GoAI Market Morning Wrap - 12th Nov

Stock Market  

Eastern Time Tuesday, U.S. three major indices closed mixed, market expects U.S. government shutdown to end soon, Dow hits all-time high; meanwhile, Nvidia and other artificial intelligence (AI) concept stocks fell collectively due to overvaluation concerns.  

 

One major factor pushing Dow and S&P up is House members returning to Washington after 53-day recess to vote on bill ending government shutdown.  

 

Senate Monday night passed budget bill to end shutdown, sent to House for review. Temporary budget does not include Democrats' request to extend Affordable Care Act subsidies, plans separate vote on related tax credits in December.  

 

Logan Capital Management portfolio manager Bill Fitzpatrick: "Political dysfunction costs, not just in U.S., globally. Yes, we reach solution, but political polarization still severe, one of many factors prompting investors to low-valuation sectors."  

 

CFRA chief investment strategist Sam Stovall: "Market generally believes shutdown ending soon, staff return, economic data resumes, long policy uncertainty swept away."  

 

Meanwhile, Japan tech investment giant SoftBank Group disclosed cleared Nvidia shares for $5.8 billion cash, heightening fears AI boom may topped.  

 

Plus Nvidia-invested cloud company CoreWeave lowers full-year revenue guidance due to slow data center build, further amplifying AI concept sell-off pressure.  

 

Market sentiment also dragged by jobs data, latest ADP shows U.S. private sector average weekly lost 11,250 jobs four weeks to October 25.  

 

Additionally, U.S. President Trump that day warned if Supreme Court rules his invoking "emergency powers act" for massive tariffs illegal, U.S. economy and national security face "catastrophic consequences."  

Global Hotspots  

G7 foreign ministers meet in Canada to discuss global security issues  

 

Group of Seven (G7) foreign ministers meeting local time November 11-12 in Niagara region, Ontario, Canada. Canadian Foreign Ministry says meeting opportunity to advance addressing urgent global economic and security challenges, including maritime security and prosperity, economic resilience, energy security and critical minerals.

 

Canadian Foreign Minister Anand earlier said meeting discuss Russia-Ukraine ceasefire and Gaza ceasefire agreement etc. Reportedly, besides G7 members, Ukraine, Brazil, India, Saudi Arabia, Australia, South Africa, Korea, Mexico invited.  

 

White House NEC director: Some October economic data may be lost forever  

 

White House National Economic Council director Kevin Hassett says record-length government shutdown means some economic data supposed collected October may never recorded, making comprehensive U.S. economy health assessment difficult.

 

"As I understand, some surveys not actually completed, so we may never know what happened that month," Hassett Tuesday, "Before data agencies resume, we may go through cloudy period."  

 

Russia launches first domestic humanoid robot  

 

Russia released first domestic AI humanoid robot. Named "Aidol," robot capable conversation, emotion recognition, offline work. All speech processing done independently on device.  

 

Government "shutdown" continues U.S. about 6% flights canceled  

 

Government "shutdown" still severely impacts U.S. aviation. Local time November 11, nationwide about 6% flights canceled, including Chicago, New York, Washington, Atlanta major airports. By morning that day, over 1,100 domestic flights canceled, 850 delayed.

 

FAA says to ease ATC and security staffing shortage, flight cuts to 8% on 13th, 10% on 14th. U.S. Transportation Secretary Sean Duffy says shutdown causes ATC staff 42 days no pay, aviation system normal may still need days.  

Company News  

AMD Lisa Su: Data center market to exceed $1 trillion by 2030  

 

Advanced Micro Devices (AMD) CEO Lisa Su Tuesday at company analyst day says by 2030, AI data centers total market to exceed $1 trillion. Su reveals AMD next-gen MI400 series AI chips expected 2026 launch, product line cover multiple models for scientific computing and generative AI.

 

Besides chips, AMD plans launch full server rack systems, similar Nvidia "GB200 NVL72," to further complete AI hardware ecosystem. Su says company overall revenue expected 35% CAGR next 3-5 years, most growth from data center business, department expected ~80% annual growth next 3-5 years, to hundreds billions sales by 2027.  

 

Google to invest $6.4 billion in Germany data centers  

 

Alphabet's Google local time Tuesday announced plans next four years invest €5.5 billion (~$6.4 billion) in Germany for data center build and operations, latest Silicon Valley giant heavy bet Europe. Google that day Berlin event with German federal ministers announced plan.

 

Investment includes build two data centers Frankfurt area, but company not disclosed specific scale. Per introduction, plan includes new data center Ditzingen near Frankfurt, expand existing Google facility Hanau another Hesse city.

 

Microsoft boosts Europe AI layout: To invest $10 billion in Portugal data centers  

 

Microsoft announced next few years invest $10 billion in Portugal port city Sines for artificial intelligence (AI) infrastructure. This to become one of Europe's largest AI investment projects. Microsoft to partner developer Start Campus, AI infrastructure platform Nscale, chip giant Nvidia, deploy 12,600 next-gen Nvidia GPUs in Sines ~150 km from Lisbon.

 

Microsoft vice chairman and president Brad Smith: "Through cooperation with Nscale, Nvidia, Start Campus, strengthen Portugal AI infrastructure, we helping Portugal become Europe responsible and scalable AI development benchmark."  

 

OpenAI uses German musician lyrics to train model ruled infringement  

 

Tuesday Munich local court ruled OpenAI unauthorized use German musician lyrics, constitutes copyright infringement, pay compensation to plaintiff represented by major German music copyright association. This case may become important precedent for Europe generative AI copyright regulation.

 

Case started November 2024 lawsuit by German society for musical performing and mechanical reproduction rights. Association one of Europe's largest music copyright collective management organizations, members include ~100,000 lyricists, composers, publishers including famous German musician Herbert Grönemeyer.  

Forex & Commodities  

COMEX gold futures closed up 0.27% to $4,133/oz, COMEX silver futures up 1.52% to $51.07/oz.  

 

WTI crude futures up 1.51% to $61.04/barrel. Brent crude futures up 1.72% to $65.16/barrel.  

 

Boosted by U.S. sanctions on Russian oil and optimism U.S. government shutdown may end, oil prices up Tuesday, but oversupply concerns limited gains.  

 

USD index closed down 0.14% to 99.48, most non-USD currencies down.  

Key Events  

U.S. sanctions on Russia affect Europe Bulgaria gasoline stocks urgent  

 

U.S. sanctions on Russia's Lukoil affect its Europe business, multiple European countries winter energy supply may impacted. Bulgaria national reserves and wartime stocks agency chair Arsen Asenov November 11 revealed Bulgaria available gasoline stocks last about 35 days, diesel reserves over 50 days.

 

He explains legal fuel reserve standard 90 days, Bulgaria current compliance 98%, but only part stored in government facilities and private warehouses in Bulgaria, others in Italy, Netherlands, Hungary, Slovenia, Greece, Romania etc. If needed, overseas reserves can return in 7-45 days.  

Cryptocurrency  

Bitcoin 24h down 2.59% to 103,087.13.  

 

Ethereum down 4.18% to $3,423.56.  

 

XRP down 5.39%, BNB down 3.12%, Solana down 7.59%.  

 

Dogecoin down 5.17%, Cardano down 6.08%.  

Key Events  

Global diplomacy eases risk anxiety, Bitcoin steady  

 

After early month turbulence, as geopolitical headlines ease slightly, Bitcoin found balance near $106,000. Middle East mediation efforts, including extend Gaza ceasefire talks and Hezbollah disarm in south Lebanon discussions, eased current energy market tensions.

 

These measures boosted broader risk appetite, supported funds into digital assets. However, traders remain cautious: any reversal in diplomatic progress could quickly reignite volatility, push investors to safe havens.  

 

Meanwhile, though China government partially suspends tariffs on U.S. agricultural imports, China-U.S. trade unresolved issues remain. Washington continues firm signals on tech exports and strategic industries. This tug-of-war keeps global markets alert to sudden policy shifts, which could affect Bitcoin correlation with risk assets.

 

In Europe, protracted Russia-Ukraine conflict remains slow-burning risk factor, even with improved sentiment, maintains defensive tone in market positioning.