📊 Tech Stocks Are Bleeding

Happy Sunday!

Business deals continue to accelerate this year.

And this week brought another wave of major announcements:

• On Monday, J&J said it would acquire Halda Therapeutics for $3.05B in cash to expand its portfolio of prostate cancer treatments.

• On Wednesday, Adobe announced a $1.9B deal to acquire Semrush and strengthen its AI marketing tools.

• On Thursday, Abbott agreed to buy Exact Sciences in a $21B deal, marking a major push into the fast-growing cancer diagnostics market.

M&A activity has been strong across the board.

• Goldman Sachs, for example, is on track for its best merger advisory performance in 24 years.

Some key data bites from this week that you should know:

• Morningstar shared their latest list of 12 undervalued tech stocks.

• CEOs couldn’t put down these 82 books this year.

• Trump’s tariff rollback on agricultural goods could benefit these 7 stocks.

• Lessons from how the greatest trader turned $5K into $31B.

• AI data center boom minted 16 new billionaires.

• Anthropic is now valued around $350B following deal with Microsoft and Nvidia.

• S&P 500 closed below its 50-day moving average for first time in 139 sessions.

• Jeffrey Gundlach urged investors to keep 20% of their portfolios in cash.

• Unemployment rate reached the highest level in 4 years.

• College graduates make up 25% of unemployed workers.

• Robinhood said over 1M customers have traded prediction markets.

• China added 15 Tons of gold in September, well above the 1.24 Tons officially reported.

• German arms manufacturer Rheinmetall expects sales to 5x by 2030.

• Block unveiled a 3-year outlook and sees gross profit of $15.8B in 2028.

• Elon Musk’s xAI in talks to raise $15B at a $230B valuation.

• Japan approved $135B stimulus package to revive economy.

Earnings & Financial Results:

• Temu owner PDD saw sales increase 9% and net profit jump 17%.

• Home Depot cut its full-year profit forecast and missed estimates for the 3rd straight quarter.

• Target saw comparable sales decline for the 3rd straight quarter.

• Palo Alto Networks beat earnings and will acquire Chronosphere for $3.35B.

• Walmart raised its full-year forecast for the 2nd quarter in a row.

• TurboTax owner Intuit guided for 14.5% sales growth in the next quarter, ahead of estimates.

In today’s newsletter:

• 🏫 Harvard’s Stock Portfolio

• 💉 Novo Nordisk’s Obesity Boom

• 💪 Nvidia Destroys Earnings

• 🩸 Tech Stocks Are Bleeding

• 🚀 Google Launches Gemini 3

Let’s jump right in.

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Harvard is betting big on Bitcoin.

Its latest 13F filing shows a 257% increase in the iShares Bitcoin Trust.

• That position now makes up 21% of Harvard’s U.S. public equity portfolio.

• With $443M in $IBIT, Harvard is now one of the top 20 holders of the spot Bitcoin ETF.

The university also doubled its stake in the SPDR Gold Trust, bringing gold to 11% of the portfolio.

• At the same time, Harvard trimmed its Nvidia and Broadcom positions by 12% and 48%.

In total, the U.S. public equity portfolio was valued at $2.1B at the end of Q3.

Harvard’s total endowment stood at $56.9B for fiscal year 2025.

Ozempic is getting a slimmer price.

Novo Nordisk recently announced it will cut the direct-to-consumer price of Ozempic and Wegovy to make the blockbuster drugs more affordable.

• The company plans to lower monthly costs by 30%, dropping the price from $499 to $349 for existing cash-paying patients.

Novo is also introducing a temporary starter offer.

• New cash-paying patients can begin treatment with the lowest doses of Wegovy or Ozempic for $199 per month during their first two months.

• After that period, pricing shifts to the newly reduced $349 per month.

The move follows a deal with the Trump administration that trades lower prices for new Medicare coverage of obesity drugs.

• Lower pricing is expected to boost adoption and intensify competition with Eli Lilly, whose obesity drugs have been growing faster.

Over the past five years, Novo’s obesity drug portfolio has grown at a 66% CAGR, climbing from $3.1B in Q3 2020 to $32.4B in Q3 2025.

• However, growth has slowed in recent quarters as Lilly’s Zepbound and Mounjaro gained momentum and compounding options from telehealth providers like Hims continued to snag market share.

Expectations could not be higher for Nvidia.

Yet Jensen delivered once again.

Nvidia reported Q3 earnings on Wednesday that comfortably topped estimates and beat forward guidance.

• Adjusted earnings came in at $1.30, above the $1.25 estimate.

• Revenue reached $57B, ahead of the $55B consensus.

• Data Center, its AI chips segment, reported $51B in revenue, beating expectations of $49B.

Year over year, these numbers translate to 62% revenue growth, 65% net income growth, and 66% data center growth.

• Looking ahead, Nvidia expects next-quarter revenue to reach $65B, well above the $62B estimate.

CEO Jensen Huang pushed back against AI bubble fears, saying, “There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different.”

• Shares initially jumped 5% after the report, but the gains quickly reversed and Nvidia ended the week lower.

According to a leaked memo reported by Business Insider, Huang said the market did not appreciate the quarter.

• He noted that Nvidia is in a lose-lose situation and said, “If we delivered a bad quarter, it is evidence there’s an AI bubble. If we delivered a great quarter, we are fueling the AI bubble.”

Fears of an AI bubble have led to remarkable volatility in the market.

• The CNN Fear and Greed Index is now sitting in “extreme fear.”

The swings have been so sharp that on Thursday, both the Nasdaq and the Dow moved more than 1,000 points from their intraday highs to their lows.

• This marked the biggest intraday swing since April 9th, during the tariff rollout.

Many AI winners have pulled back sharply as investors take profits, with several now in bear market territory from their 52-week highs.

Oracle’s move is especially notable.

• The stock now trades below where it was before announcing a 359% surge in RPO tied largely to its cloud deal with OpenAI.

• Concerns that OpenAI may struggle to meet its commitments, combined with Oracle taking on more debt to fund its infrastructure buildout, have weighed on sentiment.

The decline has also took a chunk out of Larry Ellison’s wealth.

• Ellison, Oracle’s founder and CTO, briefly became the world’s richest man after Oracle’s RPO announcement, but has since seen his net worth fall by $135B in just two months.

While many tech stocks have been taking a hit, one name keeps pushing new 52-week highs.

• And that’s Alphabet.

This week, the company surpassed Microsoft to become the world’s third-largest company.

• It now sits behind only Apple and Nvidia.

Investor optimism grew after Google released Gemini 3, its most advanced AI model yet.

• Google DeepMind’s CEO described the launch as “another big step toward AGI” and said it’s their best model for multimodal understanding and agentic capabilities.

• Google’s Gemini app now has 650M monthly active users, just shy of the 700M figure OpenAI reported for ChatGPT in August.

And the results speak for themselves.

• Gemini 3 Pro surpasses Gemini 2.5 Pro, Anthropic’s Claude, and OpenAI’s ChatGPT in nearly every benchmark.

On Thursday, Google also released Nano Banana Pro, its latest image editing and generation tool, which quickly went viral.

Google’s journey has been choppy, but the company has moved from being seen as an AI afterthought to an AI frontrunner.

Long-term holders have been rewarded.

• A $10,000 investment in Google’s 2004 IPO is now worth more than $1.1M today.

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Notable Companies Reporting Earnings Week of November 23rd, 2025:

Buys

• Kevin Hern (R)

  • Company: Royal Bank of Canada ($RY)

    • Amount Purchased: $1.5M - $6M

• Cleo Fields (D)

  • Company: Netflix ($NFLX)

    • Amount Purchased: $200K - $500K

• Brandon Gill (R)

  • Company: Bitcoin ($BTC)

    • Amount Purchased: $100K - $250K

Sells

• Kevin Hern (R)

  • Company: BNP Paribas ($BNPQY)

    • Amount Sold: $1.25M - $5.5M

  • Company: McDonald’s ($MCD)

    • Amount Sold: $101K - $265K

  • Company: Accenture ($ACN)

    • Amount Sold: $100K - $250K

Buys

• Energy Transfer ($ET)

  • Insider: Kelcy Warren (Director)

    • # of Shares Purchased: 2,000,000

    • $ Amount: $33,760,000

    • SEC Forms: [1]

• Marriott Vacations Worldwide ($VAC)

  • Insider: Christian Asmar (Director)

    • # of Shares Purchased: 84,000

    • $ Amount: $3,984,960

    • SEC Forms: [1]

Sells

• Figma ($FIG)

  • Insider: Dylan Field (President & CEO)

    • # of Shares Sold: 3,029,063

    • $ Amount: $112,985,597

    • SEC Forms: [1]

• Alphabet ($GOOG/$GOOGL)

  • Insider: Sundar Pichai (CEO)

    • # of Shares Sold: 65,000

    • $ Amount: $19,281,358

    • SEC Forms: [1]