stayed tethered to the path of mortgage rates and housing liquidity, with this week’s back‑up in yields and lingering affordability issues capping enthusiasm for its highly cyclical, spread‑dependent iBuying model, until Friday when sentiment changed and the stock popped up +9.58%.

Healthy Deals

Healthcare and biotech dealmakers stayed busy this week, with a mix of classic pharma bolt‑ons, med‑tech tuck‑ins, and services roll‑ups underscoring that strategic buyers still see value in innovation and scale—even if public investors are more ambivalent than they were in the zero‑rate era. Merck & Co. (MRK) extended its acquisition streak by agreeing to buy Cidara Therapeutics (CDTX, $219,35, +112.51% over the last month) in a deal valued at roughly $9.2 billion, reinforcing its push into infectious disease and respiratory therapies and adding late‑stage assets that can move the revenue needle this decade. Johnson & Johnson (JNJ, $203.90, +4.07% over the last 5-days) added to the oncology M&A wave with a roughly $3 billion agreement to acquire privately held Halda, picking up a “hold‑and‑kill” targeted protein degradation platform aimed at difficult‑to‑treat cancers and signaling continued enthusiasm for novel oncology mechanisms. In earlier‑in‑the‑week oncology news still resonating with investors, Day One Biopharmaceuticals set a roughly $285 million deal to acquire Mersana Therapeutics , securing the B7‑H4‑targeted ADC emiltatug ledadotin and broadening its rare‑pediatric and solid‑tumor pipeline. Separately, Repare Therapeutics agreed to be acquired by nonprofit XenoTherapeutics in an arrangement that will transition its synthetic‑lethality oncology programs into a new structure, highlighting that not every biotech exit is flowing through the traditional big‑pharma channel. Abbott Laboratories (ABT) also headlines with its latest $21 billion cash deal to acquire Exact Sciences (EXAS $100.90, +50.93% over the last 5-days) a move that not only sends ripples through the diagnostics world but also gives Wall Street’s quants and humorists some fresh material for dinner party banter. Forget colonoscopies: the big story now is whether Abbott, having mastered everything from diabetes to infectious disease testing, can pull off its much-anticipated entrance into the $60 billion U.S. cancer screening arena—without tripping over the price tag or institutional egos. On the devices side, Solventum (SOLV, $82.90, +9.57% over the last 5-days) announced a definitive agreement to acquire Acera Surgical, adding a portfolio of bioengineered wound and soft‑tissue repair products that fit neatly into its post‑spin med‑tech focus and offer cross‑selling opportunities across its hospital customer base. In healthcare services and health‑IT, Switchboard Health’s acquisition of Conduce Health aimed to deepen its AI‑enabled specialty‑care referral and navigation platform, while CitiusTech’s purchase of Health Data Movers expanded its Epic‑, Workday‑ and ServiceNow‑related integration and analytics capabilities, reflecting ongoing consolidation among infrastructure providers behind the digital front door.

Commodities, crypto and cross‑asset mood

Gold ($4,062.80/oz) and silver ($49.66/oz) held onto their status as the “we’re nervous but not panicking” hedges of choice, with prices supported by lingering uncertainty around Fed policy, fiscal arithmetic, and geopolitics. Oil ($57.98/bbl) moved lower caught between supply discipline and demand worries and global growth concerns. Bitcoin once again auditioned for the role of “digital macro barometer,” staging sharp drop in the +7% range to $85,250 on Friday.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4442), 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, $6.21), 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, $.3920), 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, $1.16, +8.41% on Friday) and M2i Global, Inc. (MTWO, $.0999) 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, $3.99) 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, $34.64, +1.17% over the last 5-days) 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.

Nokia (NOK, $5.87) 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.

DoubleVerify (NYSE: DV $10.36, +1.57%), a leading software platform to verify media quality, optimize ad performance, and prove campaign outcomes, today released 2025 Global Insights: How Consumers and Marketers Use Walled Gardens – a comprehensive report that includes platform level insights and examines how social media continues to shape digital advertising, news consumption, and commerce.

The Sources

by Vista Partners LLC November 21, 2025

Nokia’s $4 Billion U.S. AI Investment: A Strategic Move for U.S. AI Leadership -( $NOK $NVDA $SPY )

Nokia (NOK) is swinging for the AI fences—and this time, the pitch is a $4 billion fastball aimed straight at America’s technological heartland. In a move that could make even Wall Street’s quants spit out their cold brew, the Finnish telecom stalwart announced its intention to supercharge U.S. research, development, and manufacturing threefold, with the express purpose of building “AI-ready” networks that may soon rival the plotlines of Silicon Valley’s best science fiction.

Investment Details: Heavy Hitter in R&D

Of the $4 billion war chest, Nokia plans to lavish $3.5 billion on U.S.-based research and development, with the balance devoted to capital expenditures and manufacturing in states like Texas, New Jersey, and Pennsylvania—presumably chosen for their catchiness in investor decks and, well, available real estate. Bell Labs, already famed for birthing the transistor, will play a starring role, suggesting that the next breakthrough may well occur in central Jersey (Wall Street’s favorite punchline).

A Strategic Play: AI, National Security, and Winning the “Race”

This ambitious play unfolds alongside a partnership with the Trump administration, with Commerce Secretary Howard Lutnick given the honor of declaring Nokia’s investment “another win for America”—because nothing says bipartisan progress like a Finnish corporation pumping billions into U.S. semiconductor manufacturing, AI-based connectivity, and next-generation networks. Security, productivity, and prosperity are all buzzwords in Nokia’s latest strategy, accompanied by the not-so-subtle hint that quantum-safe networks and AI-powered defense systems are high on the menu.

Strategic Rationale: Betting on the AI Supercycle

Nokia’s pivot isn’t just about keeping up with the Joneses (or the Samsungs and Ericssons); it’s about spearheading a “supercycle” of AI-fueled transformation—whether in mobile infrastructure, data centers, or defense connectivity. The company will reorganize into two main operating segments (Network Infrastructure and Mobile Infrastructure, for those taking notes) and launch a dedicated defense unit, positioning itself to serve nations seeking Western technology in lieu of Far Eastern imports.

Market Context: Tariffs, Technology, and the Trillion-Dollar Question

This move also follows Nokia’s recent profit warning linked to tariffs and a weakening dollar—where the cure, apparently, involves doubling down on American soil. In an industry where Uncle Sam lacks a true homegrown telecom champion, Nokia, Ericsson, and Samsung remain the only serious players. Chief Executive Justin Hotard, fresh off a stint at Intel, says the company’s focus is now on “countries that value Western technology”—a comment that may read both as market wisdom and not-so-subtle diplomatic advice.

A Final Dash of Humor

So as Nokia wheels in $4 billion, one suspects that the ghosts of Wall Street might finally upgrade their fiber optics—if only to ensure they can keep up with the punchlines (and profit margins) of tomorrow’s AI networks. After all, in the new race for digital dominance, it turns out the Finns are here to remind us: sometimes, you don’t need a Silicon Valley address to play the big-money game—just a good map, a pocketful of billions, and one very confident press release.

By the way, note that Nvidia (NVDA) has made a $1 billion equity investment that secured a 2.9% stake in Nokia recently…

The Sources

by Vista Partners LLC November 21, 2025

Why Systematic Funds Could Dump $40 Billion in Equities: Goldman’s Market Alarm Bomb – ( $GS $SPY $QQQ $DIA )

Goldman Sachs has sounded the alarm bells, projecting that nearly $40 billion could be offloaded by trend-following hedge funds in global equities next week, after the S&P 500 dipped beneath the closely watched 6,725 level and closed at 6,642 on Wednesday. For context, these funds aren’t just trend chasers—they’re the market’s very own fitness trackers, moving billions based on daily price steps, trading volume heartbeats, and volatility pulse rates. Apparently, when the S&P 500’s “step count” moves below a certain line, it triggers a mass exodus worthy of a stampede at a Black Friday sale.

Market Signals and Hedge Fund Calculus

Goldman’s note to clients, read with the intensity usually reserved for emergency instructions, suggests that if stocks continue to stumble, the selling could balloon to $65 billion globally. Before this recent sell-off signal, these trend-followers were long a healthy $150 billion in global equities—like marathon runners happily pounding the pavement just before spotting storm clouds at mile twenty. The last great herd crossing was in October, with an encore back in April when former President Trump lobbed tariff proposals onto the economic highway, causing similar GPS recalculations in hedge fund land.

Systematic Selling and Comedic Timing

Trend-following hedge funds operate with a rigor that would embarrass most home fitness apps: buy high, sell low, and always consult the algorithm before eating breakfast. The current scenario, as mapped out by Goldman’s high-speed computers, is dance-by-numbers for billions in risk capital. Their signals, derived from market heartbeats and price velocity, could leave anything from blue-chip icons to penny-stock dreamers feeling a little winded by week’s end.

Notable Ripples and Historical Echoes

Of course, history has its own sense of humor. The market’s intrigue with round-number thresholds is reminiscent of baseball’s obsession with batting averages and the public’s fascination with celebrity birthdays. Why 6,725? Why not 6,724 or a nice, even 6,700? If only trend algorithms would tip the press off about which numbers they favor, perhaps market commentators could finally take a day off.

And in a year notable for trillion-dollar buybacks and techno-rally runs, Goldman’s warning serves as gentle advice to keep those seat belts fastened—even if you’re in first class. Because in the theater of modern equities, every dip and rally is just another act, and this week promises all the drama of a well-executed hedge fund ballet.

The Sources…

[1] HEDGE FLOW Goldman projects $40 billion stock selling scenario over the next week https://www.reuters.com/business/hedge-flow-goldman-projects-40-billion-stock-selling-scenario-over-next-week-2025-11-20/
[2] Goldman Projects $40 Billion Stock Selling Scenario Over the Next Week https://money.usnews.com/investing/news/articles/2025-11-20/goldman-projects-40-billion-stock-selling-scenario-over-the-next-week
[3] Goldman Sachs: Expects $40 billion in stock sell-off next week. https://www.bitget.com/news/detail/12560605074516
[4] Corporate America Unleashes Record Share Buybacks: A Trillion-Dollar Bet on Shareholder Value https://markets.financialcontent.com/stocks/article/marketminute-2025-11-20-corporate-america-unleashes-record-share-buybacks-a-trillion-dollar-bet-on-shareholder-value
[5] Goldman Sachs : Supplement – C-032115 https://www.marketscreener.com/news/goldman-sachs-supplement-c-032115-ce7d5eded18aff2c
[6] Trend-Following Hedge Funds Prepare Massive Stock Sell-Off https://finimize.com/content/trend-following-hedge-funds-prepare-massive-stock-sell-off
[7] My Current View Of The SP 500 Index: November 2025 (Technical Analysis) https://seekingalpha.com/article/4836757-my-current-view-of-the-sp-500-index-november-2025-technical-analysis
[8] Insider Sale: Chief Financial Officer of $TEM Sells 4,988 Shares https://www.quiverquant.com/news/Insider+Sale:+Chief+Financial+Officer+of+$TEM+Sells+4,988+Shares
[9] U.S. Equities Market Attributes October 2025 | S&P Dow Jones Indices https://www.spglobal.com/spdji/en/commentary/article/us-equities-market-attributes/
[10] These Hedge Funds Make Billions: Here’s What They’re Buying Now https://www.tikr.com/blog/these-hedge-funds-make-billions-heres-what-theyre-buying-now
[11] Goldman Sachs: Stock Sell-off Expected to Reach $40 Billion Next … https://lookonchain.com/feeds/37869
[12] Stock Market News, Nov. 20, 2025: Stock-Market Rebound Evaporates as AI Fears Resurface https://www.wsj.com/livecoverage/jobs-report-bls-september-stock-market-today-11-20-2025
[13] Top Fed official warns on risk hedge funds pose to $30tn Treasury market https://www.ft.com/content/754ef60f-bbbb-496c-9548-04cde2930730
[14] [Bitpush Daily News Highlights] Goldman Sachs: Stock sell-off expected to reach $40 billion next week; Jefferies report: Tether’s gold reserves reach 116 tons, making it one of the world’s largest non-sovereign gold holders; TechCrunch: Prediction market Kals https://www.bitget.com/news/detail/12560605074848
[15] Stocks close higher, snapping losing streak as Nvidia rebounds ahead of earnings report https://www.cnbc.com/2025/11/18/stock-market-today-live-updates.html
[16] Hedge Fund Indices, Databases and Performance Reports | HFR® https://www.hfr.com
[17] Goldman Sachs unveils stock market forecast through 2035 https://finance.yahoo.com/news/goldman-sachs-unveils-stock-market-170300483.html
[18] In the Rear View: How Did Our 2025 Themes Pan Out? https://www.jpmorgan.com/insights/markets-and-economy/top-market-takeaways/tmt-in-the-rear-view-how-did-our-2025-themes-pan-out
[19] HEDGE FLOW Funds cut consumer stocks to global pandemic lows, Goldman data shows https://www.reuters.com/business/finance/hedge-flow-funds-cut-consumer-stocks-global-pandemic-lows-goldman-data-shows-2025-11-10/
[20] November 2025 Stock Market Outlook: Where We See Investment Opportunities https://www.morningstar.com/stocks/november-2025-stock-market-outlook-where-we-see-investment-opportunities

The 8,000 club

AI, easy money and the K‑shaped catch

Targets as mood rings

The punchline for investors

The Sources

Macroeconomic and policy backdrop

Fed, yields and the curve

Commodities, Crypto, M&A

Big‑cap and thematic names

Sector standouts and stock‑specific notes

High‑beta and next‑gen names

VP Watchlist Updates

Sources

Economic Data and Policy

Fed, Yields, and Tariffs

Commodities and Crypto

Mega‑Cap Tech and AI

Cyclicals, Housing, and M&A

VP Watchlist Updates

A gene therapy grows up

The $2.59 million question

Market share, meet motor neurons

Neurology’s proof‑of‑concept moment

Sources

A new Beltway company town

From cloud wars to capacity wars

Government missions, private rails

The AI bubble with a federal backstop

Sources

Macroeconomic data

Fed, yields and tariffs

Washington and shutdown chatter

Nvidia (NVDA)

Alphabet (GOOG/GOOGL)

Apple, Tesla, Broadcom, Intel and peers

Eli Lilly (LLY)

M&A

Commodities: gold, silver, oil

Crypto and Bitcoin

VP Watchlist Updates

The Sources

ARK’s Tactical Move

Nvidia’s Dance with Volatility

Digging Deeper: CoreWeave and the Nvidia Ecosystem

Punchline: AI, ARK, and a Touch of Irony

Could Nokia Be Next?

Sources

Fed, yields, tariffs and shutdown

AI darlings and mega caps

Health care, chips and global cyclicals

Telecoms, consumer and materials names

High-beta stories: AI platforms, nuclear and housing

Healthy Deals

Commodities, crypto and cross‑asset mood

VP Watchlist Updates

The Sources

Investment Details: Heavy Hitter in R&D

A Strategic Play: AI, National Security, and Winning the “Race”

Strategic Rationale: Betting on the AI Supercycle

Market Context: Tariffs, Technology, and the Trillion-Dollar Question

A Final Dash of Humor

The Sources

Market Signals and Hedge Fund Calculus

Systematic Selling and Comedic Timing

Notable Ripples and Historical Echoes

The Sources…

Your Guide To Staying Informed In The Markets