L2 Weekly Stock Market News Analysis

November 2nd, 2025

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TLDR:

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Fed cuts again: The Fed delivered another .25% rate cut, citing softening inflation and a lack of reliable government data due to the shutdown. Markets now expect a second cut in December as policymakers try to prevent financial conditions from tightening unintentionally.

Nvidia dominates headlines again: Nvidia added $245B in market cap in one day after unveiling new AI revenue projections and announcing fresh partnerships across cloud, autos, defense, and biotech. The company now exceeds the value of the entire S&P industrials sector.

Trump–China truce shifts trade tone: Trump agreed to halve the fentanyl tariff and paused new port fees after talks with Xi. China will resume U.S. soybean purchases and relax planned restrictions on rare earth magnets. The deal is temporary — both sides revisit terms in 12 months.

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Powell Cuts Rates, Says “AI Isn’t a Bubble”

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The Fed cut rates again this week, bringing the target range down another 25 bps. But the bigger headline wasn’t the cut — it was Powell’s attempt to calm markets by saying “AI is not a bubble.” That line matters, because it tells us where policy is now aimed: keeping the AI buildout financed, not cooling the economy.
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Stocks barely reacted to the cut, which had been priced in, but everything tied to AI infrastructure — power, grid, cooling, semiconductors — kept moving. The message was clear: the Fed may be cutting, but capital is still rushing to the same place.

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The AI Capital Loop Just Went From Equity Story to Debt Story

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The chart above shows something simple but important:
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• The same group of companies are now funding each other, buying from each other, and borrowing to keep the AI buildout going.
• Nvidia invests in OpenAI.
• OpenAI signs a $300B cloud deal with Oracle.
• Oracle turns around and buys tens of billions of Nvidia chips.
• AMD gives OpenAI the right to buy its stock.
• Microsoft funds both Nvidia and OpenAI.
• CoreWeave, Intel, and xAI plug into the same circle.
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And this week, the circle widened even further:
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• Nvidia invested $1B in Nokia.
• Nvidia partnered with Uber to scale autonomous freight and mobility.
• Nvidia + Lilly built a drug-discovery supercomputer.
• Nvidia + CrowdStrike teamed up on AI-powered cybersecurity agents.
• Nvidia + Oracle are building an AI supercomputer for the U.S. Energy Dept.
• Nvidia + Lucid are advancing Level 4 self-driving.
• Nvidia + Palantir (more below) are operationalizing military-grade AI.
• Nvidia + ServiceNow are expanding trusted AI workflows across enterprises.
• Nvidia + Pure Storage + Cisco announced AI “factories” for enterprise deployment.
• Nvidia + Zoom are fusing GPU models directly into cloud communications.
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This is no longer a “tech story.”
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It’s turning into a full-scale construction and financing project—one that requires power plants, land, data centers, and huge amounts of borrowed money.
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Morgan Stanley now estimates $2.9 trillion will be spent on data centers by 2028.
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Only about half of that can be paid for with the cash these companies are generating today. Who are the other winners?
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• EME, PWR, MYRG – for building and upgrading power systems
• VRT, ETN, GNRC, WCC, BE – for cooling, power distribution, and backup power
• CEG, CCJ, FCX – for nuclear power and the copper wiring inside every data center
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The other half will need to be financed — mostly through new debt.
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That’s the key shift:
AI isn’t just moving stock prices anymore — it’s reshaping the bond market, the power grid, and long-term capital flows.
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And that’s why Powell avoided using the word “bubble.”
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Once debt enters the picture, the system has to stay funded — not just hyped.

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Nvidia’s Week: From Chips to the Full AI Stack

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Nvidia’s presentation this week made one thing clear: they’re no longer just selling silicon — they’re building the​ operating system for the physical world. Their message to Washington, corporate America, and global industry was unmistakable:
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“AI isn’t coming. It’s already running the world’s power grids, hospitals, factories, and defense systems — and we’re the infrastructure behind it.”
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They unveiled new tools that accelerate everything from medical imaging to robotics to urban planning, and showed off AI “factories” for governments, logistics networks, and energy producers. It’s AI that moves stuff in the real world: routing trucks, scanning power grids, building supply-chain replicas, and even predicting hospital shortages.
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Nvidia is no longer positioning itself as a supplier to the future — it’s architecting the infrastructure that runs it.

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Winners of the AI Buildout Phase

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Primary Beneficiaries of the AI Capital Loop
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• Nvidia (NVDA) — still the center of the ecosystem; every major player is either buying its chips or raising money to buy them.
• Oracle (ORCL) — using debt and multi-decade cloud deals to scale capacity for OpenAI and others.
• Microsoft (MSFT) — controls the distribution layer, owns the core model supplier, and captures enterprise spend.
• CoreWeave (CRWV) — the GPU leasing backbone for companies priced out of the “big three” clouds.
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Power + Data-Center Infrastructure
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• Constellation Energy (CEG) — largest pure-play nuclear operator; direct beneficiary of rising AI-driven grid load.
• Bloom Energy (BE) — on-site fuel cells that bypass substation delays and local grid limits.
• Oklo (OKLO) — micro-reactor supplier pitching dedicated nuclear power for data centers and defense.
• American Electric Power (AEP) — major regulated utility with transmission routes across the fastest-growing AI buildout regions (Ohio, VA, PA, Midwest).
• Eaton (ETN), Vertiv (VRT), Trane (TT) — switchgear, cooling, transformers, and thermal systems required for every new hyperscale facility.
• Emerson Electric (EMR) — industrial automation and power management tied to the same expansion.

Upcoming Events This Week

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U.S. markets face another week without federal data due to the government shutdown, shifting attention to private reports like ADP jobs, ISM surveys, and Michigan sentiment. Earnings take the spotlight, with Palantir, AMD, Qualcomm, McDonald’s, and Pfizer set to report. Treasury’s refunding plans and multiple Fed speakers also factor into market direction. Abroad, key rate decisions from the Bank of England, Australia, Brazil, and Mexico, along with China and Canada economic data, will shape global sentiment.

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Company News

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LevelFields AI Stock Alerts Last Week
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Grid Dynamics up 23%

Grid Dynamics Holdings, Inc. reported Record Revenues of $104.2 million and a Board Authorizes $50.0 million Share Repurchase Program/

Cameco (CCJ) +23% on $80B U.S.–Westinghouse Nuclear Deal

Cameco Corporation (CCJ) surged 23% in one day after the U.S. signed an $80 billion agreement with Westinghouse to jointly expand global nuclear fuel supply. Shares of both Cameco and Brookfield jumped on the news, reinforcing nuclear’s critical role in energy security and AI-era power demand

Amazon: Cloud comeback, AI revenue signals, and massive capex

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Q3 recap. Amazon posted a strong quarter with total sales up 13% to $180.2 billion, beating expectations. Its cloud arm, AWS, was the standout — delivering $33 billion in revenue, up 20% YoY, the fastest growth since late 2022. Shares jumped 12% on the news, snapping recent underperformance against Microsoft and Google.
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AI-driven upside. CEO Andy Jassy used the call to highlight Amazon’s AI revenue pipeline:
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• Rufus shopping chatbot: Expected to drive an extra $10B in annual retail sales.
• Connect call-center platform: Set to reach $1B in annualized revenue.
• Bedrock AI marketplace: Could grow as large as EC2, AWS’s core cloud computing business.
• Anthropic partnership: Amazon has committed $8B and built a dedicated data-center + AI chip ecosystem for Claude.
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Capex & data center buildout.
Capital expenditures surged 61% to $34.2B this quarter. AWS’ power capacity has now doubled since 2022, and management expects it to double again by 2027. The buildout comes as AI demand pushes infrastructure to the limit.

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Comparison to peers.
Despite AWS' reacceleration, Microsoft’s Azure (+29% YoY) and Google Cloud (+33.5% YoY) are still growing faster. But AWS remains the largest cloud player, and analysts say this quarter eased fears about Amazon’s place in the AI race.

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Profitability & guidance.
Operating income was $17.4B, including severance and FTC settlement costs. Amazon guided for $206B–$213B in Q4 revenue and $21B–$26B in operating profit, both in line with expectations.

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Cost cuts and strategy.
Amazon cut 14,000 corporate jobs and warned of more in 2026. The goal: improve retail margins through automation and ad growth, while funneling capital into AI and cloud — the only segments the market currently rewards.

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This is not financial advice. All information represent opinions only for informational purposes. Given the vast number of stocks we cover in these reports, assume staff covering stocks have positions in stocks discussed.

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