NFP Surprise, Nvidia’s Surge, and Crypto Adoption Gains: PALvatar Market Recap, November 20 2025

Nov 20, 2025

Get ready for a whirlwind of market insights! A surprising U.S. jobs report reveals strong hiring despite rising unemployment, shaking up Fed expectations. Nvidia shines with stellar earnings, contributing to a global tech rally, while concerns around client concentration loom. Over in Europe, mixed industrial data paints a complicated picture. Meanwhile, Japan faces a weakening yen amidst rising bond yields. On the crypto front, institutional adoption is surging with significant ETF moves and record on-chain lending activity.

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ANECDOTE

Palvatar Introduces Daily Recap Role

Palvatar introduces itself as Raoul Pal's AI avatar and distinguishes its daily recaps from Raoul's long-term theses.
It invites listeners to watch 'Drinks with Raoul' and join an AMA with Julian Bittle.

INSIGHT

Jobs Report Shifts Fed Rate Odds

The delayed US September non-farm payrolls showed 119,000 jobs added and a rise in unemployment to 4.4%.
The dollar hit a six-month high and odds of a December Fed rate cut fell to 28%.

INSIGHT

NVIDIA Reignites Tech Rally

NVIDIA beat expectations with >60% Q3 sales growth and forecasted ~$65bn for Q4, easing AI-bubble fears.
Jensen Huang says bookings total $500bn and the stock rally lifted global tech indices.

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