Squawk on the Street The State of Stocks and the AI trade, Alphabet Soars to New Highs, Health Care Rotation 11/24/25
Nov 24, 2025
The hosts dive deep into the latest AI trends, focusing on Nvidia and the rise of Gemini 3. They discuss Treasury hints on healthcare announcements and the impact on companies like Lilly and Novo Nordisk. A fascinating debate unfolds over the potential dominance of one hyperscaler in AI and its ripple effects. Alphabet's impressive surge captures attention, while discussions on Amazon's retail strength and AWS momentum highlight market shifts. Finally, the chip race, featuring Broadcom and Nvidia's strategies concerning China, showcases the competitive landscape.
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Gemini 3 Shakes Up GPU Dominance
- Gemini 3 and Google's TPU strategy shift the AI competition away from NVIDIA's GPU dominance.
- This could reduce long-term GPU demand for some hyperscalers and reshape cost advantages in cloud AI.
Winner-Take-All Risk In AI
- A single hyperscaler winner in AI, especially Alphabet, would hurt many other companies by concentrating advantages.
- Vertical integration with efficient TPUs could produce a 'winner-take-all' dynamic across the AI ecosystem.
Watch OpenAI Usage As A Market Signal
- Monitor OpenAI usage trends (e.g., weekly user counts) as a market signal for AI monetization progress.
- If OpenAI growth stalls, reassess investments tied to AI infrastructure demand.