If markets keep sliding, Goldman’s “down big” scenario implies CTAs could unload ~$220bn of global equities over the next month.
Source: The Market Ear, Goldman Sachs
Kraken Files for IPO
Kraken has confidentially submitted a draft registration statement on Form S-1 with the US Securities and Exchange Commission (SEC), marking an official request to offer common stock in an initial public offering. The number of shares on offer and the price of the initial stock offering has yet to be determined. According to a Nov. 19 blog post on the Kraken website, the IPO is expected to occur after the SEC completes its review process. Ahead of the firm’s Form S-1 filing announcement, Kraken also announced the successful completion of an $800 million fundraising effort across tranches. The first, led by institutional investors including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital, also included a significant commitment from Kraken Co-CEO Arjun Sethi’s family. Meanwhile, the second tranche involved a subsequent $200 million strategic investment from Citadel Securities and, according to a Nov. 18 press release, was executed at a $20 billion valuation. Citadel Securities will also provide Kraken with differentiated liquidity provision, risk management expertise, and market structure insights. Source: yahoo!finance
Walmart to Transfer Stock Exchange Listing to Nasdaq
Walmart Inc today announced it will transfer the listing of its common stock to The Nasdaq Stock Market LLC (Nasdaq). The company expects its common stock to begin trading on the Nasdaq Global Select Market on December 9, 2025, under its current ticker symbol "WMT". source : bloomberg
Nvidia $NVDA said sales to just its number one largest customer represented 22% of its total $57 Billion of revenue during Q3
That means someone spent $12.5 Billion with Nvidia during the quarter 🤯 61% of Nvidia $NVDA Q3 revenue came from just 4 customers: $12.54B – Customer A (22%) $8.55B – Customer B (15%) $7.41B – Customer C (13%) $6.27B – Customer D (11%) So who are A, B, C, D in your view ??? Source: Wall St Engine on X, Evan on X
45% of fund managers surveyed by Bank of America in November said an "AI bubble" was the biggest tail risk for markets, spiking from just 11% in September.
Over half of these investors said they think AI stocks are already in a bubble. Source: BofA
Nvidia $NVDA saves humanity again with blowout earnings... 🚀
Q3 REV: $57.01B vs $55.19B exp. Q3 EPS: $1.30 vs $1.25 exp Q4 REV: $63.7B TO $66.3B vs $62B exp “Blackwell sales are off the charts, and cloud GPUs are sold out.” — Jensen Huang, Q3 FY26 earnings release (Nov 19, 2025) $NVDA is up +6% after-hours... The market is saved
$NVDA NVIDIA Q3 FY26 (October quarter).
• Revenue +62% Y/Y to $57B ($1.9B beat). • Operating margin 63% (+1pp Y/Y). • Non-GAAP EPS $1.30 ($0.04 beat). Q4 FY26 guidance: • Revenue $65B ($3.2B beat). Source: App Economy Insights @EconomyApp
Reaction to the release of the FOMC minutes: the probability of a rate cut is down to less than 30%...
➡️ Many participants stated that it would be appropriate to hold interest rates steady for the rest of the year, in line with their expectations. 📌 Most participants supported the October rate cut, while some said they would not support any changes. 📌Almost all participants stated that ending the balance sheet reduction program on December 1st would be appropriate. 📌Many participants said a December cut would be appropriate. 📌Many participants noted the possibility of a disorderly decline in stock prices, particularly if expectations regarding artificial intelligence were suddenly reassessed. 📌Most participants preferred the Fed's portfolio to match the composition of its outstanding Treasury bonds. 📌Some participants preferred a larger proportion of Treasury bonds, stating that it provided more flexibility. 📌Many participants believed the December rate cut was inappropriate. The Fed's economic outlook, released at its October meeting, suggests that real GDP growth through 2028 will be slightly stronger than the September forecast Source: Bianco Research, @EcoPulseStreet
