Market Overview - The Dow Jones Industrial Average closed on November 26th, 2025, with a gain of 314.67 points (0.6679%), reaching 47427.12, driven by investor optimism regarding a potential Federal Reserve interest rate cut in December [1] - Despite mixed economic data, the sentiment around monetary policy easing contributed to a broader rally in U.S. equities ahead of the Thanksgiving holiday [1] Contributing Factors - Expectations of a rate cut, a sustained AI-led rally, and solid corporate earnings reports were key contributors to the market's strong performance [2] - Technology companies experienced renewed interest, extending a multi-day winning streak for major indexes, with advancers significantly outnumbering decliners on the NYSE [2] Company Performance - Boeing (BA) led the Dow's components with a gain of +2.58%, followed by Walmart (WMT) at +2.29% and Microsoft (MSFT) at +1.96% [3] - Goldman Sachs (GS) and Home Depot (HD) also saw increases of +1.66% and +1.51%, respectively [3] - Salesforce (CRM) was the biggest laggard, dropping -2.68%, potentially due to company-specific news or sector rotation, with IBM (IBM) and Merck & Co. (MRK) also declining by -0.39% and -0.24% [3]

Group 1 - The S&P 500 is experiencing significant gains during the Thanksgiving week, with most sectors benefiting from the rally [1][2] - Enterprise software and health care stocks are notably underperforming, missing out on the broader market gains [1][2] - Workday is identified as the largest laggard in the S&P 500, alongside other companies like Deere, Intuit, Salesforce, and ServiceNow, which are also trading lower [2] Group 2 - Workday and Deere reported disappointing quarterly results, contributing to their stock declines [2] - Salesforce, another key player in the enterprise software sector, is set to report its quarterly results in a week [2]

Group 1 - Next Wednesday will feature significant earnings reports from major companies, including Royal Bank of Canada before the market opens and Salesforce Inc. after the market closes, along with Snowflake Inc. [1] - The day prior, Tuesday, will also see important earnings announcements from software and tech companies, such as CrowdStrike Holdings Inc. and Marvell Technology Inc. [1] - The earnings season will kick off on Wednesday with Deere & Company reporting in the industrials sector [1]

Core Insights - The CEO of Adecco highlighted that the joint venture with Salesforce, named r.Potential, aims to mitigate the risks associated with an AI bubble by encouraging companies to adopt more practical applications of technology [1] Group 1 - The joint venture r.Potential is designed to push companies towards concrete uses of AI [1]

Core Insights - Salesforce, Inc. is a leading cloud computing company with a market cap of $215.9 billion, specializing in customer relationship management software and enterprise cloud solutions [1] - The company reported Q2 2026 adjusted EPS of $2.91 and revenues of $10.2 billion, surpassing expectations, but shares dropped 4.9% following a Q3 revenue forecast that fell short of analyst estimates [4] Company Performance - Salesforce shares have declined 36.6% from their 52-week high of $369, and have dipped 30% year-to-date, underperforming the Dow Jones Industrial Average's 10.7% gain [2][3] - The stock has been trading below its 50-day moving average since early March and recently slipped under its 200-day moving average, indicating a sustained bearish trend [3] Competitive Position - Salesforce has underperformed compared to its rival, Intuit Inc., which saw shares increase by 14.9% over the past 52 weeks [5] - Despite the underperformance, Salesforce stock has a consensus rating of "Moderate Buy" from 28 analysts, with a mean price target of $831.29, indicating potential for a 28.3% upswing from current market prices [5]

Core Insights - Broadcom Inc. (AVGO) has seen a significant increase in stock price this week, attributed to positive comments from Salesforce CEO Marc Benioff [1] Group 1: Company Performance - The bullish sentiment from Salesforce's CEO has positively influenced Broadcom's stock performance, indicating strong market confidence in AVGO [1] Group 2: Market Reactions - The reaction in Broadcom's stock price reflects broader market trends and investor sentiment towards technology companies, particularly those associated with Salesforce [1]

Core Viewpoint - The AI wave is reshaping the job landscape in Silicon Valley, leading to significant layoffs across major tech companies while simultaneously creating demand for top AI talent [1][4][40]. Group 1: Layoffs in Major Tech Companies - Salesforce has laid off approximately 8,000 employees in 2023 and an additional 1,000 in 2024, with 262 more layoffs announced in 2025 [8][10]. - Meta has also been active in layoffs, cutting 600 positions in its AI infrastructure department while still seeking top AI talent for its new AI team [8][10]. - Google has restructured its organization, cutting over 100 design positions in its cloud department to focus resources on AI product development [8][16]. Group 2: Broader Impact on the Tech Industry - The global tech industry has seen over 150,000 layoffs in 2024, with nearly 100,000 positions cut this year alone, driven by AI adoption and economic uncertainty [5][10]. - Companies like Microsoft and Amazon have also made significant cuts, with Microsoft laying off over 6,500 employees in May 2023 and Amazon cutting around 27,000 positions since 2022 [11][15]. Group 3: Startups and Unicorns Adjusting to AI - Startups and unicorns are not immune to the layoffs, with Fiverr cutting 250 employees (30% of its workforce) to focus on AI development [17][19]. - Yotpo, another startup, laid off 34% of its team to pivot towards AI-driven tools [19]. - Scale AI, a data labeling startup, announced layoffs of around 200 employees after being acquired by Meta [21][23]. Group 4: Traditional Industries Affected - The layoffs extend beyond tech, with Starbucks cutting 1,100 tech employees and General Motors laying off 200 workers in response to market changes [28][30]. - Rivian has also faced layoffs, cutting nearly 300 positions in 2023 due to demand fluctuations in the electric vehicle market [30]. Group 5: The Dual Nature of AI Revolution - The AI revolution is creating a paradox where lower-level jobs are being eliminated while demand for high-skilled AI professionals is surging [35][40]. - Companies are increasingly replacing traditional roles with AI solutions, leading to a significant shift in the workforce dynamics [41][42].

Group 1: Market Overview - The overall market shows weakness, particularly in the tech sector, but opportunities still exist outside of tech [2] - The AI trade is not over, with some tech stocks providing good entry points [2] Group 2: Disney Analysis - Disney's stock has fallen about 7% this year and is down nearly 18% from its highs [3][5] - The stock is trading within a defined channel, with support at $70 and resistance at $120, likely heading towards the $70 level [5][7] - Year-over-year operating income for Disney was down approximately 35%, with sports revenue down 2% but experiences revenue up 13% to $1.9 billion [5][6] - Concerns exist regarding the experiences segment due to potential headwinds from government shutdowns and inflation affecting consumer spending [6][7] - Technical indicators show a bearish trend, with the stock slipping below its 50 and 200-day moving averages [8][12] Group 3: Salesforce Analysis - Salesforce has seen a significant pullback of about 32% this year, trading below its 50 and 200-day moving averages [17] - The stock is currently holding around the $230 level, forming a descending triangle pattern [18] - Despite recent challenges, Salesforce's subscription and support base grew about 9% year-over-year, positioning it well for the AI revolution [20] - Technical indicators suggest a bearish trend, but a potential triple bottom pattern may provide support [28][29] Group 4: Bloom Energy Analysis - Bloom Energy has experienced a remarkable increase of over 300% this year, although it is currently down about 36% from its highs [33][36] - The company specializes in on-site power generation, converting fossil fuels and hydrogen into clean energy, serving a diverse customer base [33][34] - Recent trading patterns indicate a potential recovery, with buyers stepping in after a sell-off [36][42] - The stock is currently viewed as a discount opportunity, trading at about $95 compared to its previous highs [36][37] - Technical analysis shows a mix of bullish and bearish signals, with caution advised if support levels break [41][46]

Core Insights - Alphabet has reached a new all-time high, with co-founder Larry Page becoming the world's second richest person, valued at approximately $257 billion [1] - Mark Benioff's recent praise for Alphabet's new AI model, Gemini, is seen as a significant endorsement, although his history of late involvement in major tech trends raises questions about the timing of his support [2][4] - The competitive dynamics between Benioff and Larry Ellison are highlighted, suggesting that Alphabet's success could negatively impact Oracle, especially given Oracle's connections to OpenAI [5] Company Developments - The shift towards Google and its AI capabilities has been ongoing for several months, coinciding with Alphabet's stock performance reaching new highs [5] - Benioff's previous ventures into AI branding and the metaverse have been criticized for their timing and effectiveness, indicating a pattern of following trends rather than leading them [3][4] - The enthusiasm for Gemini 3 is not limited to Benioff, as there is a broader positive sentiment within the Silicon Valley community regarding Alphabet's advancements in AI [6]

Core Insights - ISG has initiated a study focused on service providers that assist enterprises in redefining workflows and enhancing time to value through Salesforce [1] Group 1 - The study aims to evaluate how service providers can optimize enterprise operations using Salesforce [1] - The research will explore various strategies employed by service providers to improve workflow efficiency [1] - The findings are expected to provide insights into best practices for leveraging Salesforce in enterprise environments [1]