Most Investors Haven’t Seen This Coming, Don’t Miss it # Most Investors Haven’t Seen This Coming, Don’t Miss it!  by Chris Johnson  November 3, 2025  Share it: ## Today’s Top & Bottom Lines – November 3, 2025 | | | | --- | --- | | #### **Pre-Market Price Check** | | **S&P 500 Futures: +0.39%** | **10-Year Yield: 4.112 (+0.011)** | | **Nasdaq 100 Futures: +0.87%** | **WTI Crude: $60.95 (-0.02%)** | | **Dow Jones Futures: UNCH%** | **Gold Futures: $4,029 (+0.81%)** | | **VIX: 16.92 (+3.05%)** | **Bitcoin (BTC): $107,834 (-1.96%)** | ## What’s Driving Stocks This Morning The technology rally is set to kick into high gear in November, and this morning’s headlines confirm… Here’s why. Nvidia (NVDA) is leading futures higher - up nearly 2% pre-market - after the U.S. approved chip sales to the United Arab Emirates under Microsoft’s (MSFT) AI infrastructure deal. The clearance marks a significant policy shift, signaling that Washington will selectively allow AI chip exports to strategic allies even as restrictions on China remain in full force. President Trump reiterated in a 60 Minutes interview that Nvidia’s most advanced chips will _not_ be sold to China, but the UAE deal effectively reopens a multibillion-dollar channel for growth. Meanwhile, OpenAI has signed a $38 billion compute agreement with Amazon, its first major partnership with a cloud provider outside Microsoft. The collaboration will bring OpenAI’s workloads onto Amazon Web Services, strengthening AWS’s competitive positioning and confirming that the AI investment cycle is broadening beyond a single platform. The deal underscores one of the most powerful market themes into year-end, cloud diversification and exponential infrastructure demand. Adding to the momentum, Palantir Technologies (PLTR) reports earnings after the close, a key test for how AI-as-a-service platforms are converting government and enterprise demand into revenue. Traders are positioning for volatility given Palantir’s surge in defense contracts and the stock’s recent consolidation above support. Layer on a supportive macro backdrop, Fed Governor Chris Waller endorsing a December rate cut, easing tariff tensions with China, and strong global manufacturing prints, Investors now have every reason to believe the market’s AI and tech leadership will keep expanding into November. ## Stocks on the Move (Pre-Market) - **Nvidia (NVDA)** $206.28 +1.9% — Approved to sell chips to UAE; Microsoft to integrate into new data centers. - **Microsoft (MSFT)** $521.96 +0.8% — Benefiting from UAE clearance and OpenAI expansion. - **OpenAI / Amazon (AMZN)** $197.42 +1.4% — $38 B compute partnership brings new AI momentum. - **Kenvue (KVUE)** $17.23 +19.9% — Acquired by Kimberly-Clark (KMB) for $48.7 B cash-and-stock. - **IREN Limited (IREN)** +21% — Secured $9.7 B AI cloud deal with Microsoft. - **Rigetti (RGTI)** $40.12 –1.5% — Downgraded to Neutral at B. Riley after a 50% rally. - **Kimberly-Clark (KMB)** $103.00 –14% — Falls on Kenvue acquisition announcement. ## Upgrades & Downgrades #### **Upgrades** - Cisco (CSCO) to Buy from Neutral at UBS – target $88. - Netflix (NFLX) to Outperform at KGI – target $1,350. - Roku (ROKU) to Overweight at Piper Sandler – target $135. - Linde (LIN) to Buy at Seaport Research – target $500. - Universal Health (UHS) to Outperform at Raymond James – target $270. #### **Downgrades** - **Rigetti Computing (RGTI) to Neutral from Buy at B. Riley** – target $42. - **Canadian Solar (CSIQ) to Hold from Buy at Jefferie** s – target $19.64. - **Charter (CHTR) to Market Perform at Bernstein** – target $280. - **Marsh & McLennan (MMC) to Underperform at BofA** – target $181. - **Vodafone (VOD) to Sell from Neutral at UBS.** ## Today’s Bottom Line – Tech leadership is back in control. The Nvidia–Microsoft chip clearance and OpenAI–Amazon partnership confirm that AI infrastructure spending is entering a new acceleration phase. Add in dovish Fed commentary, improving U.S.–China relations, and suspended tariff risks, and you’ve got the recipe for another November melt-up. The Russell 2000 Index finally joined the other major indices by hitting all-time highs last week, a clear signal that investors are broadening the scope of their strategies to include higher-alpha names. That’s good for market health, it shows confidence in higher prices and improving risk appetite. Small-caps are also more sensitive to interest rates, which means this breakout is an early read on investor expectations for deeper Fed easing in 2026. The bevy of technical tailwinds hitting the tape suggests a rush of buying is likely across large-cap technology and AI-linked stocks to kick off November. Seasonally, November is tied with April as the second-strongest month for S&P 500 performance since 2000, a bullish setup that supports another leg higher in this tech-driven rally.  **Beat the market, without relying on brokers or biased institutions.** Email(Required) LinkedIn This field is for validation purposes and should be left unchanged. Subscribe By submitting your email address, you will receive a free subscription to _Money Morning!_ and occasional special offers from us and our affiliates. 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