Investment Review №332. The Bulls switched to big tech

24.10.2025 — 6791

• Despite the government shutdown, inflation data were released. The September headline CPI came in at +0.31% m/m versus a +0.4% consensus, while core CPI printed +0.23% m/m, slightly below the expected +0.3%.

 

29.10.2025 — ▲6890

• At the GTC 2025 Conference, Nvidia announced the launch of an AI supercomputer for the U.S. Department of Energy, new partnerships with Uber and Palantir, and a $1 billion investment in Nokia to support 6G development. Following the event, Nvidia’s market capitalization reached $5 trillion.
• Boeing reported signs of recovery in its 3Q 2025 results. 737 production was increased to 42 aircraft per month, and operating cash flow turned positive at $1.1 billion.
• The Federal Reserve cut the policy rate by 25 bps to a range of 3.75–4.00% and announced the end of the QT program effective December 1. During his press conference, Jerome Powell emphasized that a further rate cut in December is not a foregone conclusion.

30.10.2025 — ▼6822

• Amazon reported record-breaking 3Q results, with AWS growth accelerating to 2022 levels. Shares surged 11%, hitting an all-time high. AWS’s total contract portfolio reached $200 billion.
• Eli Lilly (LLY) delivered another blowout quarter, with adjusted EPS of $7.02 vs. consensus $5.92. Sales of Mounjaro and Zepbound exceeded $10 billion for the first time, cementing Eli Lilly’s leadership in the GLP-1 market.