AI watch: Nvidia reported Q3 revenue of $57B (+62% y/y) and profit of $31.9B (+65% y/y), lifting the stock 5% to an opening $196, only to close with a 3.2% decline to $180.64. CEO Jensen Huang commented, “AI is going everywhere, doing everything, all at once.” Nvidia now constitutes 8.5% of S&P 500 market cap (most for single stock in history) large enough to be the 7th largest S&P sector weight (larger than consumer staples, energy and utilities). Importantly, while Nvidia’s revenues grew 62%, accounts receivable grew 89%. 61% of Nvidia’s revenues accrue from four (unnamed) customers. Stay tuned…
Bitcoin fell as much as 6.4% to a Friday-morning low of $81,569 and has now declined 25% in November (worst monthly decline since June ’22 FTX collapse) and 35% since its 10/6/25 high ($126,251).
Cleveland Fed President Hammack spoke for an increasingly hawkish Fed in warning more rate cuts court financial stability risks. “Lowering interest rates to support the labor market risks prolonging this period of elevated inflation, and it could encourage risk-taking in financial markets.”
Bloomberg reports China’s Contemporary Amperex Technology (CATL) plans to reopen its massive Jianxiawo lithium mine by early December (pending regulatory approval).
U.S. September payrolls were finally reported at +119,000 (vs. +53k est.) but unemployment rate rose 10bps to 4.4% (highest since Oct. ’21) on slight uptick in labor participation rate The U.S. Labor Department will release the November employment report on 12/16, six days after the December FOMC meeting.
On Thursday, the Dow (1,128) and Nasdaq (1,104) each fell more than 1,000 points from peak to trough. China CSI 300 -2.37%, Nikkei 225 -0.7%, Euro Stoxx 50 -1.1%, S&P futures +0.3% and Nasdaq futures +0.1%. DXY dollar index +0.05%, spot gold -0.3% and spot silver -2.5%. 10-year Treasury yield -2.1bps (4.063%).
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