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Happy Tuesday. This is TheStreet’s Stock Market Today for Nov. 25, 2025. You can follow the latest updates on the market here in our daily live blog.
The U.S. markets are now open. As mentioned earlier, the Russell 2000 (+0.39%) and Dow (+0.27%) are putting up a healthy showing to start the day, while the Nasdaq (-0.41%) and S&P 500 (-0.12%) are seeing a light decline. These opening prints come amid a slew of economic data — including overdue reports from September, which were delayed by the government shutdown. They also come in an abbreviated week, which is seeing one last push for earnings season.
Here are today’s emerging stories:
Shares of chip giant Nvidia are down over 4% this morning as Google parent Alphabet hits another 52-week high. It’s up more than 2% this morning thanks to the optimism surrounding its new Gemini 3 AI model.
However, there’s another reason why Alphabet’s win is Nvidia’s loss. Gemini 3 runs on Alphabet’s own AI TPU chips, rather than Nvidia’s GPU architecture — and last night, a report emerged that Meta might be eying the use of similar technology for its data center expansion.
People could forgive investors for ignoring Alphabet’s TPUs when the company was struggling to find its identity with AI, but as the competing chip architecture demonstrates efficiencies over GPUs built by Nvidia and wins over competitors, there’s reasons to perk up.
For those who reckon that Nvidia’s GPUs are the ‘only game in town’, that’s bad news. It isn’t. In fact, it hasn’t been for a long time. The news also hammered shares of Advanced Micro Devices, which is down over 6% this morning — now down more than 23% this month, falling below $200.
Anybody else weirded out by the fact that the world’s most valuable company is defending itself in private memos to its accountants as “not Enron“? No?
Well, maybe there’s reason to perk up. WSJ’s Heard on the Street ran a fascinating story that seems to square some of the “aggressive accounting” involved in making Meta’s new data center look better than it supposedly really is. They more or less skewer some of the assumptions they’ve made in building their $27 billion mega build.
Accounting has become a big component of the AI bubble discussion for a number of reasons. Its also been championed by Michael Burry of “The Big Short” fame, who has alleged that convenient accounting has helped companies look better than they really are.
