The Dow Jones Industrial Average surged to a record high close on Tuesday, lifted by progress toward ending the longest U.S. government shutdown, while Nvidia and other artificial intelligence-related companies fell on renewed concerns about elevated valuations.
Fueling gains in the Dow and S&P 500 index, members of the U.S. House of Representatives headed back to Washington after a 53-day break for a vote that could end the shutdown, with the Polymarket betting platform fully pricing in a resolution this week.
Market Snapshot
The S&P 500 climbed 0.21% to end at 6,846.61 points. The Nasdaq declined 0.25% to 23,468.30 points, while the Dow Jones Industrial Average rose 1.18% to 47,927.96 points. Sea Ltd fell 8%; NEBIUS fell 7%; Micron Technology fell 5%; XPeng Inc. up 8%; Novo-Nordisk A/S up 7%.
Market Movers
Tesla fell 1.3%. Shares closed up 3.7% on Monday as the electric-vehicle company arrested two days of sharp declines. Tesla shareholders voted last week to award CEO Elon Musk a pay package of around 425 million restricted shares that could be worth $1 trillion if significant performance hurdles are met.
CoreWeave tumbled 16%. The cloud computing company reported a narrower loss and better revenue than analysts were expecting, but warned that a partner was behind schedule in data center development. While CoreWeave said AI demand "far exceeds" available capacity, its revenue guidance for 2025 came in well below the Wall Street consensus.
Rocket Lab fell 1.3% after the space launch and space services provider reported a narrower-than-expected loss, and issued fourth-quarter guidance that topped estimates.
Nebius fell 7%. While third-quarter revenue of $146.1 million marked a nearly fourfold increase from the previous year, this number missed the $155.1 million analysts had expected. Nebius separately announced that it had signed a $3 billion, five-year deal to provide AI infrastructure to Meta Platforms. Meta was down 0.7%.
Paramount Skydance Corp rose 9.8%. The entertainment company posted earnings after the bell Monday, providing investors with a better-than-expected outlook. Paramount said it plans to increase prices for its Paramount+ streaming service in the U.S. in the first quarter of 2026.
Rigetti Computing declined 5.1% after the quantum computing company reported weaker-than-expected revenue in the third quarter. Investors can probably stomach the loss; the shares are up more than 2,000% over the past 12 months.
Nvidia fell 3% after Japan's SoftBank said it had sold its $5.83 billion stake in the AI chip maker. The sale is pretty insignificant when set against Nvidia's $4.8 trillion market cap, but it could fuel worries about stretched AI valuations in the run-up to earnings on Nov. 19.
Beyond Meat was down 9%. The maker of plant-based meat alternatives posted a loss of $110.7 million in its third quarter, wider than a loss of $26.6 million last year. Beyond and peers continue to struggle with falling volumes as customers abandon the plant-based meat category.
AST SpaceMobile, Inc. dropped 1.2%. The satellite communications provider posted a third-quarter of 45 cents a share, wider than the 22-cent loss analysts had projected, and missed sales forecasts. Coming into the week, the stock was up more than 225% in 2025.
BigBear.ai jumped 6.1%. The company said it would buy the generative AI platform Ask Sage and posted third-quarter results that topped the Street's estimates.
MP Materials Corp. fell 3.5%. China is considering the implementation of a "validated end-user" system for export licenses of its rare-earth elements, The Wall Street Journal reported Monday. The system would make it more difficult for defense contractors to obtain crucial metals, and would likely mean more volatility for rare-earth stocks.
Market News
AMD CEO Says AI Market Is 'Faster Than Anything We've Seen Before,' Sees $1T by 2030
AMD made several updates at its financial analyst day on Tuesday, including reiterating the theme that artificial intelligence spending is not likely to slow down anytime soon.
Speaking at the company's first analyst day since 2022, AMD CEO and Chairman Dr. Lisa Su updated the size of the total addressable market for the AI data center and now sees it hitting $1T by 2030, up from a prior view of $500B.
“I think we've been very consistent that high performance computing is the foundation of everything that's important,” Dr. Su said during the presentation. “We've added that AI and high performance computing because AI is such a large part of it. When we look at where we are today, AMD computing touches billions of people every day.”
Novo Nordisk Cuts Wegovy Price by up to 37% in India
Danish drugmaker Novo-Nordisk A/S said on Tuesday it had cut the price of its weight-loss drug, Wegovy, by up to 37% from its launch price in India, as it looks to gain ground in one of the world's fast-growing markets for obesity treatments.
Reuters exclusively reported earlier in the day that the drugmaker had cut prices by up to 33% for the blockbuster treatment, citing a company document sent to its distributors. That cut includes the impact of a revision in the national sales tax structure in September, which made the drug slightly cheaper.
Michael Burry Accuses Tech Giants of Inflating Profits by Stretching Asset Lifespans
Famed investor Michael Burry has sounded a new alarm, targeting Big Tech's accounting practices.
Burry, who had famously predicted the 2008 financial crisis, said that major cloud and AI infrastructure companies are artificially inflating profits by extending the "useful life" of their assets.
“Understating depreciation by extending the useful life of assets artificially boosts earnings—one of the more common frauds of the modern era,” Burry wrote on social media platform X.
