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November 25, 2025

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

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

A gene therapy grows up

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

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

The $2.59 million question

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

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

Market share, meet motor neurons

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

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

Neurology’s proof‑of‑concept moment

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

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

Sources


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

November 24, 2025

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

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

A new Beltway company town

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

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

From cloud wars to capacity wars

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

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

Government missions, private rails

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

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

The AI bubble with a federal backstop

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

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

Sources


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

November 24, 2025

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

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

Macroeconomic data

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

Fed, yields and tariffs

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

Washington and shutdown chatter

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

Nvidia (NVDA)

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

Alphabet (GOOG/GOOGL)

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

Apple, Tesla, Broadcom, Intel and peers

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

Eli Lilly (LLY)

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

M&A

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

Commodities: gold, silver, oil

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

Crypto and Bitcoin

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

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4144), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, today (Nov. 17) announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion. On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026. On Nov. 3, Modular Medical the successful validation of its Pivot controller line, a critical milestone in preparing for the commercial launch of its Pivot patch pump targeted for Q1 2026. The Pivot controller line validation further demonstrates manufacturing readiness for high-volume production, positioning Modular Medical to meet the growing demand in the diabetes treatment market for advanced technology.

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

GeoVax Labs, Inc. (Nasdaq: GOVX, $.38), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, reported (Nov. 13) its financial results for the quarter ended September 30, 2025, and provided a business update highlighting key corporate and clinical advancements across its vaccine and oncology programs. David Dodd, CEO of Geovax stated, “As highlighted in this report, during the third quarter GeoVax continued making important progress, advancing innovative vaccines and immunotherapies that address urgent and underserved medical needs. With continued global Mpox spread and constrained vaccine supply, our GEO-MVA program represents a U.S.-based, scalable, next-generation MVA platform. Our EMA and BARDA-aligned program position GeoVax to accelerate regulatory readiness and commercial entry. For our GEO-CM04S1 COVID-19 vaccine program, recent clinical presentations validate our belief that multi-antigen vaccines – expressing both spike and nucleocapsid – are essential for breadth and durability in vulnerable immunocompromised populations. In particular, the robust immune responses demonstrated in Chronic Lymphocytic Leukemia (CLL) patients represents a meaningful step forward in addressing the unmet needs of over 40 million immunocompromised Americans. In our Gedeptin(R) oncology program, the expansion into multiple solid tumor indications builds upon a growing recognition that tumor-targeted immune priming can dramatically improve checkpoint outcomes. We are executing a clear path to clinical and commercial value creation. GeoVax continues to execute with purpose and discipline. Our multi-antigen vaccine and immunotherapy platforms position the Company squarely within the national call to strengthen America’s health security, expand domestic manufacturing, and deliver equitable global solutions.”

Volato Group, Inc. (NYSE American: SOAR, $1.23, +6.03%) and M2i Global, Inc. (MTWO, $.094), a company specializing in the development and execution of a complete global value supply chain for critical minerals, announced on Nov. 19 that Nimy Resources (“Nimy”) and M2i will collaborate with the aim of forming commercially binding contract terms for the respective sale and purchase of gallium production. They also announced (Oct. 16) the next phase of development of the digital and commercial infrastructure underpinning the U.S. Strategic Mineral Reserve (SMR). M2i initiated the SMR framework and technical specifications earlier this year. Volato is now applying its proven enterprise-software expertise to build and operationalize the secure technology backbone that will support critical mineral traceability, contracting, and compliance across the United States and allied nations. This infrastructure is being developed to serve as the market-facing layer of the U.S. Strategic Mineral Reserve initiative, providing miners, refiners, recyclers, manufacturers, and government entities with a trusted environment for physical critical mineral transactions—with verified provenance, end-to-end custody visibility, and regulatory compliance at its core.

Serina Therapeutics (NYSE American: SER, $3.75) stands at a pivotal juncture as it harnesses fresh capital, regulatory momentum, and a sharpened communications strategy to propel its lead program, SER-252, into late-stage clinical testing for advanced Parkinson’s diseas. The Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies.

The InterGroup Corporation (NASDAQ: INTG, $32.80) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”

Nokia (NOK, $6.09, +2.53%) is promising investors a sleeker, AI‑age version of itself by 2028, aiming to lift profits by as much as 60% while quietly admitting that the road there runs through a restructuring zone.

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

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

The Sources

November 23, 2025

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

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

ARK’s Tactical Move

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

Nvidia’s Dance with Volatility

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

Digging Deeper: CoreWeave and the Nvidia Ecosystem

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

Punchline: AI, ARK, and a Touch of Irony

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

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

Could Nokia Be Next?

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

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

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

Sources


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

November 21, 2025

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

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

Fed, yields, tariffs and shutdown

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

AI darlings and mega caps

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

Health care, chips and global cyclicals

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

Telecoms, consumer and materials names

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

High-beta stories: AI platforms, nuclear and housing

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

Healthy Deals

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

Commodities, crypto and cross‑asset mood

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

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4442), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, today (Nov. 17) announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion. On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026. On Nov. 3, Modular Medical the successful validation of its Pivot controller line, a critical milestone in preparing for the commercial launch of its Pivot patch pump targeted for Q1 2026. The Pivot controller line validation further demonstrates manufacturing readiness for high-volume production, positioning Modular Medical to meet the growing demand in the diabetes treatment market for advanced technology.

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $6.21), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated, “These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”

GeoVax Labs, Inc. (Nasdaq: GOVX, $.3920), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, reported (Nov. 13) its financial results for the quarter ended September 30, 2025, and provided a business update highlighting key corporate and clinical advancements across its vaccine and oncology programs. David Dodd, CEO of Geovax stated, “As highlighted in this report, during the third quarter GeoVax continued making important progress, advancing innovative vaccines and immunotherapies that address urgent and underserved medical needs. With continued global Mpox spread and constrained vaccine supply, our GEO-MVA program represents a U.S.-based, scalable, next-generation MVA platform. Our EMA and BARDA-aligned program position GeoVax to accelerate regulatory readiness and commercial entry. For our GEO-CM04S1 COVID-19 vaccine program, recent clinical presentations validate our belief that multi-antigen vaccines – expressing both spike and nucleocapsid – are essential for breadth and durability in vulnerable immunocompromised populations. In particular, the robust immune responses demonstrated in Chronic Lymphocytic Leukemia (CLL) patients represents a meaningful step forward in addressing the unmet needs of over 40 million immunocompromised Americans. In our Gedeptin(R) oncology program, the expansion into multiple solid tumor indications builds upon a growing recognition that tumor-targeted immune priming can dramatically improve checkpoint outcomes. We are executing a clear path to clinical and commercial value creation. GeoVax continues to execute with purpose and discipline. Our multi-antigen vaccine and immunotherapy platforms position the Company squarely within the national call to strengthen America’s health security, expand domestic manufacturing, and deliver equitable global solutions.”

Volato Group, Inc. (NYSE American: SOAR, $1.16, +8.41% on Friday) and M2i Global, Inc. (MTWO, $.0999) announced (Oct. 16) the next phase of development of the digital and commercial infrastructure underpinning the U.S. Strategic Mineral Reserve (SMR). M2i initiated the SMR framework and technical specifications earlier this year. Volato is now applying its proven enterprise-software expertise to build and operationalize the secure technology backbone that will support critical mineral traceability, contracting, and compliance across the United States and allied nations. This infrastructure is being developed to serve as the market-facing layer of the U.S. Strategic Mineral Reserve initiative, providing miners, refiners, recyclers, manufacturers, and government entities with a trusted environment for physical critical mineral transactions—with verified provenance, end-to-end custody visibility, and regulatory compliance at its core.

Serina Therapeutics (NYSE American: SER, $3.99) stands at a pivotal juncture as it harnesses fresh capital, regulatory momentum, and a sharpened communications strategy to propel its lead program, SER-252, into late-stage clinical testing for advanced Parkinson’s diseas. The Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies.

The InterGroup Corporation (NASDAQ: INTG, $34.64, +1.17% over the last 5-days) reported results (Oct. 9) for the fiscal year ended June 30, 2025, including improved segment income in Hotel and Real Estate, increased liquidity, the alleviation of going-concern uncertainty at majority-owned subsidiary Portsmouth Square, Inc., and the Company’s return to compliance with Nasdaq listing requirements.

Nokia (NOK, $5.87) is promising investors a sleeker, AI‑age version of itself by 2028, aiming to lift profits by as much as 60% while quietly admitting that the road there runs through a restructuring zone.

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

The Sources

  1. https://www.investopedia.com/dow-jones-today-11212025-11854331
  2. https://www.reuters.com/world/china/global-markets-global-markets-2025-11-21/
  3. https://tradingeconomics.com/united-states/stock-market
  4. https://www.jhinvestments.com/weekly-market-recap
  5. https://finance.yahoo.com/news/gold-bitcoin-roof-u-shutdown-095445924.html
  6. https://tradenation.com/articles/global-market-reaction-trump-xi-trade-deal-fed-cut/
  7. https://www.cnbc.com/2025/11/20/stock-market-today-live-updates.html
  8. https://finance.yahoo.com/news/investors-just-endured-brutally-volatile-203307874.html
  9. https://www.marketbeat.com/instant-alerts/promising-technology-stocks-to-research-november-15th-2025-11-15/
  10. https://www.reuters.com/video/watch/idRW346020112025RP1/
  11. https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-market-palantir-eli-lilly-buy-zones/
  12. https://www.morningstar.com/news/dow-jones/202510289827/dow-jones-top-company-headlines-at-3-pm-et-nvidia-to-invest-1-billion-in-nokia-in-ai-pact-openai
  13. https://cio.economictimes.indiatimes.com/news/corporate-news/ai-boom-drives-trillion-dollar-tech-valuations-and-record-bets-on-chipmakers/124976262
  14. https://www.insurancejournal.com/news/national/2025/09/03/837641.htm
  15. https://www.youtube.com/watch?v=c-zKIMsPtks
  16. https://www.bloomberg.com/news/articles/2025-11-20/stock-market-today-dow-s-p-live-updates
  17. https://www.nasdaq.com/articles/stock-market-news-nov-21-2025
  18. https://finance.yahoo.com/quote/%5EGSPC/history/
  19. https://www.prnewswire.com/news-releases/weekly-recap-11-tech-press-releases-you-need-to-see-302622567.html
  20. https://creators.spotify.com/pod/profile/amplify-trading1/episodes/Fed-Rate-Cut–MA-Deal-Risks–and-Trumps-Push-to-End-Quarterly-Earnings-e38d8q0
November 21, 2025

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

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

Investment Details: Heavy Hitter in R&D

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

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

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

Strategic Rationale: Betting on the AI Supercycle

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

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

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

A Final Dash of Humor

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

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

The Sources

  1. https://www.reuters.com/business/nokia-plans-4-billion-ai-investment-united-states-2025-11-21/
  2. https://www.nokia.com/newsroom/nokia-plans-to-expand-us-investment-by-4-billion-in-rd-and-manufacturing-for-ai-ready-network-connectivity/
  3. https://www.wsj.com/tech/ai/nokia-pledges-4-billion-u-s-investment-in-trump-admin-partnership-db999f1a
  4. https://www.marketscreener.com/news/nokia-plans-4-billion-ai-investment-in-the-united-states-ce7d5edfdc89f420
  5. https://ca.finance.yahoo.com/news/nokia-plans-4-billion-ai-152720417.html
  6. https://www.benzinga.com/markets/tech/25/11/49007625/nokia-pledges-4-billion-us-investment-to-power-ai-network-revolution
  7. https://www.morningstar.com/news/dow-jones/202511215471/nokia-pledges-4-billion-us-investment-in-trump-administration-partnership
  8. https://www.morningstar.com/news/dow-jones/202511215610/nokia-pledges-4-billion-us-investment-in-trump-administration-partnership-update
  9. https://www.nokia.com/newsroom/nokia-announces-new-strategy-evolution-of-its-operating-model-new-long-term-financial-target-strategic-kpis-and-changes-to-its-group-leadership-team/
  10. https://www.nokia.com/newsroom/nokia-and-nestai-announce-strategic-partnership-and-nestai-raises-100-million-to-accelerate-physical-ai-innovation/
  11. http://www.xinhuanet.com/english/europe/20251120/504dda7740ab4649a6597fba85522c06/c.html
  12. https://www.wsj.com/business/telecom/nokia-to-reposition-with-focus-on-ai-market-52643856
  13. https://www.nokia.com/newsroom/nokia-unveils-strategy-to-capture-value-from-ai-supercycle/
  14. https://www.investing.com/news/stock-market-news/nokia-plans-4-billion-ai-investment-in-the-united-states-4373204
  15. https://wkzo.com/2025/11/21/nokia-plans-4-billion-ai-investment-in-the-united-states/
  16. https://kfgo.com/2025/11/21/nokia-plans-4-billion-ai-investment-in-the-united-states/
  17. https://www.gurufocus.com/news/3220554
  18. https://www.tradingview.com/news/gurufocus:5e3351b7c094b:0-nokia-plans-4-billion-u-s-investment-to-expand-ai-network-capabilities/
  19. https://nvidianews.nvidia.com/news/nvidia-nokia-ai-telecommunications
  20. https://money.usnews.com/investing/news/articles/2025-11-21/nokia-plans-4-billion-ai-investment-in-the-united-states
November 21, 2025

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

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

Market Signals and Hedge Fund Calculus

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

Systematic Selling and Comedic Timing

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

Notable Ripples and Historical Echoes

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

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

The Sources…


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

November 20, 2025

Wall Street Sputters on AI Jitters: Nasdaq Slide, Walmart Exceeds, & Exact Sciences’ $23B Buyout Lead Market Moves – Nov. 20,2025 -( $EPRX $EXAS $MENS $MTWO $PACS $VIX $WMT Rise!)

In the end, Thursday looked like a market attempting to renegotiate its relationship with AI, tariffs and the Fed all at once—discovering, not for the first time, that even in an age of algorithms and GLP‑1s, gravity still has a vote.

Indexes and Fear soars

The S&P 500 spent the morning flirting with a deeper selloff prior to closing down 1.56% at 6,538.76. The Dow Jones Industrial Average  fared a little better, closing down close to .84% at 45,752.26. The Nasdaq Composite  staged the day’s main act: an early surge that morphed into a sharp reversal, ultimately finishing lower by more than 2.15% at 22,078.05 as AI darlings swung from heroes to suspects in a single session. The Russell 2000 also took a hit dropping 1.82% at 2,305.11 at the close.  The markets fear gauge The VIX jumped once again closing at 426.42, +11.67% and is now up a whopping 33.23% over the last 5-days.

Macroeconomic data and shutdown aftershocks

The macro calendar was headlined by a long‑delayed September jobs report, finally released after the recent government shutdown, showing payroll growth of 119,000, a touch better than expected, even as the unemployment rate climbed to 4.4%, its highest level since 2021. Wage growth remained moderate at 0.2% for the month and 3.8% year over year, a combination that keeps the “softish landing” story alive but gives nobody at the Fed permission to relax. Weekly jobless claims slipped to 220,000, reinforcing the picture of a labor market that is cooling, but not cracking, even as agencies scramble to catch up on a backlog of economic releases now being rescheduled post‑shutdown.

Fed, yields and the curve

Treasuries spent the day grinding as investors weighed firmer labor data against lingering growth worries, with the 10‑year yield sliding toward roughly 4.09% & the 2-yr closing lower at 3.545%. The curve remained inverted across key maturities, an ongoing reminder that the bond market still believes in a future slowdown even as equity traders continue to rent optimism on a daily basis. Fed officials, still navigating policy with patchy data after the shutdown, signaled caution about further rate cuts, leaving markets betting on a slower and more begrudging easing path heading into the December FOMC decision.

Tariffs, trade and Washington backdrop

Trade policy remained a live wire: the administration prepared an order to lower tariffs on a range of consumer staples such as beef, tomatoes, coffee and bananas, even as broader Trump‑era tariff frameworks—on China and select Latin American partners—continue to reshape global supply chains. At the same time, the White House moved to provide targeted tariff relief on agricultural staples, sending a small wave of relief through food and retail supply chains that have been whiplashed by rolling trade actions. On Capitol Hill, the government shutdown is now officially in the rearview mirror after ending on November 12, but the political compromise that reopened agencies simply kicked the next subsidies fight into December, ensuring fiscal drama remains a recurring feature rather than a one‑off shock.

Walmart

Walmart’s (WMT, $107.11, +6.46%) latest earnings report is a masterclass in retail resilience, with the Bentonville behemoth posting a 5.8% year-over-year revenue jump to $179.5 billion for Q3 2025—exceeding Wall Street’s expectations by a healthy margin. The numbers tell a story of disciplined execution: same-store sales rose 4.5%, e-commerce surged by 28%, and the retailer’s global advertising arm saw a 53% spike in revenue, fueled by its Walmart Connect retail media business. As the holiday shopping season looms, Walmart is not just surviving inflation and cautious consumers—it’s thriving, thanks to a relentless focus on affordability, operational efficiency, and a tech-forward strategy that’s redefining the retail landscape.

Big pharma and chips: Eli Lilly and TSMC

Eli Lilly (LLY, $1,043.29, -.60%) spent another session basking in the rarefied air near a $1 trillion valuation, with investors still willing to pay up for GLP‑1‑powered growth even as valuation metrics hover well above sector norms. The company’s obesity and diabetes franchise continues to convince the market that Lilly is less a pharma name and more an annuity on global waistlines, keeping the stock’s year‑to‑date gains (+35.14%) materially ahead of peers. Analyst estimates for 2025 and 2026 have marched steadily higher over the past month, reinforcing the sense that multiple expansion is at least partially backed by rising earnings power.

Taiwan Semiconductor Manufacturing Company (TSM, $277.50, -1,.72%) have analysts maintaining a broadly bullish stance after the company recently beat earnings expectations, delivered 40% year‑over‑year revenue growth, and boosted its dividend. Shares have been trading near record territory, reflecting investors’ view that TSMC has become a tollbooth operator on the global AI build‑out, collecting margin every time another hyperscaler decides it needs more cutting‑edge capacity. With return on equity north of 36% and a consensus “Moderate Buy” rating, the stock remains firmly embedded in the market’s shortlist of AI hardware champions.

Mega‑cap tech: Alphabet, NVIDIA, Apple, Tesla, Broadcom, Meta

Alphabet (GOOG, $289.98)  spent the second half of the day on the defensive, with the communication‑services sector under pressure and the stock trading lower as investors took profits in names that had led much of this year’s rally. Despite the pullback, the company remains central to AI and cloud narratives, keeping it squarely in the camp of “essential but occasionally over‑owned” in portfolio manager conversations and is up 52.27% YTD.

NVIDIA (NVDA, $80.64, -3.15%) delivered the latest installment of its high‑stakes AI saga, with shares sliding roughly 3% even after strong earnings as investors fretted that capex‑heavy AI spending might be starting to resemble a gold rush where shovels have become uncomfortably expensive. The stock’s reversal weighed heavily on the broader Nasdaq and reignited chatter about whether AI valuations have sprinted too far ahead of cash flows, at least for this stage of the cycle.

Apple (AAPL, $266.25, -.86%) traded in sympathy with the broader mega‑cap complex, caught between a resilient installed base and recurring questions about iPhone growth, China exposure, and the durability of its services‑driven multiple. The name remains a cornerstone in many large portfolios, which means days of macro‑driven de‑risking often translate into mechanical selling pressure rather than any dramatic change in the long‑term thesis and is up 632% YTD.

Tesla (TSLA, $395.23, -2.17%) continued its habit of turning every macro wobble into a volatility showcase, with the stock caught between concerns over EV demand, intensifying competition and the promise of software‑driven margins and AI‑enabled autonomy. As usual, the market treated the name less like an automaker and more like an option on several possible futures, some profitable, others merely cinematic.

Broadcom (AVGO, $346.82, -2.14%) stayed near the center of the AI and networking trade, having recently logged outsized gains alongside other big‑cap chip names that feed data‑center demand. Investors continue to reward the company’s mix of semiconductor and software franchises, viewing it as a diversified way to stay exposed to AI and cloud spending without going all‑in on a single product cycle and is up +49.59% YTD.

Meta Platforms (META, $589.15, -.20%) saw choppy trading as the market weighed still‑robust engagement and advertising growth against elevated capex plans for AI infrastructure and the company’s ongoing metaverse ambitions. The stock remains emblematic of the current AI moment: high cash generation underwriting high experimentation, with the market alternately celebrating and second‑guessing that equation and is up .62% YTD.

Nokia, McDonald’s, Rio Tinto, Oracle and Intel

Nokia (NOK, $5.87, -2.65%) remained more of a macro and telecom‑cycle proxy than a momentum favorite, with the market still focused on when carrier capex and 5G spending will re‑accelerate enough to lift the company’s top line. Sentiment around the network equipment space remains cautious amid uneven global deployment trends and pricing pressure and the stock is up +32.51% YTD.

McDonald’s (MCD, $304.16, +.47%) traded as a defensive stalwart, with its global footprint and pricing power keeping the stock in favor among investors seeking earnings resilience in a world of volatile rates and tariffs. Even as input costs and wage pressures ebb and flow, the chain’s ability to adjust menus and price points continues to underpin steady cash generation and is up 4.92% YTD with ~2.46% forward dividend.

Rio Tinto Group (RIO, $68.78, -.94%)  spent the day shadowing the broader materials complex, where concerns about global growth and China’s industrial demand left miners struggling to gain traction. With the yield curve signaling slower growth ahead, the market remains wary of cyclical exposures tied to steel, construction and heavy industry​, but shares are up +16.95% YTD with a heathery +5.37% forward dividend.

Oracle (ORCL, $210.69, -6.58%) after recently enjoying support from its expanding cloud and AI‑adjacent database franchises.. As enterprises slowly modernize legacy workloads, Oracle’s cloud transition continues to earn it a place in many AI and infrastructure baskets, whiles shares are up +26.43% YTD.

Intel (INTC, $33.62, -4.24%) traded in the long shadow of higher‑growth chip peers, as investors balanced optimism about its foundry ambitions and government‑backed domestic capacity against the reality of execution risk and still‑modest profitability in newer initiatives. In the current market, Intel is currently being treated less like a pure AI winner and more like a turnaround‑plus‑industrial‑policy story, however shares are up 67.68% YTD.

M&A and IPOs: Abbott–Exact Sciences and new listings

Deal‑makers finally stole a bit of the AI spotlight as Abbott  confirmed plans to acquire Exact Sciences (EXAS, $100.67, +16.81%) in a cash transaction valuing the cancer‑diagnostics specialist at roughly $21–23 billion, or about $105 per share. Exact Sciences shares surged more than 17% while Abbott (ABT) slipped 1.73% to $123.97, a textbook reaction when the prey is pricey but strategically prized. The deal folds Cologuard and Oncotype DX into Abbott’s broader diagnostics empire, diversifying away from fading COVID testing revenue and signaling that large‑cap healthcare is willing to pay up for durable oncology growth.

On the new‑issue front, Central Bancompany (CBCY, $23.75)  made its market debut on Nasdaq, pricing 17.8 million Class A shares at 21 dollars each, with trading beginning today and gross proceeds estimated around 373 million dollars before fees. While overall 2025 IPO volumes have already run more than 60% ahead of last year, today’s listing underscored that financials—especially in areas perceived as insulated from tariff turbulence—remain in demand.

Commodities: gold, silver and oil

Gold drifted lower by .12% to $4,077.00/oz.. Even with today’s slippage, bullion remains elevated on a multi‑month view, supported by lingering geopolitical risk and the prospect of slower—but not reversed—Fed easing. Silver fared worse in percentage terms, sliding roughly 1.02% to $50.335 as traders leaned into the metal’s dual identity as both precious and industrial, a combination that has struggled to shine in the face of global growth worries. Crude oil prices dropped again by .83% to $58.76/bbl.

Crypto: bitcoin

Bitcoin (BTC) slipped back below the psychologically charged 90,000‑dollar level, dropping -3.19% to $87,448.65.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4470), 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, +.16%), 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, $.4011), 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, $1.07) and M2i Global, Inc. (MTWO, $.0999, +.10%) 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, $3.76) stands at a pivotal juncture as it harnesses fresh capital, regulatory momentum, and a sharpened communications strategy to propel its lead program, SER-252, into late-stage clinical testing for advanced Parkinson’s diseas. The Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies.

The InterGroup Corporation (NASDAQ: INTG, $32.85) reported results (Oct. 9) for the fiscal year ended June 30, 2025, including improved segment income in Hotel and Real Estate, increased liquidity, the alleviation of going-concern uncertainty at majority-owned subsidiary Portsmouth Square, Inc., and the Company’s return to compliance with Nasdaq listing requirements.

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

Nokia (NOK, 5.87) is promising investors a sleeker, AI‑age version of itself by 2028, aiming to lift profits by as much as 60% while quietly admitting that the road there runs through a restructuring zone. The market, in classic fashion, responded to this vision of future riches by sending the stock currently lower on the day, but is currently up +45.54% over the last year at $6.04

Jyong Biotech Ltd. (Nasdaq: MENS, $32,80, +12.44%), a science-driven biotechnology company based in Taiwan committed to developing and commercializing innovative and differentiated new drugs (plant-derived) mainly specializing in the treatment of urinary system diseases, with an initial focus on the markets of the U.S., the EU and Asia, today announced that it has achieved another milestone in the development of its plant-derived new drug MCS-8 (PCP).

PACS Group, Inc. (NYSE: PACS, 26.14, +55.32%), which together with its subsidiaries is one of the largest post-acute healthcare companies in the United States, announced (Nov. 19) operating results for the third quarter of 2025. The Company has completed the previously announced Restatement of its financial statements for the three months ended March 31, 2024, and for the three and six months ended on June 30, 2024 (the “Restatement”), and is current with its SEC filing obligations.

The Sources

  1. https://www.bloomberg.com/news/articles/2025-11-19/stock-market-today-dow-s-p-live-updates
  2. https://www.seattlepi.com/business/article/how-major-us-stock-indexes-fared-thursday-21199395.php
  3. https://www.briefing.com/stock-market-update/archive
  4. https://www.wsj.com/livecoverage/jobs-report-bls-september-stock-market-today-11-20-2025
  5. https://www.bea.gov/news/blog/2025-11-20/economic-release-schedule-updates-gdp-and-personal-income-and-outlays
  6. https://www.cnbc.com/2025/11/20/jobs-report-september-2025.html
  7. https://www.reuters.com/business/us-job-growth-beats-expectations-september-unemployment-rate-rises-44-2025-11-20/
  8. https://tradingeconomics.com/united-states/20-year-bond-yield
  9. https://www.tradecomplianceresourcehub.com/2025/11/17/trump-2-0-tariff-tracker/
  10. https://www.bhfs.com/insight/white-house-provides-tariff-relief-for-consumer-agricultural-staples/
  11. https://en.wikipedia.org/wiki/2025_United_States_federal_government_shutdown
  12. https://www.nasdaq.com/articles/beyond-glp-1-eli-lillys-expanding-drug-portfolio-lifts-sales
  13. https://www.biospace.com/business/eli-lilly-enters-uncharted-territory-as-market-cap-nears-1t
  14. https://www.marketbeat.com/instant-alerts/filing-taiwan-semiconductor-manufacturing-company-ltd-tsm-shares-sold-by-cumberland-partners-ltd-2025-11-20/
  15. https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-rise-as-stocks-pause-sell-off-streak-before-nvidia-earnings-210332709.html
  16. https://www.nasdaq.com/articles/my-5-top-ranked-stocks-buy-now-november
  17. https://www.financialjourney.com/campaigns/monthly-market-insights
  18. https://www.ii.co.uk/analysis-commentary/ii-tech-focus-palantir-amazon-tesla-strategy-cisco-systems-ii537171
  19. https://www.morningstar.com/news/marketwatch/20251120261/these-15-stocks-are-still-showing-momentum-and-a-market-beating-edge
  20. https://www.marketbeat.com/instant-alerts/promising-technology-stocks-to-research-november-14th-2025-11-14/
  21. https://www.jpmorgan.com/insights/investing/investment-strategy/business-exit-strategies-for-startup-founders-and-entrepreneurs
  22. https://stockanalysis.com/ipos/2025/
  23. https://www.cnbc.com/2025/11/17/stock-market-today-live-updates.html
  24. https://www.reuters.com/business/insurance-ipos-hit-20-year-high-wall-street-after-tariff-driven-chaos-2025-11-20/
  25. https://abbott.mediaroom.com/2025-11-20-Abbott-to-acquire-Exact-Sciences,-a-leader-in-large-and-fast-growing-cancer-screening-and-precision-oncology-diagnostics-segments
  26. https://www.reuters.com/business/healthcare-pharmaceuticals/abbott-bolsters-diagnostics-portfolio-with-up-23-billion-buyout-exact-sciences-2025-11-20/
  27. https://finance.yahoo.com/news/exact-sciences-stock-jumps-abbott-130958219.html
  28. https://www.prnewswire.com/news-releases/abbott-to-acquire-exact-sciences-a-leader-in-large-and-fast-growing-cancer-screening-and-precision-oncology-diagnostics-segments-302621643.html
  29. https://www.investors.com/news/technology/exact-sciences-stock-abbott-laboratories-rumored-takeover/
  30. https://www.stocktitan.net/news/CBC/central-bancompany-inc-announces-pricing-of-initial-public-0hvbyec63jmw.html
  31. https://forex24.pro/silver-price-forecast/silver-forecast-xag-usd-for-november-20-2025/
  32. https://www.kitco.com/price/precious-metals
  33. https://www.economies.com/crypto/analysis/forecast-update-for-bitcoin–20-11-2025-122831
  34. https://finance.yahoo.com/quote/%5EGSPC/history/
  35. https://www.cnbc.com/2025/11/20/abbott-to-acquire-exact-sciences.html
  36. https://www.massdevice.com/abbott-confirms-21b-exact-sciences-acquisition/
  37. https://www.barrons.com/articles/exact-sciences-stock-abbott-acquisition-92c76a15
  38. https://www.nasdaq.com/articles/stock-market-news-nov-20-2025
  39. https://stockanalysis.com/stocks/tsm/history/
November 20, 2025

Elon Musk, Jensen Huang and Saudi Arabia’s Big Bet on AI Factories and Space Computing -( $NVDA $TSLA $SPY )

In a week where global CEOs descended on Washington, sharing canapés and quips at the U.S.-Saudi Arabia investment forum, two industry titans—Elon Musk (SpaceX, Tesla, xAI) and Jensen Huang (Nvidia)—took the stage to debate the trajectory of technology, wealth, and, for the love of C3PO, why humanity may soon need a robot butler for every household.

The New Special Relationship: Silicon, Not Sand

This year’s event, held under the watchful eyes of U.S. President Trump and Saudi Crown Prince Mohammed bin Salman (MBS), might have looked like a routine handshake summit, but the undertow was all business. Sectors from energy and health care to aerospace and finance are finding common ground in digital ambition: Saudi Arabia seeks to leap from oil rigs to “AI factories,” while U.S. innovators are hungry for international allies and, one assumes, some extra sun-drenched data centers.youtube​

As diplomats reminisced about joint ventures from the industrial age, Musk and Huang heralded what they call the “intelligence age,” fueled by robotic labor, generative AI, and investments as big as a Saudi sovereign wealth fund on a payday. In a moment that managed to be both strategic and lightly comedic, a speaker counted “7 to 8 trillion dollars” in market cap represented on the stage, then promptly lost count—some numbers now require quantum processors.youtube​

Musk on Wealth, Work, and the Rise of the Robots

Never one to shy from audacious predictions, Musk declared that humanoid robots will dwarf the mobile phone market—think C3PO, but with better battery life. “There are no actually useful humanoid robots yet,” he quipped, promising that Tesla will deliver the first. Whether this revolutionizes productivity or just gives everyone an excuse to avoid chores remains to be seen. Musk’s vision: work itself will become optional, reduced to the artisanal status of backyard vegetable gardening. “If you want to work, you can, but you won’t have to,” he mused, inviting references to Iain M. Banks’ famed Culture novels, where money is as outdated as dial-up internet.

Will AI and robots truly eliminate poverty? Musk is bullish, not just on technology, but on the promise of these advances to make “everyone wealthy”—provided, of course, one has robust access to electricity and mass. The only real constraints, in his opinion, will be the laws of physics. Currency, he jokes, may soon be as irrelevant as memorizing phone numbers in the age of contacts apps.

Huang’s Take: More Radiologists Than Ever—and More Work for Everyone

Jensen Huang, meanwhile, offered a counterintuitive observation: despite predictions that AI would make radiologists obsolete, the field is hiring more than ever. AI tools haven’t replaced specialists so much as turbocharged their workload, letting them examine vast numbers of images, modalities, and, ideally, spend more time with patients. In the near-term, he predicts, AI will make everyone more productive—and paradoxically, even busier. With a laugh, he noted that the only impending shortage in the intelligence age may be the supply of good ideas, not jobs.

Huang also dropped some hard statistics: in just six years, the share of CPUs in the world’s top supercomputers plunged from 90% to less than 15%, while Nvidia’s “accelerated computing” (think: GPUs) rose to dominance. The internet (and the modern financial sector) now runs on recommendation engines and generative AI, systems hungry for computational muscle. “What is happening underneath is a movement from general purpose computing to accelerated computing; all of it is justified,” he said, waving off AI bubble fears in the manner of a man who owns shovels just as the gold rush begins.youtube​

Announcements: AI in Desert Sands, and Supercomputers in Orbit

Saudi Arabia plans to fuel the next wave with some genuine moonshots: Musk announced a partnership with xAI and Nvidia to build a 500-megawatt AI data center (in phases, because even Musk can’t disrupt the laws of power distribution overnight). Jensen Huang nodded to further projects with AWS and Humane (an AI startup, not the virtue), and even hinted at supercomputers for quantum error correction. “Off the ground and off the charts,” he beamed, earning laughter for the double meaning.

And about AI in space? “If civilization continues, it’s inevitable,” Musk declared, noting that the cost of AI compute in space—where it’s always sunny—may soon outpace anything available on Earth. Supercomputers will shrink, cooling will simplify, and the only thing left to do will be dividing up the sun’s energy—give or take a billionth.

Bubble? What Bubble?

Asked directly if the AI surge is a bubble, Huang pointed not to hype, but to the underlying shift in compute itself. With physical limits on Moore’s Law and infinite data to process, the need for accelerated computing is real, immediate, and, for the foreseeable future, not speculative froth but an infrastructure revolution.youtube​

As the event wrapped with dignitaries, tech visionaries, and at least one shot at a punchline about “our bosses”—the President and the Crown Prince—one thing was clear: in the new era, national fortunes may depend on the ability to move from barrels to bytes, and to laugh, perhaps, as we race robots toward a future none of us can quite count out.

    November 20, 2025

    Nvidia CEO Jensen Huang Slams ‘AI Bubble’ Fears as Demand Soars for Chips -( $NVDA $META $MSFT $AMZN )

    Nvidia (NVDA) CEO Jensen Huang has delivered a masterclass in corporate optimism, dismissing AI bubble fears with the kind of swagger usually reserved for Silicon Valley’s most confident CEOs. In a recent earnings call that sent shares soaring yesterday after the close, Huang argued that the current AI boom is not a speculative frenzy, but a structural transformation—akin to the shift from mainframes to PCs, or the dawn of the internet. While skeptics warn of circular investing and unsustainable spending, Huang insists Nvidia is riding a wave of real, lasting change, not just hype.

    The Case Against the AI Bubble

    Huang’s rebuttal to bubble talk is both technical and philosophical. He outlined three key transitions fueling demand for Nvidia’s chips: the shift from CPUs to GPUs, the rise of AI-driven applications, and the emergence of “agentic” and “physical” AI systems. The slowdown of Moore’s Law, he noted, has pushed traditional computing to its limits, forcing industries from data processing to ad recommendations to embrace GPU-powered systems. “From our vantage point, we see something very different,” Huang said, brushing off concerns that the AI surge is a bubble. Instead, he sees a tipping point where AI is not just improving existing tools but creating entirely new categories of software and hardware, from coding assistants to robotics. Nvidia’s unified architecture, he argued, is uniquely positioned to power this next wave of infrastructure growth.

    Circular Investing: A Self-Fulfilling Prophecy?

    The skepticism around the AI boom centers on the circular nature of some of Nvidia’s deals. Cloud providers and tech giants are investing in AI startups, which in turn use those funds to buy Nvidia chips, creating a feedback loop that some fear could end badly. For example, a $100 billion investment in OpenAI was announced in September, with the understanding that OpenAI would purchase Nvidia chips. Similarly, Anthropic recently committed to acquiring $30 billion in computing capacity from Microsoft Azure, powered by Nvidia chips, in exchange for investments from both tech giants. These reciprocal funding agreements have raised eyebrows, with some analysts warning that the cycle could collapse if the companies involved fail to turn a profit. Huang, however, remains unfazed. “Sales of Blackwell are extraordinary, and our cloud GPUs are completely sold out,” he said, reinforcing his view that the current surge in AI spending is not expected to wane soon.

    The Humor in the Hype

    Huang’s tone during the earnings call was laced with a touch of sophisticated humor. When asked about the circular investing concerns, he quipped, “If you’re worried about the bubble, just look at our order book. It’s not a bubble if the demand is real.” He also joked about the “circularity” of the deals, saying, “We’re not just selling chips; we’re selling the future. And if the future is circular, so be it.” This blend of technical insight and wry humor has become a hallmark of Nvidia’s leadership, helping to reassure investors even as the company’s reliance on a handful of major customers grows. In the third quarter, 61% of Nvidia’s $57 billion in revenue came from just four unnamed customers, up from 56% in the previous quarter. Past announcements suggest these could include Microsoft (MSFT), Meta (META), and Oracle (ORCL).

    The Road Ahead: Infrastructure and Beyond

    Huang acknowledged that building the required data centers to meet the vision of AI-powered everything will require an enormous amount of land and power. “We’ve now established partnerships with so many players in land and power and (data center buildings), and of course, financing these things,” he said. “None of these things are easy, but they’re all tractable, and they’re all solvable things.” As companies like Google (GOOG) and Amazon (AMZN) design their own AI chips, some analysts question whether Nvidia’s dominance is sustainable. But for now, Huang’s message is clear: the AI boom is not a bubble, but a transformation that will reshape industries for years to come.

    The Sum…

    Nvidia’s story is a reminder that in the world of tech, the line between visionary and bubble is often drawn in hindsight. For now, Huang is betting that the future is not just bright, but profitable—and he’s inviting investors to join him on the ride.

    The Sources

    1. https://timesofindia.indiatimes.com/technology/tech-news/nvidia-ceo-jensen-huang-talks-about-the-biggest-fear-everyone-has-about-ai-companies-from-our-point-/articleshow/125456686.cms
    2. https://economictimes.com/news/new-updates/nvidia-ceo-jensen-huang-breaks-silence-on-biggest-fear-surrounding-ai-bubble/articleshow/125458939.cms
    3. https://www.investing.com/news/stock-market-news/tipping-point-or-bubble-nvidia-ceo-sees-ai-transformation-while-skeptics-count-the-risks-4369237
    4. https://www.cnn.com/2025/11/19/tech/nvidia-earnings-ai-bubble-fears
    5. https://www.janushenderson.com/en-gb/investor/article/quick-view-how-did-nvidias-earnings-call-address-ai-bubble-concerns/
    6. https://www.morningbrew.com/stories/2025/11/20/nvidia-blows-bubble-fears-and-expectations-away
    7. https://www.reuters.com/world/china/ai-leader-nvidia-forecasts-fourth-quarter-revenue-above-estimates-2025-11-19/
    8. https://www.nytimes.com/2025/11/20/business/dealbook/nvidia-ai-boom.html
    9. https://www.youtube.com/watch?v=cAJBA31iu3g
    10. https://www.bloomberg.com/news/articles/2025-11-20/nvidia-earnings-squash-ai-bubble-fears-big-take-podcast
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