📈 Nvidia Rally Turns Into a Faceplant

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Good Morning & Happy Friday.

Today’s newsletter dives into a wild market reversal, an Asian chip-stock rout, and fresh Fed drama, plus big moves in tech from Kalshi’s billion-dollar raise to Google’s Gemini 3.

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Market News

📉 Major Stock Indexes Post Massive Losses as Early Nvidia-Led Rally Fades
Wall Street pulled a full plot twist yesterday, massive morning gains evaporated as stocks tanked, even with Nvidia flexing monster earnings and “off-the-charts” AI demand. The Nasdaq sank 2.2%, the S&P 500 slid 1.6%, and the Dow flipped a 700-point surge into a 400-point faceplant. Nvidia went from +5% to –3.2%, the jobs report came in hot but unemployment ticked up, and Bitcoin cratered to $86K as crypto names got wrecked. One winner? Walmart, blasting 6.5% higher after crushing earnings and announcing a move to the Nasdaq.

🔻 SoftBank sinks over 10% as Nvidia-fueled rout sweeps Asian chip shares
Asian chip stocks got slammed Friday, with SoftBank nosediving over 10% as Nvidia’s surprise drop rippled across the sector. SK Hynix plunged nearly 9%, Samsung slid almost 6%, and TSMC fell close to 5%, despite Nvidia beating earnings and guiding higher. Analysts chalked the selloff up to Bitcoin turbulence, rate-cut doubts, and fresh AI-bubble fears, turning Nvidia into the first pressure point. Even smaller players weren’t spared, Renesas dipped, Tokyo Electron sank 7%, and Advantest cratered over 12% in a broad semiconductor retreat.

🥇 Gold on track for weekly fall as strong US jobs data dents rate-cut hopes
Gold slipped again Friday, sliding 0.9% to about $4,040 as a hotter U.S. jobs report strengthened expectations that the Fed will hold off on cutting rates in December. The stronger dollar, on track for its best week in over a month, piled on more pressure. Analysts say year-end profit-taking and rate uncertainty are keeping traders cautious, with Asian physical demand staying weak. Silver fell 2.2%, while platinum and palladium also dipped, extending the metals market’s choppy week.

👀 Hassett says government shutdown impact means Fed should cut rates in December
A hotter-than-expected September jobs report is boosting bets the Fed may pause rate cuts, but former NEC director Kevin Hassett says doing that now would be a “very bad time,” warning the shutdown could shave 1.5 percentage points off Q4 GDP. He argues the rebound to 119,000 jobs isn’t enough to offset shutdown damage, travel disruptions, and uneven hiring trends. Hassett says inflation is improving and construction hiring is picking up, but the overall Q4 headwinds make a rate-cut pause risky.

This week in Tech

💰️ Kalshi’s valuation jumps to $11B after raising massive $1B round
Prediction market giant Kalshi just pulled in a staggering $1 billion at an $11B valuation, barely two months after its previous $300M raise. The round was led by returning heavyweights Sequoia and CapitalG, with backing from a16z, Paradigm, Anthos, and Neo. The move ramps up Kalshi’s rivalry with Polymarket, which itself is eyeing a valuation as high as $15B after its own billion-dollar raise. Kalshi’s rise has been fueled by soaring interest in election betting and high-visibility campaigns, including live odds screens in NYC subways, as millions worldwide wager on everything from 2025’s Person of the Year to the next U.S. president.

💬 ChatGPT launches group chats globally
ChatGPT just rolled out global group chats for all users, Free, Go, Plus, and Pro, turning the AI from a solo assistant into a full-on collaboration hub. Up to 20 people can join a shared convo to plan trips, co-write docs, debate, or research together. Users can tag @ChatGPT to jump in, while everyone keeps their own private settings and memory. Adding new people creates a fresh thread, and yes, ChatGPT can now throw emoji reactions and reference profile photos.

‼️ Australia adds Amazon's Twitch to teen social media ban, spares Pinterest
Australia just confirmed Twitch will be part of its world-first under-16 social media ban, kicking in Dec. 10, while Pinterest escapes the list. Regulators say Twitch counts as social media because kids can interact and communicate there, something Pinterest isn’t primarily built for. Twitch will deactivate all under-16 accounts by Jan. 9 and block new ones once the rules start.

🧠 Gemini 3 Is Here, and Google Says It Will Make Search Smarter
Google just unveiled Gemini 3, calling it its most intelligent model yet with sharper reasoning, multimedia skills, and stronger coding chops. The company says it’s already powering products like Search, Maps, Gmail, and AI Overviews, where visual and natural-language queries are surging. Leaders claim the model outperforms GPT-5, and Google’s massive user base is accelerating improvements across the stack. Gemini 3 rolls out soon to AI Plus and AI Pro subscribers, alongside new tools like the Antigravity coding assistant, another step toward what DeepMind says is still 5–10 years from true AGI.

Invest & Strategies

🇺🇸 What the Declaration of Independence Can Teach Us About Investing
Walter Isaacson’s new book breaks down how the Declaration of Independence was built through teamwork, relentless revision, and moral growth, offering lessons that still hit today. He argues innovation happens through collaboration, lives improve through constant self-correction, and progress comes from connecting passion to a larger purpose. Franklin, Jefferson, Adams, and others modeled how a nation, like a person, must keep refining itself.

📚️ Essential Wisdom from Twenty Personal Investing Classics
A new synthesis of twenty classic personal-finance books boils the whole game down to one message, keep it simple, stay disciplined, and don’t let costs or emotions wreck your future. The authors, from Bogle to Housel, agree that low-cost index funds, smart saving habits, and broad diversification beat nearly everything Wall Street sells.

😅 The One Thing My Worst Investments Had in Common
An investor reflects on his biggest mistakes, and they all trace back to one thing: illiquidity. From fractional art to private company stakes, he realized too late that an asset you can’t sell is often worse than one that simply loses money. Illiquid bets have left him stuck in “investment purgatory,” with private shares now worth more as a tax loss than as holdings, and no easy exit. Private equity and VC aren’t much better, with capital often locked up for 10–15 years and valuations slow to adjust, a problem echoed by analysts like Dan Rasmussen.

🦉 10 Things We Can Learn From Warren Buffett That Have Nothing to Do With Money
A Thanksgiving tribute highlights Warren Buffett as he heads for “early retirement” at 95, celebrating not just his legendary investing but the character and clarity he modeled for generations. The author says the deals will fade from memory, but Buffett’s aphorisms and values, humility, patience, integrity, stick forever, including classics like “When the tide goes out…”. It’s a reminder that Buffett’s greatest lessons aren’t about money at all, but about how to live well.