Sou Hu Cai Jing·2025-11-26 00:16Market Overview - On November 25, U.S. stock markets experienced volatility, with all three major indices closing higher. The Dow Jones surged by 664.18 points, a 1.43% increase, while the S&P 500 rose by 0.91% and the Nasdaq increased by 0.67% [1] - The focus of the market has shifted from the fluctuations of tech giants to the profound changes occurring in the AI chip sector [1] Tech Giants Performance - Notable stock movements among tech giants included Facebook (Meta) rising by 3.78%, Google (Alphabet) increasing by 1.62%, Amazon up by 1.50%, and Microsoft gaining 0.63%. In contrast, Nvidia saw a decline of 2.59% [2][4] - The Nasdaq Golden Dragon China Index rose by 0.35%, with mixed performances among popular Chinese stocks [2] AI Chip Market Dynamics - Nvidia's stock price fell nearly 7%, marking a new low since September 17, with its market cap dropping over $1 trillion from its peak. Meanwhile, Google's stock rose, with a market cap approaching $4 trillion, driven by interest in its AI chip, TPU [4] - Meta is reportedly negotiating with Google to use TPU chips in its data centers, which could potentially allow Google to capture 10% of Nvidia's annual revenue, translating to billions in new income [4] Federal Reserve Interest Rate Expectations - Market expectations for a Federal Reserve rate cut in December surged, with the probability rising from 40% to 84.9% within a week. Analysts suggest that there are no significant barriers to a rate cut on December 10 [6] Geopolitical Developments - Progress in the U.S.-Ukraine peace talks has led to a decrease in geopolitical risk premiums, contributing to a decline in oil prices. U.S. crude oil futures fell by 1.24% to $58.11 per barrel [7] - The AI chip market is becoming increasingly competitive, with Google pushing for the deployment of its TPU chips, indicating a shift in the competitive landscape of AI chips [7]