Strong return to artificial intelligence stocks in global markets

The main theme in US markets was the strong return to artificial intelligence stocks. With the renewed optimism about the artificial intelligence theme, Nasdaq 100 rose 2.3 percent and S&P 500 rose 1.3 percent, while European stocks rose to record levels.

Technology stocks were supported by CoreWeave's 25 percent rise after announcing a strong outlook, OpenAI's quarterly revenue reaching $10 billion, and Anthropic's IPO receiving several times the demand. On the other hand, inflation data coming in above expectations strengthened the expectations that the Fed would raise interest rates.

Although cash transactions were closed in the US bond market due to Veterans Day, bond futures contracts declined, while the dollar rose to its highest level since May 2025. Oil, on the other hand, rose on mixed signals about the possibility of the Iran war ending.

Futures indices point to losses in the USA and a continuation of the rise in Europe. The management crisis at Nvidia was effective in the sell-off outlook in the USA.

Nvidia shares fell as much as 10 percent in late trading on the possibility that CEO Jensen Huang could leave his post. After a three-day rise, the MSCI Asia Pacific Index also decreased by 0.5 percent. Due to Nvidia's central position in the artificial intelligence ecosystem, concerns have come to the fore that a possible management change could affect not only the company but also the artificial intelligence theme, which carries a significant part of the global stock rally this year.

Allspring Global Investments Portfolio Manager Gary Tan said that the latest developments in Nvidia may suppress investor sentiment on the general artificial intelligence theme, but selective opportunities may arise in semiconductor companies that can offer reliable alternatives in critical artificial intelligence chips.

Bloomberg Strategist Garfield Reynolds also pointed out Nvidia's central role in financing the sector and stated that the risks of a sudden management change could extend far beyond the company. The second pressure factor on the markets was the expectation that the Fed would follow a tighter monetary policy. While investors price a 25 basis point interest rate increase next month as a 100 percent probability, they also give a low probability to a 50 basis point increase.

The dollar remained close to the 18-month high it reached the previous day. Nvidia-induced risk aversion led to purchases of US bonds; The 10-year bond yield decreased by 1 basis point to 4.98 percent, and the 30-year bond yield decreased by 3 basis points to 5.32 percent. Oil fell to its lowest level in nearly two months as production increased in the Middle East and conflicts between Iran and the USA remained limited.