To The Moon

Special Feature: A Comprehensive Review of International Financial News in 2025 As the closing bell rings for U.S. stocks this Wednesday, the S&P 500 index is set to achieve its third consecutive year of double-digit gains, ending near a record high. Wall Street is almost unanimously bullish on the market outlook for 2026. On the surface, driven once again by the artificial intelligence sector, the financial market trends of 2025 appear to be a repeat of 2023 and 2024. However, a deeper analysis reveals that the market movements of 2025 were dramatic, with the underlying logic writing an unforgettable and remarkable chapter. Donald Trump was sworn in for his second term as President; The world's most valuable company lost nearly 20% of its market capitalization in a single day; The S&P 500 recorded its worst weekly performance since the 2020 COVID crash, plummeting 10% over two days; Bitcoin hit a new all-time high before crashing more than 30%; Gold had its best annual performance in two generations, while the price of silver doubled; Investors poured over $150 billion into AI-focused startups, and the four hyperscale cloud providers—Google, Amazon, Meta, and Microsoft—committed over $300 billion to AI initiatives this year; Elon Musk briefly served in the U.S. government before departing, Tesla's stock approached its all-time high by year-end, and his SpaceX plans a 2026 IPO with a potential valuation of $1.5 trillion; NVIDIA CEO Jensen Huang became a top-tier celebrity in the business world and beyond; Warren Buffett will arrive at the Berkshire Hathaway office this Wednesday for his final day as CEO. The following is a month-by-month breakdown of the pivotal events that reshaped global financial markets in 2025, featuring headlines that may have faded and moments that will be seared into memory. We also welcome additions to any key moments we may have missed. January January 20 Donald Trump was sworn in as the 47th President of the United States, beginning his second term. On his first day in office, Trump signed multiple executive orders, including one establishing the Department of Government Efficiency (DOGE), which brought Elon Musk to Washington for a stint lasting the first few months of the year. Bitcoin, having first breached $100,000 in December 2024, surged again just before Trump's inauguration, reaching a new all-time high of $109,000. January 21 Trump met with SoftBank CEO Masayoshi Son, OpenAI CEO Sam Altman, and Oracle CEO Larry Ellison in the Oval Office to officially announce the $500 billion "Stargate Project," aimed at building AI infrastructure within the United States. January 23 Three full days after Trump returned to the White House, the S&P 500 closed at its first record high of the year. January 27 Chinese startup DeepSeek released an AI model, claiming its performance rivaled OpenAI's products at a fraction of the cost. This triggered a 17% plunge in NVIDIA's stock, wiping out nearly $600 billion in market value as investors sold off the chip giant. This event sparked the first major wave of market discussion about AI construction costs and made the "Jevons Paradox" a hot topic among global investors. February February 1 Trump initiated a second round of trade wars, invoking the International Emergency Economic Powers Act to impose tariffs on imports from Canada, Mexico, and China. These tariff policies were extended and adjusted throughout the year, with related legal challenges still unresolved. February 19 The S&P 500 hit another record high, coinciding with the five-year anniversary of its previous peak on that date in 2020—shortly before the index plunged 30% due to the COVID-19 pandemic. Six weeks later, the market would experience volatility of a similar magnitude. March March 12 Intel announced the appointment of Lip-Bu Tan as its new CEO, replacing Pat Gelsinger. Gelsinger's transformation plan for the chip giant had ended in failure, and Tan's appointment marked the start of a dramatic year for Intel: its stock surged nearly 80% for the year, and the U.S. government became a minority shareholder. March 18 Google announced the acquisition of cybersecurity company Wiz for $32 billion, the largest acquisition in the company's history. March 19 The Federal Reserve held interest rates steady for the second time in 2025, with its first interest rate projections of the year indicating expectations for two rate cuts during the year. Fed Governor Christopher Waller dissented from the decision to slow the pace of balance sheet runoff, a signal of forthcoming policy divergence within the Fed later in the year. April April 2 Trump's "Emancipation Day" tariff shock stunned markets. During a press conference in the White House Rose Garden, Trump announced sweeping global tariffs affecting almost every country, regardless of the scale of its trade with the U.S. For weeks prior, investors had anticipated new tariffs on major trading partners, and U.S. stocks had already weakened. However, the scope and magnitude of these tariffs far exceeded expectations—in the following days, U.S. tariffs on Chinese imports soared to 125%, directly triggering a market sell-off: the S&P 500 plunged nearly 10% over two trading sessions, recording its worst weekly performance since the pandemic. From its February 19 high, the S&P 500 experienced a maximum drawdown approaching 20%, narrowly avoiding a bear market. April 9 Trump softened his stance on tariffs, leading to the best single-day performance for U.S. stocks since the financial crisis: the Nasdaq Composite surged 12%, the S&P 500 skyrocketed nearly 10%, and the Dow Jones Industrial Average exploded higher by 2,900 points, setting a record for the largest point gain in a single day. Trump posted on his social media platform, Truth Social, softening his overall tariff stance and clarifying that China was the primary target of the second trade war, directly igniting a market rebound. Trump stated: 'I have approved a 90-day tariff pause, during which reciprocal tariffs will be substantially reduced to 10%, effective immediately.' He also stated that the U.S. would raise tariffs on China to 125%. When asked the reason for the pause that day, Trump bluntly stated that the "overreaction" in the U.S. stock and bond markets was a key consideration. 'I think the market reaction was a bit over the top,' Trump said, while also expressing satisfaction with the market surge, calling it "the most glorious day in financial history." May May 3 At the conclusion of Berkshire Hathaway's 60th Annual Shareholders Meeting, Warren Buffett announced the news shareholders had long anticipated: 2025 would be his final year at the helm of the company. As the meeting concluded, Buffett told attendees that the next day he would propose to the company's board that Greg Abel succeed him as CEO, effective January 1, 2026. The proposal was subsequently approved unanimously by the board. May 13 U.S. stocks recovered the year's losses that had been triggered by Trump's surprise "Emancipation Day" tariffs. May 27 NVIDIA released another earnings report that exceeded expectations, but disclosed that financial losses from restricted exports of its H20 chips to China continued to widen. CEO Jensen Huang made frequent trips to Washington later in the year, striving to restore business in the Chinese market. May 28 After weeks of speculation, Elon Musk announced his resignation as head of the Department of Government Efficiency. Days later, Musk publicly criticized Trump's signature "Beautiful Comprehensive Act," calling it a "disgusting failure." June June 22 Tesla officially launched its autonomous taxi service in Austin. Following Musk's return to Tesla after his government service, the rollout of this service was a key step in advancing the company's "autonomous driving future" strategy—Tesla will significantly reduce its focus on vehicle sales in the future. June 27 The S&P 500 closed at its first record high since February, completing a stunning reversal: after nearly experiencing a 20% drawdown, the index ended the first half of the year at a new peak. June 30 After multiple twists and turns, U.S. stocks concluded the first half of the year at a record high. July July 4 Trump signed the "Beautiful Comprehensive Act," resolving the debt ceiling crisis and, more importantly, reshaping the healthcare system for millions of Americans, with numerous adjustments, including rising medical costs, officially taking effect in the autumn. July 10 NVIDIA became the first company in history to reach a market capitalization of $4 trillion. July 18 Trump signed the Cryptocurrency Legal Clarity and Regulatory Improvement Act (CLARITY), the biggest legislative victory to date for the cryptocurrency industry, capping off a series of wins for the sector during "Crypto Week" in Washington. July 24 Months into Trump's term, the Federal Reserve had kept interest rates steady, and Trump had repeatedly publicly criticized Fed Chair Jerome Powell. On this day, Trump visited the Fed's headquarters in Washington, inspecting the building's renovations alongside Powell in a classic scene. Consistent with his first term, Trump did not mince words about how Powell should adjust interest rate policy. At times during the year, Trump's allies even revealed that the President had drawn up plans to fire Powell for cause. Ultimately, Powell served through the end of the year, and Trump is expected to nominate a new Fed Chair in early 2026, with betting markets suggesting Kevin Hassett and Kevin Warsh are leading contenders. August August 7 After months of delays, reciprocal tariffs on several major U.S. trading partners officially took effect. August 7 The Paramount-Skydance Media merger was completed, elevating David Ellison to the top echelon of Hollywood power players and setting the stage for the media industry's largest M&A deal in the coming months. August 22 Fed Chair Jerome Powell delivered a key policy speech at the Jackson Hole Economic Symposium, signaling a potential rate cut in September, stating that changes in the economic outlook and labor market "may warrant" an adjustment to the policy stance—the Fed had held rates steady all year until that point. August 22 Intel reached an agreement with the U.S. government, whereby the government would acquire a 9.9% stake in Intel, partially funded by remaining appropriations from the CHIPS and Science Act. The U.S. government purchased $8.9 billion worth of Intel stock at an average price of $20.47 per share, while Intel's year-end stock price closed around $38. August 25 Trump announced the firing of Fed Governor Lisa Cook, citing allegations of mortgage fraud related to the purchase of two properties earlier in the decade. Cook immediately announced her intention to sue, and the case remains embroiled in legal disputes. Cook continued to attend all remaining Fed policy meetings in 2025 as scheduled. September September 10 Oracle shocked Wall Street with its earnings report, revealing that its Remaining Performance Obligations (RPO) surged approximately 360% quarter-over-quarter to $455 billion, driving the stock up nearly 40% in a single day. Oracle's stock continued to rise the next day, briefly making Larry Ellison the world's richest person. However, the massive RPO increase relied heavily on its partnership with OpenAI, and concerns about this relationship grew throughout the year, causing Oracle's stock to eventually give back all its gains. September 15 Stephan Milan was sworn in as a Fed Governor, replacing Adriana Kugler and becoming a key Trump ally on the Fed board. In the subsequent three Fed policy meetings, Milan voted against his colleagues' decisions to cut rates by 25 basis points, advocating for more aggressive 50 basis point cuts instead. September 17 The Federal Reserve cut interest rates by 25 basis points as expected, lowering the benchmark rate to a range of 4.00%-4.25%. The accompanying interest rate projections indicated two more rate cuts were anticipated for the year, which the Fed subsequently delivered. September 22 NVIDIA and OpenAI reached a landmark agreement, with NVIDIA committing to invest up to $100 billion in OpenAI, and OpenAI pledging to prioritize NVIDIA chips for its data center expansion. The deal sparked widespread discussion and skepticism about round-tripping financing and its role in the AI boom. September 30 U.S. stocks ended the third quarter at another record high. October October 1 The U.S. government entered a shutdown, which lasted 43 days, setting a record for the longest in history. October 5 Bitcoin hit a new all-time high, surpassing the $125,000 mark. October 7 The price of gold broke through $4,000 per ounce for the first time, with a yearly gain exceeding 50%, marking its best annual performance since 1979, and it continued to climb in the final months of the year. October 10 The cryptocurrency market suffered a severe setback, with billions of dollars in leveraged positions forcibly liquidated, causing major cryptocurrencies like Bitcoin and Ethereum to plummet over 12% within minutes. This sell-off began a dismal autumn for crypto, particularly impacting digital asset management firms that touted strategies following Michael Saylor's approach. October 29 NVIDIA became the first company in history to surpass a $5 trillion market capitalization. October 29 Meta released its Q3 earnings, disclosing that its annual AI-related investment would be significantly higher than the previously planned $71 billion. This aggressive spending plan alarmed investors, sending the company's stock down 11%. October 30 The U.S. agreed to reduce some tariffs on Chinese imports, and the two sides agreed to meet again in early 2026. This de-escalation in Trump's trade war provided strong support for the year-end rally in U.S. stocks. October 30 NVIDIA CEO Jensen Huang dined on fried chicken and drank beer with Samsung Electronics Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Eui-sun in South Korea, causing South Korean fried chicken-related stocks to surge and the "Jensen Huang craze" to reach new heights. November November 5 The U.S. Supreme Court heard arguments regarding the legality of Trump's tariffs imposed under the International Emergency Economic Powers Act. Some observers noted that the Court appeared skeptical of the Trump administration's argument that the President has broad authority under the act to implement sweeping tariffs, with a ruling expected in early 2026. November 12 Bitcoin fell below the $100,000 level and failed to reclaim it for the remainder of the year. November 13 The longest government shutdown in U.S. history ended. Soaring flight delay rates towards the end of the shutdown ultimately pressured lawmakers to reach a deal and end the impasse. November 14 Walmart CEO Doug McMillon announced his retirement, effective February 2026, concluding a 12-year tenure leading the retail giant. Walmart also announced that U.S. CEO John Furner would succeed him as CEO. November 18 Google released its latest AI model, Gemini 3, which analysts believed ended doubts about Google lagging behind competitors like OpenAI in the AI race. Parent company Alphabet's stock hit a new record high, doubling from its April lows for the year. December December 1 Following the release of Google's Gemini 3, OpenAI internally activated a "Code Red," with CEO Sam Altman reportedly writing in a staff memo that this was a "crucial period" for ChatGPT's development. December 5 Netflix announced an $82.7 billion acquisition of Warner Bros. Discovery, ending weeks of bidding wars and speculation about the company's fate, engaging Paramount in the most intense merger battle in Hollywood history. December 8 Paramount made an all-cash offer of $108 billion to acquire Warner Bros. Discovery at $30 per share. Compared to Netflix's offer, Paramount's proposal would retain Warner's cable TV assets like the Discovery Channel, avoiding a spinoff. Two days later, Paramount wrote to Warner shareholders advocating for its offer. December 16 The delayed November nonfarm payroll report, affected by the government shutdown, showed the U.S. unemployment rate rising to 4.6%, the highest level since November 2021, signaling that the labor market, often described as "low hiring, low firing," had entered its weakest state since the pandemic by year-end. December 22 Paramount reiterated its offer to acquire Warner Bros. Discovery in full for $30 per share. Larry Ellison provided a personal guarantee of $40.4 billion for the deal and increased the breakup fee to $5.8 billion, matching the fee previously promised by Netflix to Warner.