• Google (NASDAQ: GOOGL) is ramping up competition with Nvidia (NASDAQ: NVDA) in the artificial intelligence (AI) semiconductor market, with Meta Platforms (NASDAQ: META) emerging as a potential multi-billion dollar customer. According to The Information on the 24th (local time), Google has shifted its strategy by proposing to install its Tensor Processing Units (TPUs) directly in client data centers, rather than restricting their use to Google Cloud facilities as in previous years.


• SanDisk (NASDAQ: SNDK), a flash storage company, has been added to the S&P 500 index. According to CNBC on the 24th (U.S. local time), SanDisk will be included in the S&P 500 prior to the opening of the New York Stock Exchange on the 28th, replacing Interpublic Group (NYSE: IPG), a marketing firm acquired by Omnicom (NYSE: OMC).


• Nvidia (NASDAQ: NVDA) has directly addressed allegations regarding insider stock sales and accounting practices. On the 24th (local time), Nvidia's investor relations team sent a seven-page confidential memo to Wall Street analysts, rebutting 12 claims raised by skeptics such as Michael Burry. Nvidia denied any similarity to the bankrupt Enron and explained its share buybacks and employee compensation practices.


• Citigroup has warned that the recent decline in Bitcoin signals the onset of a "Halving-Season Chill." According to CoinDesk on the 24th (U.S. local time), Citigroup noted that approximately $4 billion has flowed out of spot Bitcoin ETFs since May 10, erasing all gains recorded since the start of the year and undermining market sentiment. The bank said current conditions align with historical post-halving cycles.


• Bitcoin is struggling to regain upward momentum and is expected to post its worst monthly return since May 2022. Prices have fluctuated around $88,000, down more than 23% in a month and about 30% below the all-time high of $126,000 set in October. Yahoo Finance on the 24th (local time) cited three reasons for Bitcoin's lack of recovery: ETF outflows, a slowdown in stablecoin issuance and capital outflows, and selling by long-term holders.


• On the morning of the 25th in Asia, U.S. stock index futures traded slightly lower, while U.S. Treasury yields were mixed. According to Yonhap Infomax's index futures dashboard (screen no. 6520), as of 10:20 AM KST, E-mini S&P 500 futures were down 0.01% at 6,720.25, and tech-heavy E-mini Nasdaq 100 futures fell 0.02% to 24,942.50.


• Deutsche Bank analysts say investor confidence in Bitcoin is waning, with even core supporters now selling. According to MarketWatch on the 24th (local time), strategists Marion Laboure and Camilla Siazon cited weakening risk appetite across equities as a key factor. They noted that Bitcoin's decline demonstrates that cryptocurrencies still do not function reliably as defensive hedges.


• Bank of Montreal (BMO) has upgraded its rating on rare earth miner MP Materials to 'Outperform' from 'Market Perform,' despite trimming its 12-month price target from $76 to $75 due to falling rare earth prices. According to CNBC on the 24th (U.S. local time), analyst Raj Ray said the recent share price drop is excessive and current valuations offer an attractive entry point for investors seeking rare earth exposure. MP Materials shares surged 6%.


• BlackRock's spot Bitcoin ETF has seen significant outflows, marking its worst month since launch. According to CNBC and FactSet data on the 24th (local time), the iShares Bitcoin Trust ETF saw $2.2 billion in outflows in November, nearly eight times the $290 million outflow in October and the second-worst result since its early 2024 debut. The outflows coincide with a more than 20% drop in Bitcoin prices from the previous month and a decline of over 40% from the early October peak.


• Novo Nordisk (NYSE: NVO), the Danish pharmaceutical company, announced it failed to meet primary endpoints in clinical trials for its Alzheimer's treatment. According to CNBC on the 24th (U.S. local time), the trial tested whether semaglutide—the active ingredient in diabetes and obesity drugs Ozempic and Wegovy—could slow Alzheimer's progression. While semaglutide improved Alzheimer's-related biomarkers, it did not delay disease progression.


• Jim Cramer, host of CNBC's "Mad Money," said Alphabet's (NASDAQ: GOOGL) latest AI model Gemini could become the strongest competitor to OpenAI's ChatGPT. According to CNBC on the 24th (local time), Cramer called Gemini the "biggest threat" to ChatGPT and an "existential threat" to OpenAI. Alphabet unveiled Gemini 3 last week, claiming it surpasses OpenAI's GPT-5.1 in reasoning capabilities.


• Japanese stocks opened higher on the 25th, buoyed by gains in U.S. tech shares. As of 9:13 AM, the Nikkei index, led by major exporters, was up 375.74 points (0.77%) at 49,001.62, while the TOPIX index rose 9.34 points (0.28%) to 3,307.07.


• Bitmain Immersion Technologies (AMS: BMNR), a digital asset holding company focused on Ethereum, purchased an additional 69,822 Ether during last week's crypto sell-off, according to CoinDesk on the 24th (local time). The purchase is valued at approximately $195 million at current prices.


• Wall Street analysts have named Amazon.com (NASDAQ: AMZN), Walmart (NYSE: WMT), and off-price retailers as likely winners for the upcoming holiday shopping season ahead of Black Friday. Analysts cite intensified "value-seeking" consumer behavior, with companies offering both price competitiveness and convenience expected to gain market share. Value-seeking refers to polarized spending, where consumers are willing to pay for what they value but cut back sharply elsewhere.


• Tyson Foods (NYSE: TSN), the U.S. meat processor, will close a major beef plant in Nebraska and scale back operations in Texas in January, resulting in about 4,900 job cuts. According to Fox Business on the 24th (U.S. local time), the closure of the Lexington, Nebraska plant will affect around 3,200 employees.


• Michael Burry, famed for "The Big Short," has launched a paid newsletter called "Cassandra Unchained" on Substack after voluntarily deregistering his hedge fund. According to CNBC on the 24th (local time), Burry, who has 1.6 million followers on X (formerly Twitter), aims to warn about an AI market bubble. The annual subscription is $379.


• Morgan Stanley says recent market volatility increases the likelihood of Federal Reserve rate cuts. According to Business Insider on the 24th (local time), Mike Wilson, CIO and chief U.S. equity strategist, said tech-led selling strengthens the case for rate cuts next year, and the Fed will eventually provide clear guidance toward easing.


• Melius Research has named Tesla a must-own stock, forecasting the imminent arrival of the autonomous driving era. According to Yahoo Finance on the 24th (local time), analyst Rob Wertheimer said Tesla remains essential despite recent risks, as the world is set for rapid change. He predicted that trillions of dollars in value will shift from declining firms to Tesla over the next five years, with Tesla's autonomous driving software serving as a catalyst for industry transformation.


• Wall Street analysts say some investors are unnerved by Alphabet's AI-driven stock rally. According to CNBC on the 24th (local time), Melius Research's Ben Reitz noted that some fear Alphabet could dominate the AI race with its improved Gemini model and custom TPU chips. Previously, AI tools centered on OpenAI were heavily reliant on Nvidia GPUs, raising concerns about high acquisition, maintenance, and depreciation costs.


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