Alphabet leads gains while rate-cut expectations strengthen.
US stocks advanced again on Tuesday as shifting Federal Reserve expectations and renewed interest in major tech names helped extend the market’s rebound. Trading opened soft, but risk appetite strengthened through the afternoon, lifting all major indexes into positive territory. The Dow Jones surged more than 660 points as investors rotated back into large caps and growth sectors.
A major driver was renewed confidence in Alphabet’s improving AI position. Reports that Meta (META) is considering multi-billion-dollar purchases of Google’s AI chips pushed Alphabet (GOOG) to fresh record highs. The move followed Monday’s surge after the debut of Gemini 3, widely seen as Google’s strongest step yet in the current AI race.
Rate expectations also shaped sentiment. Traders now assign an 83 percent probability to a December rate cut, sharply higher than last week. Bloomberg reported that Kevin Hassett is a frontrunner for the next Fed chair, a choice viewed as supportive of a lower-rate environment. This followed comments from New York Fed President John Williams, who said there is room to lower rates “in the near term.”
Strength in Alphabet contrasted with softer performance in other AI leaders. Nvidia (NVDA) slipped more than 2 percent as markets weighed whether broader adoption of Google’s custom chips could influence competitive dynamics. Still, analysts noted that more diverse chip supply could accelerate enterprise AI adoption.
📊 Market Wrap Nov 26th 2025
🧠 Analyst Notes
💬 Market Highlights
Meta considers Google chips as Nvidia slides
Nvidia (NVDA) fell as much as 6 percent after reports that Meta (META) is exploring multi-billion-dollar purchases of Google TPUs for its data centers starting in 2027. Meta may also lease Google chips through Google Cloud next year. Google (GOOG, GOOGL) gained about 2 percent on optimism surrounding Gemini 3, while AMD (AMD) dropped nearly 10 percent. Nvidia lost 243 billion dollars in market value in a single session.
Dell targets 25 billion dollars in AI server shipments for FY26
Dell (DELL) posted 27 billion dollars in quarterly revenue, up 11 percent year over year, driven by record AI server demand. AI server orders reached 12.3 billion dollars in Q3 and 30 billion dollars year to date. Dell aims for 25 billion dollars in AI server shipments next fiscal year as backlog climbs to 18.4 billion dollars. Management reiterated confidence in multi-year AI momentum.
Zscaler drops despite strong Q1 beat
Zscaler (ZS) slipped 8 percent in pre-market trading despite better-than-expected results. Revenue rose 26 percent year over year to 788 million dollars and adjusted EPS reached 0.96 dollars. A 36.4 million dollar operating loss weighed on sentiment, though margins continued to improve. Full-year revenue and EPS guidance were raised.
📅 Earnings Watch
Markets remain sensitive to AI developments and shifting expectations around monetary policy, and traders are watching how leadership rotates as new information comes in.
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