Nvidia has already put about $800 million into Reflection AI. Now it is reportedly in talks to buy the open-weight startup outright, or hire its team and license its technology instead. Either way, this is less about Nvidia becoming a model company and more about making sure the next generation of open AI runs on Nvidia chips. The structure of the deal will tell you which risk Nvidia fears most, and an answer could come within weeks.

Stocks are near record highs with the 10-year Treasury yield above 5%, and one source of profit explains it. AI is expected to supply roughly two-thirds of the S&P 500's 30% earnings growth this quarter, with semiconductor profits projected up 136%. That support comes with a higher bar, and the first real test lands Thursday when Taiwan Semiconductor reports.

SpaceX just agreed to buy nationwide low-band spectrum for a reported $8 billion, and Verizon, AT&T, and T-Mobile each dropped about 6% after hours. No customer switched carriers on Thursday. So what exactly did Wall Street reprice? The answer is the scarcity that has protected America's 3 wireless giants for decades, and the FCC now decides whether that protection holds.

SpaceX just pulled off the largest IPO in history, and it is already asking lenders for another $40 billion to buy Nvidia chips. The chips aren't the story. The borrowing is. When an entire build-out shifts from cash flow to credit, the price lenders charge starts setting the pace, and the first real test of that price arrives with this deal.

Nvidia and the Nasdaq closed at records on Monday. The 10-year Treasury yield hit its highest level since 2002 on the same day, and it did so after a weak jobs report that should have pushed it lower. That is the detail most headlines missed. Stock prices are a race between growing profits and a rising discount rate, and right now AI profits are winning. Earnings season starts next week. Here is what has to go right for that to continue, and the 1 thing that only has to go wrong.

Three Fed dissenters, a 30-year Treasury yield at its highest since 2007, and a 19% monthly drawdown in semiconductors dragged the Dow down 2.19% — its worst day since April 2025. Microsoft surged, Meta sank, oil jumped 7.9% on Iran escalation, and crypto punished leverage on a flat tape. Here's the full decode, plus what today's PCE and GDP prints could trigger.

The crypto market is rebounding through Extreme Fear as whales load up on Bitcoin and Ethereum, XRP outperforms, and regulators tighten their grip. Here’s your full November 25, 2025 breakdown.