Squawk on the Street Alphabet vs. Nvidia, OpenAI and $207B, Dell Jumps 11/26/25
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Nov 26, 2025 On the brink of Thanksgiving, the AI landscape takes the spotlight with Alphabet edging towards a staggering $4 trillion valuation while Nvidia struggles. A report suggests OpenAI may need $207 billion in funding by 2030. Dell's forecast shines as they raise AI server shipment expectations despite mixed earnings. The holiday travel rush peaks, with airlines bouncing back, while Deere’s cautious outlook raises eyebrows. There's buzz around how AI is revolutionizing holiday shopping, potentially transforming consumer habits and driving a massive increase in sales.
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OpenAI's Massive Funding Gap Shapes AI Trade
- HSBC projects OpenAI may need at least $207 billion in financing by 2030 to meet compute commitments.
- That fuels investor scrutiny and a more discerning market for AI-related stocks.
AI Winners Are Being Re-Ranked
- Market is re-ranking AI winners after a recent selloff; Nvidia has underperformed while Google and Broadcom gained.
- Investors are more discerning about which companies actually benefit from OpenAI-linked spending.
TPUs Could Change Cost Dynamics
- Google uses TPUs to lower token processing costs versus OpenAI's GPU-heavy approach.
- TPU adoption could shift competitive dynamics and reduce reliance on Nvidia chips.