The US bourse nosedived after midday on Thursday as the market weighed interest rate cuts and the AI bubble. The DJIA wiped off its earlier gain of 717 points, closing down 386 points or 0.8% at 45,752. The Nasdaq slipped 486 points or 2.2%, closing at 22,078. The two indices experienced intraday swings of over 1,000 points. The S&P 500 ended down 103 points or 1.6%, at 6,538.

AI stocks faced refreshed selling pressure. Nvidia (NVDA.US), which had swelled more than 6% on promising results performance, briskly retreated to close down 3.2%. AMD (AMD.US) plunged 7.8%. Oracle (ORCL.US) fell off 6.6%.

Key techs reversed course, with Tesla (TSLA.US) and Amazon (AMZN.US) both sagging over 2%. Microsoft (MSFT.US) dropped 1.6%. Alphabet (GOOG.US) lost 1% after hitting a new intraday high. Apple (AAPL.US) dipped 0.9%.
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Nvidia (NVDA.US) has sufficient Blackwell AI chips to cater the growing demand, and the overall business is very, very strong, CEO Jensen Huang boasted.

The previously reported sell-out of Blackwell chips referred to the current chips being fully utilized by customers, he said, emphasizing that the company's supply chain planning is very well-organized.

There are still many Blackwell chips available for sale, he added, foreseeing that sales of new chips and systems are likely to exceed the previously set long-term target of US$500 billion.

Under U.S. export restrictions, the Chinese market remains meager, and the company's sales forecast for data center chips in China remains zero, the CEO conceded.
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Nvidia (NVDA.US) CEO Jensen Huang dismissed claims of an AI bubble during an analyst meeting, arguing that the shift towards GPU adoption is driven by the need for AI in areas such as data processing, advertising recommendations, search systems, and engineering.

AI will not only integrate into current applications but will also give rise to entirely new applications, he insisted. Besides, Agentic AI will be capable of reasoning and planning, thus requiring more powerful computing capabilities.

Huang emphasized that Nvidia is the only company capable of meeting the demands of the above-mentioned three usages. When considering infrastructure investments, these three fundamental factors should be evaluated, as they will drive infrastructure development in the coming years.
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The US Department of Commerce (DOC) announced that it had authorized the export of advanced US chips to UAE company G42 and Saudi Arabian company Humain. These two companies were approved to buy up to 35,000 Nvidia (NVDA.US) Blackwell GB300 chips.

The DOC stated that this approval will promote the continued dominance of the US in the AI and technology field, aligning with not only the AI action plan proposed by President Donald Trump in July this year but also the US-Saudi and US-UAE AI cooperation agreements.
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NVIDIA (NVDA.US) announced after market close on Wednesday that its net profit for the third fiscal quarter ended October 26 added 65% YoY to US$31.91 billion, with adjusted EPS of US$1.3, surpassing the market expectation of US$1.25. The company's guidance for the current quarter also exceeded expectations, leading to a 4% leap in its stock price after hours.

Revenue for the quarter grew by 62.5% YoY to US$57.006 billion, ahead of the street consensus of US$54.92 billion. Revenue from the data center segment gained 66% to US$51.2 billion, way above the expected US$49.09 billion.

Looking ahead to the fourth fiscal quarter, the company projected revenue to reach US$65 billion, above the market average expectation of US$61.66 billion. NVIDIA CEO Jensen Huang stated that sales of Blackwell chips were a major beat; cloud GPUs were sold out; and the demand for computing in training and inference continued to accelerate. He believed that the company has entered a virtuous cycle in AI.
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U.S. stocks rebounded on Wednesday, with the S&P 500 closing higher after four consecutive days of downswing, hiking 24 points or 0.4% to 6,642. The DJIA ended up 47 points or 0.1% to 46,138. The Nasdaq finished up 131 points or 0.6% to 22,564.

The market eyed on NVIDIA (NVDA.US), which is set to release its earnings after the market close on Wednesday. It was expected that its quarterly earnings will majorly beat Wall Street's forecasts, with NVIDIA's stock swelling 2.9%.

Google released an upgraded version of its AI model, Gemini 3, with its parent company Alphabet (GOOG.US) leaping 2.8% to an all-time high.
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Billionaire Elon Musk announced on Wednesday that his AI company, xAI, will collaborate with Saudi Arabia on a 500-megawatt data center project, utilizing Nvidia (NVDA.US) hardware infrastructure.

Speaking at the U.S.-Saudi Arabia Investment Forum in Washington, D.C., Musk, alongside Nvidia CEO Jensen Huang, revealed that Nvidia is working with Saudi Arabia to build a supercomputer capable of simulating quantum computers.

This transaction is part of a larger agreement signed with the kingdom's state-owned AI company, Humain, primed at expanding Saudi digital and AI infrastructure.
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Huawei announced that it will host the "2025 AI Container Application Implementation and Development Forum" in Shanghai on Friday (21st).

The forum, themed "AI Containers Driving the Future, Leading a New Paradigm of Computing Resource Utilization", will officially release and open source of the innovative AI container technology Flex:ai, aimed at enhancing the efficiency of computing resource utilization. This is seen as a rival to Nvidia's (NVDA.US) breakthrough AI technology.

As the AI industry dabbles into deeper waters, the issue of computing resource utilization efficiency is becoming increasingly prominent, Huawei stated. The company is actively exploring the path of "software complementing hardware" to overcome the bottlenecks in AI industry development.
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Market concerns over the high valuation of AI-related stocks prompted a persistent downtrend in US techs on Tuesday. Coupled with Bitcoin prices busting below US$95,000, this indicated a lower investors' risk tolerance, weighing down on US stocks again.

The Nasdaq led the decline, closing down 275 points, or 1.2%, at 22,432. The DJIA slid 498 points, or 1.1%, to 46,091. The S&P 500 dropped 55 points, or 0.8%, to 6,617, marking its fourth consecutive day of decline, the longest losing streak since August.

Among the "Magnificent Seven", Amazon (AMZN.US) was the top loser, sagging 4.4% for the day. AI leader Nvidia (NVDA.US) fell off 2.8%. Microsoft (MSFT.US) shed 2.7%. Alphabet (GOOG.US) CEO Sundar Pichai warned of some irrational phenomena in the current AI market, suggesting that if the bubble bursts, all companies could be affected. Alphabet inched down 0.2%.
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Boosted by the Apple (AAPL.US) iPhone 17 series, iPhone accounted for a quarter of China's smartphone sales in October, marking the first time since 2022 that this level has been reached,
data from Counterpoint Research showed.

In October, China's smartphone sales grew by 8%, with iPhone sales growing by 37%, and OPPO also gaining by 19%. In contrast, Huawei's sales dropped by 19%.
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