🔽 MARKET RECAP → Stocks fall again on Thursday as the Nasdaq (QQQ) as the AI and tech selloff continues.

📊 NVIDIA SHRUGS OFF BUBBLE → Nvidia’s (NVDA) latest earnings re-ignite the AI trade with huge beats and a fat order book, but stretched valuations and customer spending limits mean this is a name to size carefully, not hero-ball.

🧠 DALIO SAYS DON’T BAIL → Dalio thinks AI has pushed markets into bubble territory, but says the real killers are policy shifts and leverage, so smart money trims risk, diversifies and stays in the game instead of panic-selling.

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For the week beginning November 17, 2025

🚀 Blowout quarter, no bubble (apparently): Nvidia (NVDA) delivered another monster quarter with revenue and guidance handily topping Wall Street expectations. CEO Jensen Huang waved off “AI bubble” fears, pointing to a massive multi-year AI infrastructure build-out and a chip order pipeline that now stretches well into 2026.

🌏 China disappoints, everyone else overdelivers: Sales of China-focused AI chips were a tiny slice of the quarter after U.S. export restrictions, but that actually makes the beat more impressive. The growth engine is now U.S. hyperscalers, sovereign AI clouds and data centers across the Middle East and beyond, reducing Nvidia’s reliance on a geopolitically messy market.

📈 AI trade refueled, but froth remains: Shares jumped as investors rotated back into the AI complex, using Nvidia’s print as validation for the broader theme. For the average investor, the math is simple but unforgiving: fundamentals scream “up and to the right,” while concentration risk, rich multiples and customer capex/energy constraints mean position sizing still matters more than your FOMO.

📈 Dalio says yes, it’s a bubble: Ray Dalio thinks markets, especially AI-linked names, are “definitely” in bubble territory and roughly 80% of the way to a full-blown peak. But he stresses that a bubble alone isn’t a sell signal — timing and what actually pops it matter more than scary headlines.

⚖️ He’s watching policy, taxes and leverage: Dalio argues bubbles usually burst when financial conditions tighten or governments squeeze the wealthy, not just because valuations look silly. With margin debt at record levels and talk of wealth taxes heating up, he warns the real danger is overleveraged “weak hands” forced to sell into a downturn.

🤖 Playbook for AI-heavy portfolios: Dalio’s message isn’t “dump Nvidia (NVDA) and every AI stock,” it’s “don’t be concentrated, don’t be overlevered.” For an average investor, that means expecting lower long-term returns from today’s prices, sizing AI bets modestly, pairing them with diversifiers like cash, bonds and gold, and making sure a bubble pop hurts your P&L, not your life.

Google launches Nano Banana Pro, an updated AI image generator powered by Gemini 3 (CNBC)

Trump to meet with New York Mayor-elect Zohran Mamdani at White House on Friday (CNBC)

Ray Dalio says we are definitely in a bubble, but that doesn’t mean you should sell yet (CNBC)

Starbucks Workers United escalates strike during busy holiday season (CNBC)

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