All Posts

by Vista Partners LLC December 2, 2025

Cold, Tule Fog and King Tides: Why Bay Area Weather Feels Extra Strange & How San Francisco Beat 1922’s “Record Cold High Mark”

San Francisco just notched the kind of record that makes locals reach for another layer of Patagonia: the coldest Nov. 30 high in 103 years, courtesy of a stubborn Tule fog bank that turned the Bay Area into a refrigerated terrarium while much of California froze.

A century-old chill

On Sunday, downtown San Francisco managed a high of only 50 degrees, slipping past the previous Nov. 30 “cold high” mark of 51 set in 1922, back when the Golden Gate Bridge was still a gleam in an engineer’s eye. Meteorologists say a saturated lower atmosphere, primed by a wet October and November, helped trap moisture and cool air near the surface, locking in the chill.

Tule fog takes center stage

The star of the show is Tule fog, the dense Central Valley variety that usually keeps to farm fields and freeways but has spent days spilling into Bay Area counties under a persistent high-pressure ridge to the west and lower pressure to the east. Think of it as a 400-mile-long low cloud deck: great for moody sunrise photos, less great for anyone hoping the sun might actually show up before lunch.

From Spare the Air to spare the pipes

The same stagnant pattern that chilled San Francisco also forced the Bay Area Air District to issue a Spare the Air alert over Thanksgiving, as the fog and light winds bottled up surface pollution and briefly turned fireplaces into contraband. Farther south, the National Weather Service tacked on a freeze warning for parts of Southern California, including Death Valley, with temperatures expected to dip near 30 degrees and threaten crops and uninsulated plumbing—an unusual alignment of frost and desert branding.

Offshore winds and king tides on deck

Relief, such as it is, arrives via an “inside slider” system: a cold, dry low dropping through the Great Basin that will flip the pattern to gusty offshore winds of 30 to 45 miles per hour in higher Bay Area elevations, with stronger bursts on the tallest peaks. Those winds should scour out the boundary layer and thin the fog for several nights, even as localized pockets linger in spots like the Russian River Valley.

At the shoreline, the script tilts from gray to dramatic as 10- to 14-foot breakers and long-period swells pound the coast, raising the risk of sneaker waves while a beach hazards statement remains in effect. Layered on top: king tides arriving Tuesday through Sunday, expected to push water levels roughly a foot or more above normal and trigger minor coastal flooding in low-lying neighborhoods during morning highs—nature’s reminder that sea-level rise dress rehearsals don’t require rain.

A quiet, warmer epilogue—maybe

Beyond this week’s fog, frost and photogenic surf, federal outlooks hint at a gradual warming trend as December unfolds, even as forecasters keep half an eye on models suggesting a possible pattern shift later in the month. For now, the Bay Area’s forecast reads like a meteorological paradox: cold records, freeze warnings and flood advisories all wrapped inside an otherwise quiet, dry pattern—just another week in a state where even the weather insists on multitasking.

The Sources…

by Vista Partners LLC December 1, 2025

Santa Rally Stuck In Traffic To Begin December While Gold and Silver Run -( $AAPL $DV $INTG $MODD $NOK $NVDA $RIO $SNPS Rise!)

Wall Street opened December in a distinctly un-festive mood, with the Santa rally stuck in traffic behind tariffs, Bitcoin, and a still-wonky macro tape. The Dow slid roughly 0.9%, the S&P 500 lost about 0.5%, the Nasdaq eased 0.4%, and small caps in the Russell 2000 lagged ( off 1.25%) yet again as investors rotated gingerly out of the year’s high‑beta darlings and into something that looks vaguely like caution. In sum, the first trading day of December delivered a gentle reminder that after a seven‑month winning streak, even bull markets need to stop for breath—and occasionally to check whether the tariff bill, the next rate cut, and Bitcoin’s latest mood swing have arrived in the mail.

Macro and policy backdrop

The ISM manufacturing index stayed in contraction for a ninth straight month, with survey respondents blaming weak orders, higher input costs from tariffs, and lingering disruptions from this year’s 43‑day federal shutdown. A separate rundown of recent data shows softer retail sales and weaker consumer confidence, reinforcing expectations (Now approx. 85%) that the Fed will cut rates again at its December 9–10 FOMC meeting, following October’s 25‑basis‑point move that took the funds rate to a 3.75%–4% range.

Tariffs remain both economic headwind and political calling card: new commentary highlighted how elevated import levies are weighing on manufacturing while the administration continues to tout “tariff stimulus” and to defend its broader tariff‑heavy strategy. There was at least one patch of détente, as the US and UK agreed to move to zero tariffs on pharmaceuticals, a modest but symbolically important step toward lowering costs in a politically sensitive sector.

Rates, curve, and shutdown afterglow

Treasury markets reflected the tug‑of‑war between weak data and “one more cut” optimism, with 10‑year yields edging slightly higher on the day to 4,094% and the 2yr. moved up to 3.543% even as futures markets priced in a high probability of a December rate cut. The curve remains compressed rather than deeply inverted, signaling a market that sees slowing growth but not an imminent collapse given that the worst of the shutdown shock is now in the rear‑view mirror. The earlier government closure shaved billions from output and created a “data fog” for policymakers, but current commentary suggests little appetite in Washington for another funding standoff anytime soon.

Commodities and crypto

Gold extended its remarkable run, trading around 4,272.80 dollars an ounce, up about half a percent on the day and more than 60% year‑to‑date as investors continue to treat it as the safer AI trade. Silver joined the move higher, buoyed by the same lower‑rate expectations and industrial demand narrative closing at $58.49/oz, up 2.33%. Oil prices climbed as well to $59.45/bbl, helped by growing conviction that an easier Fed and steady demand could tighten balances into 2026. Bitcoin, by contrast, spent the day in the penalty box, trading below 87,000 dollars after a deeper slump that has left it modestly negative for the year, a sharp reversal from its early‑2025 leadership.

Big AI, chips, and megacaps

The high‑profile AI complex saw Nvidia (NVDA) move up 1.66% to $179.9. Note that Nvidia’s latest (today) multibillion‑dollar bet isn’t on another data center, but on the software that tells everyone else how to build the chips that feed those data centers. The GPU king announce ed that it is putting $2 billion into Synopsys (SNPS) and wrapping it in a multi‑year partnership that essentially says: if you’re designing silicon – or almost any complex system – you’ll be doing it on Nvidia’s rails. Broadcom (AVGO) traded $4.19% lower to $368.08 following a mix of cautious and bullish analyst chatter. By the way, one brokerage reiterated a sell on Nvidia citing rising competition, while others raised price targets on both names, arguing that data‑center AI demand still supports substantial growth. Apple rose 1.52% to $283.10 as “overweight” commentary from a major firm surfaced pointing to healthy iPhone lead times through the holiday season. Tesla likewise softened by .01% to $430.14 as the market waits for concrete updates on robotaxis, lower‑cost models, and the much‑teased humanoid bot, with sentiment still positive but less forgiving after a torrid run.

Meta slipped 1.09% to $640.87 in sympathy with the rest of the mega‑cap tech cohort despite remaining a core name in most AI and advertising recovery baskets. Intel (INTC), one of 2025’s comeback stories thanks to new foundry deals and speculation about additional marquee customers, was more resilient after a recent run that has already seen the stock double this year but closed 1.36% to $40.01. Oracle (ORCL), which has been swept up in the AI‑infrastructure trade thanks to high‑profile cloud and data‑center announcements, also traded .50% lower to $200.94 as investors rotated out of richly valued AI beneficiaries for the day.

Healthcare, industrials, and other single‑stock stories

Eli Lilly, now firmly ensconced in the trillion‑dollar club, traded 1.63% lower to $1,057.89 after announcing cuts to cash prices for vials of its blockbuster obesity drug Zepbound on its direct‑to‑consumer channel, a headline that pleased policymakers and patients more than short‑term margin purists. The move comes on the heels of blowout earnings, surging GLP‑1 demand, and a valuation that even some bulls now describe as exuberant.

McDonald’s, long a beneficiary of both pricing power and value‑seeking consumers, moved 2.06% lower to $303.57 with the broader Dow but remains a poster child for how stable cash flows and an AI‑enhanced drive‑thru can still command a premium multiple. Nokia (NOK), once again reinventing itself around networks and licensing rather than handsets, traded .66% higher to $6.12 and is up +45.71% over the last year. Rio Tinto (RIO, $71.97, +.03%) moved in line with global cyclicals, with sentiment tethered to the same growth and China‑sensitive forces that are haunting the ISM survey.

OKLO, Palantir, Opendoor and the speculative fringe

Oklo, the fast‑rising small modular reactor name tethered to the AI energy story, had a volatile session after last week’s surge, with intraday swings between the mid‑80s and around 90 dollars and pressure from news of insider selling offset by fresh institutional interest and closed at $87.36, -4.40%. The stock remains up several hundred percent year‑to‑date and trades at elevated multiples, leaving little room for engineering delays or regulatory hiccups.

Palantir (PLTR, $167.49, -.57%) eased as well, extending a pullback that has taken the shares nearly 20% below their early‑November highs after a year in which they still more than doubled on the back of defense demand and AI‑driven enterprise analytics wins. Opendoor (OPEN), tightly linked to housing liquidity and rates, reflected the same push‑and‑pull: optimism about further Fed cuts versus the reality of a still‑constrained transaction market and closed at $7.14, -7.27%. In all three cases, 2025’s story remains the same: magnificent narratives, but price targets now move in basis points of Fed guidance.

Tariffs, trade, and Washington noise

Beyond the pharma truce with the UK, tariffs stayed front‑and‑center as a structural headwind, with manufacturers flagging higher input costs and weaker sales tied directly to recent rounds of levies. A fresh political push framed those same tariffs as the engine for potential “tariff stimulus” payments, underscoring how trade policy has become both fiscal tool and campaign slogan. With new hearings underway on key trade agreements, markets are bracing for more headline risk as businesses, unions, and foreign partners lobby for targeted exemptions and longer transition periods.

IPOs, M&A, and deal flow

The new‑issue calendar remains active but not frothy, with this week’s lineup featuring mostly small‑cap and SPAC‑like deals on the NYSE and Nasdaq rather than marquee tech listings. Names on tap include several international consumer and services issuers, a gaming operator, and a biotech, alongside a blank‑check vehicle raising roughly 300 million dollars. The absence of a flagship growth IPO this week underscores how much of 2025’s risk appetite has expressed itself instead through secondary trading in AI and energy stories like Nvidia, Oklo, and Palantir.

On the M&A front, Monday’s tape lacked a single transformational mega‑deal, with most of the action confined to secondary block trades and portfolio rebalancing rather than strategic buyouts. That said, ongoing talk of AI‑related partnerships and infrastructure joint ventures continues to blur the line between organic growth and deal‑driven expansion, especially across semis, cloud, and defense‑tech.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.42, +4.97%), 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, $5.97), 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, $.3764), 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, $1.22) and M2i Global, Inc. (MTWO, $.0949), 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, $3.90) 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 e96xhausted standard oral therapies.

The InterGroup Corporation (NASDAQ: INTG, $31.31,+.92%) 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, $6.12, +.66%) 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, $7.14) 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 $10.66, +1.14%. 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

by Vista Partners LLC December 1, 2025

From Encrypted Battlefields to Gallium Mines: How Nokia, Senetas, M2i Global and Volato Reinvent Security -( $NOK $MTWO $SOAR )

Nokia’s (NOK) latest partnership is less about handsets and more about hardening the digital nervous system of modern defense—and it arrives just as another corner of the market scrambles to secure the metals that make those networks possible.

Quantum-safe goes mission critical

In late November, Australian defense cyber firm Senetas and Nokia unveiled a strategic alliance aimed squarely at governments and militaries that now treat gigabits as ordnance. The duo is fusing Senetas’ certified, quantum‑resistant network encryption with Nokia’s mission‑critical IP and optical platforms, promising end‑to‑end protection from core data centers all the way out to tactical edge gear in the field.

The pitch is straightforward: as Asia‑Pacific nations and other U.S. allies pour money into sovereign defense and critical infrastructure, they want hardware and software built in “friendly” jurisdictions, certified to the alphabet soup of FIPS, Common Criteria and similar standards. In practice, that means Nokia’s existing Defence‑in‑Depth architecture now comes pre‑loaded with Senetas’ quantum‑safe encryption so that militaries can push high‑speed video, sensor feeds and command data without handing hostile actors a man‑in‑the‑middle invitation.

From submarines to sovereign clouds

Senetas has spent years selling high‑assurance encryption into defense, government and critical infrastructure networks in more than 60 countries, with products hardened for everything from submarine cables to airborne platforms. Nokia, for its part, brings a sprawling portfolio of fixed, mobile and transport networks—underpinned by Bell Labs R&D—that already undergirds a large share of global critical communications.

The alliance is calibrated for a world where “mission‑critical” now spans fiber rings around military bases, ISR drones streaming HD video, and sovereign cloud environments that must stay online even when geopolitics does not. By jointly marketing to defense and government buyers, the companies are effectively offering a one‑throat‑to‑choke proposition: one stack, one certification path, and fewer excuses if packets go missing in action.

Cyber armor meets metal backbone

There is, however, an unspoken assumption hiding inside every quantum‑safe, mission‑critical press release: that the chips inside those routers and encryptors will actually show up. The same governments demanding sovereign, trusted networks are also scrambling to secure the critical minerals—gallium, rare earths and battery metals—that underpin semiconductors, power systems and advanced sensors.

That is where smaller players like M2i Global and Volato have begun to quietly redraw the map. While Nokia and Senetas work on sealing off attack vectors in the logical realm, M2i and Volato are trying to make sure the physical supply chain—the ores, refined metals and recycled feedstock—isn’t controlled by the very adversaries those encrypted networks are meant to deter.

M2i Global: plumbing the mineral stack

M2i Global, traded over‑the‑counter as MTWO, has positioned itself as a vertically integrated critical‑minerals house, focused on building a complete value chain for strategic metals serving the U.S. government and its free‑trade partners. The company’s mandate spans revitalizing domestic mines, advanced industrial recycling and the build‑out of a Critical Minerals Reserve designed to buffer the U.S. against foreign supply shocks.

Beyond mining, M2i is leaning heavily into technology, using research‑driven recycling to turn industrial waste and end‑of‑life batteries into high‑purity inputs for high‑end manufacturing. Recent collaborations, such as work with Nimy Resources to secure gallium supplies for defense and advanced electronics, highlight how the firm is threading itself directly into the semiconductor and defense industrial base.

Volato: jets, software and strategic ore

Volato Group, better known on the NYSE American as SOAR for its premium private‑aviation services, has recently executed a sharp turn into the $300‑plus‑billion critical minerals market via a definitive agreement to acquire M2i Global. The strategy hinges on pairing Volato’s aviation logistics and enterprise software capabilities with M2i’s mineral expertise to support the Critical Minerals Reserve (CMR) initiative.

Under joint announcements this year, M2i crafted the CMR framework while Volato’s software teams are now building the secure digital backbone for traceability, contracting and compliance across the critical‑minerals chain, leveraging experience from its Vaunt platform and real‑time fleet tracking. In effect, Volato aims to apply the rigor of FAA‑grade safety and compliance to “mine‑to‑manufacturer” minerals logistics, aligning with policy pushes to reduce reliance on China‑centric supply chains.

When bits need atoms to be brave

Taken together, Senetas and Nokia are building the cryptographic moat around national networks, while M2i and Volato are quietly pouring the concrete for the moat’s foundation in the form of reliable, domestic access to the metals that power defense‑grade hardware. One side ensures that mission‑critical packets remain confidential and intact; the other works to guarantee that the routers, satellites and smart munitions do not stall for lack of gallium, rare earths or recycled battery metals.

In an era where quantum‑safe encryption headlines and critical‑minerals policy papers share the same briefing folders, the market is discovering that secure communications and secure commodities are two halves of the same national‑security trade. For investors, that means the story does not end at the data center door: it extends down the fiber, through the fab and all the way back to the ore body—and, increasingly, to small‑cap names like MTWO and SOAR that are learning to turn rocks and flight plans into strategic leverage.

Sources

[1] Senetas and Nokia Announce Strategic Alliance to Secure Mission … https://finance.yahoo.com/news/senetas-nokia-announce-strategic-alliance-232500458.html
[2] M2i Global (MTWO) Stock Price & Overview https://stockanalysis.com/quote/otc/MTWO/
[3] Nokia Oyj (NOKIA-SEK.ST) Latest Stock News & Headlines https://finance.yahoo.com/quote/NOKIA-SEK.ST/news/
[4] Nokia Oyj (NOKIA.PR) Stock Price, News, Quote & History https://finance.yahoo.com/quote/NOKIA.PR/
[5] Senetas Corporation Limited (SEN.AX) Stock Price, News, Quote … https://finance.yahoo.com/quote/SEN.AX/
[6] Senetas and Nokia Announce Strategic Alliance to – SwingTradeBot https://swingtradebot.com/news-articles/22302650-senetas-nokia-announce-strategic-alliance-secure
[7] Nokia Oyj (NOK) Stock Price, News, Quote & History – Yahoo Finance https://finance.yahoo.com/quote/NOK/
[8] M2i Global, Inc. (OTCQB:MTWO) – LinkedIn https://www.linkedin.com/company/m2i-global
[9] Volato Group (SOAR): A High-Conviction Play on Critical Minerals + … https://www.ainvest.com/news/volato-group-soar-high-conviction-play-critical-minerals-aviation-synergy-2510/
[10] Invest in M2i Stock – M2i-Global https://invest.m2i.global
[11] Volato and M2i Global Advance Development of Strategic Mineral … https://ir.flyvolato.com/news-events/press-releases/detail/114/volato-and-m2i-global-advance-development-of-strategic-mineral-reserve-digital-infrastructure
[12] M2i Global and Volato Group Announce MOU with Nimy Resources … https://www.nasdaq.com/press-release/m2i-global-and-volato-group-announce-mou-nimy-resources-access-gallium-western
[13] M2i Global: Securing the Future of Energy with Critical Minerals … https://www.m2i.global
[14] Volato Enters $320 Billion Critical Minerals Market with Execution of … https://ir.flyvolato.com/news-events/press-releases/detail/101/volato-enters-320-billion-critical-minerals-market-with-execution-of-definitive-agreement-to-acquire-m2i-global
[15] Volato Group’s Proposed Acquisition Under Definitive Agreement … https://ir.flyvolato.com/news-events/press-releases/detail/106/volato-groups-proposed-acquisition-under-definitive-agreement-m2i-global-to-participate-at-nevada-strategic-growth-initiatives-lithium-strategic-minerals-forum-on-september-18-19-2025
[16] Nokia Oyj (NOK) Latest Press Releases & Corporate News https://finance.yahoo.com/quote/NOK/press-releases/
[17] Volato Group’s Proposed Acquisition Under Definitive Agreement … https://ir.flyvolato.com/news-events/press-releases/detail/104/volato-groups-proposed-acquisition-under-definitive-agreement-m2i-global-launches-initiative-to-build-nations-first-strategic-minerals-reserve
[18] Nokia Oyj (NOKIA.HE) Stock Price, News, Quote & History https://finance.yahoo.com/quote/NOKIA.HE/
[19] Nokia Oyj (NOKIA.PA) Stock Price, News, Quote & History https://finance.yahoo.com/quote/NOKIA.PA/
[20] M2i Global, Inc. (MTWO) Stock Price, News, Quote & History https://finance.yahoo.com/quote/MTWO/

by Vista Partners LLC December 1, 2025

Nvidia Buys the Mapmakers: $2 Billion Synopsys Stake and $1 Billion Nokia Bet Redraw Its AI Power Grid -( $NVDA $NOK $SNPS )

Nvidia’s (NVDA) latest multibillion‑dollar bet isn’t on another data center, but on the software that tells everyone else how to build the chips that feed those data centers. The GPU king is putting $2 billion into Synopsys (SNPS) and wrapping it in a multi‑year partnership that essentially says: if you’re designing silicon – or almost any complex system – you’ll be doing it on Nvidia’s rails.

What actually happened

Nvidia is buying $2 billion of Synopsys stock, at just over $414 a share, as part of an expanded strategic tie‑up.
The deal takes an already close relationship and formalizes it into a multi‑year collaboration covering chip design, physics‑heavy simulation, and broader “engineering and design” workloads.
Crucially, the partnership is non‑exclusive, leaving both firms free to keep working with rival chipmakers and EDA providers, a reminder that even in the age of AI moats, everyone still needs an open ecosystem.

The engineering moonshot

The pitch is simple: move the computational heart of engineering from CPU farms to Nvidia GPUs, then let AI agents do more of the grunt work. Synopsys plans to accelerate a broad swath of its portfolio – from electronic design automation and physical verification to molecular and optical simulations – using Nvidia’s CUDA‑X libraries and AI‑physics tooling.

On top of that, the duo want to turn “agentic AI” from buzzword into billable feature. Synopsys’ AgentEngineer will plug into Nvidia’s AI stack – including NeMo tools, NIM microservices and foundation models – to create autonomous workflows that don’t just suggest design tweaks but actually iterate through design, simulation and analysis themselves. In theory, the engineer becomes more portfolio manager than line‑item modeler, watching AI agents juggle layouts, constraints and corner cases at machine speed.

Digital twins and virtual labs

The partnership also leans hard into industrial‑scale digital twins. Using platforms like Nvidia Omniverse and Cosmos, the companies plan to offer high‑fidelity virtual versions of everything from chips and robots to airplanes, factories and energy systems. Those twins would let customers design, test and validate products in silico long before they risk metal, wafers or wind‑tunnel time in the real world.

That ambition reaches beyond semiconductors into automotive, aerospace, industrial automation, healthcare and more, effectively turning Nvidia‑powered simulation into a horizontal infrastructure layer for “how things get built.” Cloud‑ready offerings are part of the pitch, giving smaller engineering teams access to the same GPU‑accelerated toolchains without owning a warehouse full of hardware.

Strategy, stakes and a wider pattern

On Nvidia’s side, the move deepens its grip on the upstream of the AI value chain: not just running trained models, but shaping the tools that design the chips those models run on. Synopsys, meanwhile, secures both capital and a marquee hardware ally as AI begins to reshape the EDA business it dominates. Early market reaction has been approving, with Synopsys shares jumping and Nvidia ticking higher as investors priced in faster growth from AI‑enhanced design workflows.

Perhaps the most telling detail is what the partnership is not: it’s not a closed shop. Both companies emphasize that they will keep working with the broader semiconductor and EDA ecosystem, an acknowledgment that even the most vertically ambitious AI powerhouse still needs its would‑be competitors to feel welcome on the platform. It also fits a broader pattern in which Nvidia is sprinkling equity across its strategic map, including a recent $1 billion investment for roughly a 2.9% stake in Nokia (NOK) to push AI‑native 5G and 6G networks – a reminder that Jensen Huang is now quietly buying into the pipes, the blueprints, and even the radio towers that will carry the next wave of AI traffic.

The Sources

by Vista Partners LLC December 1, 2025

Bargain Bins and Big Tech: Dollar Stores, Salesforce and CrowdStrike Headline Earnings -( $CRM $CRWD $DG $DLTR $FIVE )

Wall Street’s earnings caravan may be nearing the city limits, but there’s still one last strip mall to visit before the season officially shutters for the holidays. This week’s marquee acts: three bargain empires—Dollar Tree, Dollar General, and Five Below—sharing the consumer check-out line with Salesforce and CrowdStrike, two tech names that increasingly double as sentiment indicators for everything from AI budgets to cyber risk appetite.

Dollar stores, deluxe macro signal

The dollar-store cohort has become a de facto readout on the health of the “strained but still swiping” U.S. consumer. Analysts are watching Dollar Tree and Dollar General to see whether trade-down trends are still strong, and whether traffic gains can keep pace with the hit from higher shrink and wage bills. A solid week from the group would reinforce the narrative that lower- and middle-income shoppers are stretching paychecks through value channels rather than closing their wallets altogether.

Five Below adds a twist to the script, straddling the line between true discounter and teen-focused impulse bazaar. Its upcoming report is expected to show healthy revenue growth, but with pressure on earnings per share as the chain invests in new stores and navigates a more promotional environment. A meaningful top-line beat paired with softer margins would fit neatly into the broader retail theme of “sales are fine, profitability is doing the heavy lifting.”

Salesforce: AI, agents, and expectations

On the tech side, Salesforce steps up midweek with what amounts to a status check on the corporate software wallet. Street forecasts call for high single-digit revenue growth and a high-teens gain in earnings per share, with particular attention on how AI products and its Agentforce strategy are translating into billings and guidance. Options pricing implies investors are braced for a sizable move in the stock, suggesting expectations are finely balanced between “AI hero” and “macro collateral damage.”

Beyond the numbers, investors will parse every comment on enterprise demand, cloud budgets, and the integration of recent deals, all of which feed into the broader debate on whether AI is adding incremental dollars or just being shuffled within existing IT lines. In a market where AI acronyms often move more quickly than cash flows, Salesforce’s tone on renewals and new logos may matter as much as the headline EPS print.

CrowdStrike and the cost of paranoia

If Salesforce measures enthusiasm for AI, CrowdStrike is this week’s barometer for the cost of corporate paranoia. The cybersecurity firm is coming off a string of quarters with revenue growth north of 20% and consistent earnings beats, cementing its status as one of the cleaner secular-growth stories in large-cap software. Consensus still bakes in robust EPS expansion over the coming year, leaving little room for a misstep on net new ARR or margin trajectory.

With geopolitical risk high and attack surfaces expanding, security spend has been one of the few IT line items that CIOs are reluctant to trim, a dynamic investors will want confirmed in commentary on renewals and platform consolidation. Any hint that deals are slipping or budgets are tightening could reverberate well beyond one ticker, given CrowdStrike’s role as a poster child for “must-have” software in a market increasingly asking which growth names are merely “nice-to-have.”

What this week is really about

Taken together, the week offers something close to a mini stress test of the U.S. economy: dollar stores for the paycheck-to-paycheck reality, Salesforce for AI-powered corporate ambition, and CrowdStrike for the non-negotiable cost of keeping it all online. Investors will be less focused on whether earnings season is “over” and more on whether these late reporters confirm the soft-landing narrative or hint at a consumer and corporate sector quietly trading down—on goods, on software, and perhaps, on valuations.

The Sources

[1] Salesforce, Marvell Technology, Dollar General, Ulta Beauty, and … https://www.barrons.com/articles/salesforce-marvell-technology-dollar-general-ulta-beauty-and-more-stocks-to-watch-this-week-c660c7b4
[2] Labor Market Data; Earnings from Salesforce, CrowdStrike, and More https://finance.yahoo.com/news/expect-markets-week-cyber-monday-100000606.html
[3] Dollar Stores Cash In As Shoppers Seek Bargains At Dollar General … https://www.itiger.com/news/2541088195
[4] Earnings Insights 3Q24, Week 7: Dollar Stores and Kroger See Growth https://coresight.com/research/earnings-insights-3q24-week-7-comp-sales-growth-for-dollar-general-dollar-tree-kroger-and-more/
[5] Top Dollar Store Stocks to Watch According to WarrenAI: Five Below … https://www.investing.com/news/stock-market-news/top-dollar-store-stocks-to-watch-according-to-warrenai-five-below-leads-the-pack-93CH-4376091
[6] Dollar Tree Set to Report Q3 Earnings: What Surprise Awaits … https://www.nasdaq.com/articles/dollar-tree-set-report-q3-earnings-what-surprise-awaits-investors
[7] The Week Ahead: US ISM, ADP data; Salesforce earnings https://www.cmcmarkets.com/en-nz/market-news/the-week-ahead-us-ism-adp-data-salesforce-earnings
[8] Why Salesforce Q3 Earnings Will Be a Tipping Point for Agentforce https://www.salesforceben.com/why-salesforce-q3-earnings-will-be-a-tipping-point-for-agentforce/
[9] Salesforce, Inc. Common Stock (CRM) Earnings Report Date | Nasdaq https://www.nasdaq.com/market-activity/stocks/crm/earnings
[10] Salesforce earnings, September PCE, auto sales: What to Watch https://finance.yahoo.com/video/salesforce-earnings-september-pce-auto-220012170.html
[11] Unpacking Q2 Earnings: CrowdStrike (NASDAQ:CRWD) In The … https://finance.yahoo.com/news/unpacking-q2-earnings-crowdstrike-nasdaq-033745549.html
[12] CrowdStrike (CRWD) Earnings Date and Reports 2025 – MarketBeat https://www.marketbeat.com/stocks/NASDAQ/CRWD/earnings/
[13] CrowdStrike Holdings (CRWD) Earnings Dates & Reports https://www.investing.com/equities/crowdstrike-holdings-inc-earnings
[14] CrowdStrike Holdings, Inc. Class A Common Stock (CRWD) Earnings https://www.nasdaq.com/market-activity/stocks/crwd/earnings
[15] Wall Street Brunch: Plenty Of Earnings To Kick Off December https://seekingalpha.com/article/4848830-wall-street-brunch-plenty-of-earnings-to-kick-off-december
[16] Investors : Dollar Tree, Inc. (DLTR) https://corporate.dollartree.com/investors
[17] Dollar Tree, Inc. Reports Results for the Second Quarter Fiscal 2025 https://corporate.dollartree.com/news-media/press-releases/detail/292/dollar-tree-inc-reports-results-for-the-second-quarter
[18] Five Below, Inc. (FIVE) Stock Price, News, Quote & History https://finance.yahoo.com/quote/FIVE/
[19] What date does CrowdStrike’s (CRWD) report Earnings https://www.zacks.com/stock/research/CRWD/earnings-calendar
[20] DG v. DLTR v. FIVE: Retailer Trade Down “Really Strong” – YouTube https://www.youtube.com/watch?v=x_egd7GZki8

by Vista Partners LLC November 29, 2025

AI Boom Drives Record Double-Digit Jump in Global IT Spending In 2025 -( $AMZN $GOOG $META $MSFT $NVDA $WMT )

Global IT spending is on track to jump about 11% in 2025, driven by a corporate AI binge that has turned data centers into gold mines and turned every software vendor into a “generative AI” shop, according to Gartner and IDC forecasts that now look like understated first drafts of a tech boom.

The AI Spending Surge

Gartner now expects worldwide IT spending to hit roughly $5.5 trillion in 2025, up about 10–11% from 2024, with the strongest growth in data center systems, software, and devices. The driver is clear: artificial intelligence, especially generative AI, which is pulling forward demand for servers, cloud capacity, and AI-optimized PCs and smartphones. IDC’s Stephen Minton calls this “the strongest IT spending growth since 1996,” a period when every CFO suddenly remembered that IT was a thing worth funding.

Spending on data center systems (servers, storage, and networking gear) is up sharply, with Gartner forecasting 42% growth in that segment for 2025 alone, as companies race to build or lease AI-ready infrastructure. The hyperscalers—Alphabet, Amazon, Meta, and Microsoft—are leading the charge, accounting for roughly two‑thirds of global AI server spending, according to Gartner. For chipmakers like Nvidia , this has turned the data center into a “fantastically expensive” but very profitable line of business, with AI-optimized servers selling as fast as they can be built.

Software Gets an AI Markup

On the software side, vendors are quietly (and sometimes not so quietly) hiking prices to reflect the new “AI tax” baked into their products. Enterprise software companies, from CRM to ERP to analytics suites, are rushing to add generative AI features and then charging more for them, turning what was once a cost center into a growth engine. Gartner expects software spending to grow around 15% in 2026, with AI application software alone more than tripling in two years as companies pay for AI-enhanced productivity tools.

John-David Lovelock, a distinguished VP analyst at Gartner, puts it bluntly: “It will be an extinction-level event for software not to have generative AI feature functionality in their product”. That sentiment has turned every mid-tier software vendor into an AI shop overnight, and it’s why IT budgets are now being reallocated from “keeping the lights on” to “keeping the GPUs humming”.

Devices and the AI Hardware Rush

The AI wave is also lifting device sales, with smartphones and PCs seeing stronger-than-expected demand as businesses and consumers upgrade to AI-enabled models. Gartner notes that the availability of AI devices has boosted overall device spending by more than $30 billion in 2025, with mobile phones leading the surge. However, that pull-forward effect means growth will moderate in 2026, as the initial rush to buy AI PCs and phones subsides.

Meanwhile, the data center boom continues, with Gartner forecasting 19% growth in data center systems spending in 2026 as companies expand their AI-ready infrastructure. Supply constraints on high-end GPUs and AI accelerators remain a bottleneck, but the appetite for capacity is undimmed, especially among cloud providers and large enterprises that see AI as a competitive necessity, not just a nice-to-have.

The Circular Economy of AI Spending

There is, of course, a circularity to all this: AI spending is helping lift the broader economy, which in turn boosts business confidence and justifies more IT and AI investment. That virtuous cycle has made AI tools, software, and security among the categories most immune to budget cuts, even as some executives express anxiety about the pace of spending.

Analysts at IDC and Gartner stress that while this level of growth is not sustainable forever, there are few signs of a bubble about to burst. Instead, they see a structural shift: organizations are moving beyond AI experimentation toward full-scale integration, modernizing infrastructure and services in one of the strongest growth cycles the IT industry has seen in decades. For investors, that means the AI boom is still very much in the “show me the money” phase, where the real test isn’t just how much is being spent, but how much revenue and productivity it actually generates.

The Sources

by Vista Partners LLC November 28, 2025

Black Friday Rally, Dow, S&P, Nasdaq Move Higher As Russell 2000 Charges Forward -( $AAPL $AVGO $DV $EPRX $GOVX $INTC $LLY $MCD $META $NOK $OPEN $PLTR $RIO $SER $SOAR $SPY $TSLA Rise!)

Wall Street danced and some times ran through the holiday-shortened week like a shopper on Black Friday: determined, a bit fatigued at times, but still somehow spending freely once again as bargains seemed to be perceived to be most everywhere. The indices overall moved forward in celebratory fashion over the holiday, The Dow Jones Industrial Average closed at 47,716.42, closed up +4.29% over the last 5-days and the S&P 500 closed at 6,849.09, +4.75%, while the Nasdaq Composite closed at 23,365.69, +5.83% and the Russell 2000 charged forward to 2,500.43, +8.47% as investors rotated strongly to growth stocks as interest rates were once again believed to be headed to lower levels when the Fed meets again in December.

Macro tone

Macroeconomic data were thin but not irrelevant: small-business optimism ticked slightly lower, mortgage activity stabilized, and the holiday week’s light calendar kept attention pinned on the Fed and politics rather than hard numbers. The bigger macro story was expectations, not releases—markets spent the week repricing the odds of a December rate cut downward to the +80% level, as Fed officials’ rhetoric shifted from s, turning rate-cut euphoria into more of a sure bet.

Yields, shutdown and tariffs

Across the curve, Treasury yields ended with the 2‑year moving to 3.502% and the 10‑year to 4.018%. With the shutdown further in a rearview mirrors and our federal agencies scrambling to fully restart data releases, including key employment and inflation reports that may never be fully reconstructed the world moved on. On tariffs, the week produced more noise than action—markets continued to digest earlier rounds of measures and looming deadlines, but there were no fresh, market-moving tariff shocks, beyond ongoing trade rhetoric and sector-specific positioning ahead of 2026 supply-chain shifts.

Commodities

Commodities played their usual supporting role: crude oil edged lower on shifting narratives about 2026 oversupply, falling more than .49% over the last 5-days to finish the week to $58.55/bbl. Gold, $4,218.30/oz, +3.09% over the last 5-days and silver, $56.446/oz, +6.67%, both jumped, with investors treating the metals as modest insurance rather than a full-throated safety trade, while Bitcoin, $91,187.88 continued to nurse losses from its recent “Great Crash of 2025,” trading well below the psychologically important six-figure mark as outflows from major spot products kept pressure on crypto sentiment.

Eli Lilly, chips and jumbo-cap tech

Eli Lilly ($1,075.47, +3.08% over the last 5-days) extended its reign as health-care royalty, rallying around 10% for the week as investors cheered its obesity franchise and a pricing agreement with the Trump administration that eased some policy overhang while still preserving rich long-term growth assumptions. The stock’s strength helped make health care one of the week’s standout sectors, even as broader defensives like utilities and staples treaded water.

NVIDIA (NVDA, $177, -2.02% over the last 5-days) spent the week in the spotlight for both good and bad reasons: early gains tied to revived AI enthusiasm and a late-week rebound were offset midweek when news that SoftBank had exited its stake and Fed hawkishness pressured high-multiple chip names, leaving the stock volatile but emblematic of the market’s “can we still pay this much for AI?” debate. Apple (AAPL,$278.85, +4.73% over the last 5-days) outperformed much of Big Tech after comments from President Trump on progress toward a trade deal with India—one of its key manufacturing hubs—buoyed expectations for smoother supply chains, even as the broader mega-cap complex oscillated between profit-taking and dip-buying.

Tesla (TSLA, $430.17, +8.84% over the last 5-days). Broadcom in and AI concert with the chip complex—benefiting when semis rallied on AI optimism and stabilizing when yields backed off and rose +16.19% TO $402.96 over the last 5-days. Meta Platforms (META) rose +9.98% to $647.95 as advertising trends remain broadly supportive and AI spending continues.

Nokia, McDonald’s, Rio Tinto and Oracle

Nokia (NOK, $6.08, +3.58% over the last 5-days) remained in the headlines through its deepening relationship with Nvidia on AI networking and infrastructure, including a previously announced multi-hundred-million-dollar investment that positions the Finnish vendor as a leveraged beneficiary of carrier and cloud AI build-outs. McDonald’s (MCD, $311.82) rose +2.52% over the last 5-days) as investors weighed its defensive cash-flow appeal against the headwind of rising real yields and persistent concerns about consumer trade-down.

Rio Tinto Group (RIO, $71.95, +4.61% over the last 5-days) tracked the global growth and metals narrative, with its shares buffeted by worries over Chinese demand and longer-term decarbonization metals demand, but no blockbuster, company-specific catalyst in the holiday week beyond ongoing commentary on iron ore and copper markets. Oracle (ORCL) dropped 4.15% to $201.95 this week.

Intel, OKLO, Opendoor and Palantir

Intel (INTC) rose +20.64% to $40.56 this week & continued its rehabilitation story, leading the broader semiconductor complex as investors balanced near-term PC and data-center headwinds against long-horizon bets on its foundry ambitions and U.S. onshoring incentives. OKLO ($91.38, +3.84%)—the advanced nuclear power developer that has captured attention as a listed small-cap—remained tethered to broader nuclear and energy headlines rather than company-specific fireworks, with sentiment still linked to expectations for new reactor approvals and long-cycle government-backed contracts.

Opendoor Technologies (OPEN , $7.70) jumped +25% over the last 5-days stayed a high-beta proxy for U.S. housing sentiment and mortgage rates, with its shares whipping around as investors recalibrated the path of Fed cuts and the likely pace of housing turnover in 2026; the week’s modest back-up in yields did little to ease concerns about the company’s sensitivity to volume and spread volatility. Palantir Technologies (PLTR) enjoyed a sharp early-week pop, rallying 8.16% to $168.45 and recapturing its 50‑day moving average as part of the broader AI complex, underscoring that in this tape, “AI plus government contracts” remains one of the more durable equity narratives, even if daily moves remain volatile.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3943), 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, +0.0% over the last 5-days), 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, $.4111. +2.52% over the last 5-days), 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, $1.335, +24.77% over the last 5-days) and M2i Global, Inc. (MTWO, $.10, +.10% over the last 5-days), 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, $4.26, +13.30% over the last 5-days) 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 e96xhausted standard oral therapies.

The InterGroup Corporation (NASDAQ: INTG, $29.) 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, +3.58% over the last 5-days) 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, $7.70, +25% over the last 5-days) 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 $10.54, +3.33% over the last 5-days. 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

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/

https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-11-26-2025

https://www.investing.com/analysis/wall-street-rally-deepens-as-ai-strength-and-ratecut-bets-drive-risk-appetite-200670859

https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-stock-market-reclaims-key-level-nvidia/

https://www.spglobal.com/marketintelligence/en/mi/research-analysis/week-ahead-economic-preview-week-of-24-november-2025.html

https://www.kiplinger.com/investing/economy/this-weeks-economic-calendar

https://www.wsj.com/economy/third-quarter-gdp-october-spending-data-to-be-delayed-5df377d7

https://www.semafor.com/article/11/20/2025/some-us-economic-data-lost-for-good-because-of-shutdown

https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-11-26-2025/card/five-takeaways-from-the-fed-s-november-beige-book–O1Nrlr9twHVqyLcJSmra

https://lsa.umich.edu/content/dam/econ-assets/Econdocs/RSQE%20PDFs/RSQE_US_Forecast_Nov2025.pdf

https://finance.yahoo.com/news/5-things-know-stock-market-131306847.html

https://www.schwab.com/learn/story/stock-market-update-open

https://www.share-talk.com/what-happened-overnight-wednesday-26th-november-2025/

https://www.benzinga.com/markets/equities/25/11/49078787/stock-market-today-dow-jones-sp-500-future-rise-ahead-of-thanksgiving-holiday-dell-technologies-autodesk-uber-in-focus

https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-rise-as-wall-street-looks-to-keep-rallying-into-thanksgiving-235318686.html

https://www.nasdaq.com/articles/3-top-tech-stocks-buy-november

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

https://www.cnbc.com/2025/11/25/biggest-stocks-from-analyst-calls-tuesday-include-nvidia-oracle-apple.html

https://finance.yahoo.com/news/us-high-growth-tech-stocks-113826265.html

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.

A century-old chill

Tule fog takes center stage

From Spare the Air to spare the pipes

Offshore winds and king tides on deck

A quiet, warmer epilogue—maybe

The Sources…

Macro and policy backdrop

Rates, curve, and shutdown afterglow

Commodities and crypto

Big AI, chips, and megacaps

Healthcare, industrials, and other single‑stock stories

OKLO, Palantir, Opendoor and the speculative fringe

Tariffs, trade, and Washington noise

IPOs, M&A, and deal flow

VP Watchlist Updates

Sources

Quantum-safe goes mission critical

From submarines to sovereign clouds

Cyber armor meets metal backbone

M2i Global: plumbing the mineral stack

Volato: jets, software and strategic ore

When bits need atoms to be brave

Sources

What actually happened

The engineering moonshot

Digital twins and virtual labs

Strategy, stakes and a wider pattern

The Sources

Dollar stores, deluxe macro signal

Salesforce: AI, agents, and expectations

CrowdStrike and the cost of paranoia

What this week is really about

The Sources

The AI Spending Surge

Software Gets an AI Markup

Devices and the AI Hardware Rush

The Circular Economy of AI Spending

The Sources

Macro tone

Yields, shutdown and tariffs

Commodities

Eli Lilly, chips and jumbo-cap tech

Nokia, McDonald’s, Rio Tinto and Oracle

Intel, OKLO, Opendoor and Palantir

VP Watchlist Updates

Sources

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

Your Guide To Staying Informed In The Markets