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Thursday, November 20, 2025
What’s happening: Shares of Nvidia surged in after-hours trading on Wednesday, following the release of the company’s third-quarter results.
What happened: The chipmaker posted stronger-than-expected sales and earnings for the quarter.
Nvidia reported record revenues and issued a strong outlook easing widespread concern around an AI bubble with stocks of tech companies soaring in recent months.
How were the results: The Santa Clara, California-based chipmaker reported strong revenue and net income growth for the latest quarter.
Why it matters: Investors have been concerned that the AI boom has driven stock valuations much higher than fundamentals in the tech sector.
The latest results from Nvidia calmed market jitters, after the company reported its 12th consecutive quarter of beating expectations for both revenues and earnings.
Nvidia’s Data Center revenues climbed 66% to a record high of $51.2 billion. Gaming & AI PC revenues grew 30% to $4.3 billion, while Automotive revenues rose 32% to $592 million.
CEO Jensen Huang reiterated that the company had bookings worth $500 billion for its advanced Blackwell and Rubin chips through 2026.
“We’ve entered the virtuous cycle of AI. The AI ecosystem is scaling fast – with more new foundation model makers, more AI startups, across more industries, and in more countries. AI is going everywhere, doing everything, all at once,” Huang said.
Management guided to revenue of $63.70-$66.30 billion for the fourth quarter, above market expectations of $61.48 billion.
How shares responded: Nvidia’s shares jumped 5.1% to $196.00 during the extended trading hours on Wednesday following the release of quarterly results. The stock has surged around 38% over the past six months.
What to watch: Investors will continue monitoring strong demand for AI-related infrastructure. Markets will also watch the progress in Nvidia’s plans to invest up to $100 billion in OpenAI.
Given the export restrictions to China, the company is looking for further global expansion, tapping into the Middle East region.
Context: The EUR/USD forex pair edged lower this morning as investors digested the latest economic reports.
Details: Data released on Wednesday showed that the Eurozone’s current account surplus fell to €38.1 billion in September from €43.5 billion in the year-ago period.
The bloc’s annual inflation rate slowed to 2.1% in October, from 2.2% in the previous month, remaining close to the European Central Bank’s 2% target. Among the biggest Eurozone economies, inflation eased in Germany, France and Italy, while Spain reported a rise to 3.2%, from the previous month’s 3.0%.
Hourly labour costs in the Eurozone rose by 3.5% year-over-year in the third quarter, compared to a 3.6% gain in the previous period.
Strength in the US dollar weighed on the EUR/USD pair. The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged higher to 100.25 this morning.
The EUR/USD forex pair fell around 0.1% to 1.1524 this morning. The STOXX Europe 600 Index declined 0.03% to close at 561.71 on Wednesday.
What to watch: Investors await the release of economic data on the Eurozone’s construction output (1400 UAE Time) and consumer confidence (1900 UAE Time) today. The Eurozone’s consumer confidence, which surged to -14.2 in October, the highest level in eight months, is expected to improve further to -14 in November.
Analysts expect construction output to grow by 1.7% year-over-year in September following 0.1% growth in the previous month.
The European Central Bank’s general council meeting (1200 UAE Time) will also remain in focus.
Other Markets: US trading indices closed higher on Wednesday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.10%, 0.38% and 0.56%, respectively.
US President Donald Trump has announced an approval of the 28-point peace plan to end the ongoing war between Russia and Ukraine. The news sent the RUB/USD pair lower in forex trading this morning.
Argentina’s trade surplus narrowed to $800 million in October from $912 million in the year-ago period, exerting pressure on the ARS/USD forex pair.
US crude oil inventories declined by 3.426 million barrels in the week ending November 14, higher than market estimates of a contraction of 0.6 million barrels, which sent the WTI crude oil prices higher in forex trading this morning.
South Africa’s annual inflation rate climbed to 3.6% in October from 3.4% in the previous month, which exerted pressure on the ZAR/USD forex pair.
Indonesia recorded a current account surplus of $4.0 billion in the third quarter, versus a year-ago deficit of $2.0 billion. However, the IDR/USD pair edged lower in forex trading this morning.
Italy’s construction output (1300 UAE Time), Spain’s balance of trade (1300 UAE Time), 10-year Obligacion auction (1340 UAE Time), 30-year Obligacion auction (1340 UAE Time) and 7-year Obligacion auction (1340 UAE Time), France’s 2028 OAT auction (1400 UAE Time), 2031 OAT auction (1400 UAE Time), 2033 OAT auction (1400 UAE Time), 2036 Index-Linked OAT auction (1500 UAE Time), 2040 Index-Linked OAT auction (1500 UAE Time) and 2053 Index-Linked OAT auction (1500 UAE Time), South Africa’s business confidence (1400 UAE Time), building permits (1500 UAE Time) and interest rate decision (1700 UAE Time), UK’s CBI industrial trends orders (1500 UAE Time), India’s infrastructure output (1530 UAE Time), Turkey’s foreign exchange reserves (1530 UAE Time), Canada’s CFIB business barometer (1600 UAE Time), PPI (1730 UAE Time), raw materials prices (1730 UAE Time) and 30-year Bond auction (2100 UAE Time), US nonfarm payrolls (1730 UAE Time), unemployment rate (1730 UAE Time), average hourly earnings (1730 UAE Time), Philadelphia Fed manufacturing index (1730 UAE Time), existing home sales (1900 UAE Time), EIA natural gas stocks change (1930 UAE Time), Kansas Fed composite index (2000 UAE Time), Kansas Fed manufacturing index (2000 UAE Time), 4-week Bill auction (2030 UAE Time), 8-week Bill auction (2030 UAE Time), 15-year mortgage rate (2100 UAE Time), 30-year mortgage rate (2100 UAE Time) and 10-year TIPS auction (2200 UAE Time), Argentina’s consumer confidence (1700 UAE Time), as well as Mexico’s monetary policy meeting minutes (1900 UAE Time).
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