Saxo Market Call AI leading equity market nosedive. Also: USD no safe haven?
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Nov 14, 2025 Ruben Dalfovo, an Equity Strategist at Saxo, delves into the recent turmoil in US equity markets, especially the plummet of AI and crypto-related stocks. He discusses notable companies like Oracle and Disney, highlighting skepticism around Oracle's AI backlog transforming into revenue. The conversation turns to the pivotal Nvidia earnings report and its implications for the market. They also touch on resilient defensive stocks, Bitcoin's liquidity issues, and the dollar's struggle as a safe haven in today's unpredictable landscape.
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AI Stocks Led A Broad Market Drop
- US equity markets saw a broad, concentrated sell-off especially in AI-related names, with an AI basket down ~4% while major indices fell notably.
- SanDisk exemplified the volatility, having been a 10-bagger and then dropping 14% in one day.
Use Major Technical Levels As Anchors
- Zoom out on charts and identify major technical support levels before reacting to short-term volatility.
- Watch the S&P 6550/6150 and Nasdaq 24,000/22,000 zones as reference points for deeper retracements.
Backlog Needs To Become Cash
- Oracle claims a huge AI cloud backlog but the market wants to see conversion into revenue and cash flow.
- Investors shifted from 'AI solves everything' to demanding visible profit realization timing.