It was a seesaw session yesterday that didn’t seem enticing on the surface, but once again, investors flocked to artificial intelligence (AI)-related stocks, including power providers and semiconductors.

It was impressive to see so many chip names that I’ve played for decades coming on strong.

NASDAQ-100 Rocks

The NASDAQ-100 (NDX) came on strong, with Nvidia (NVDA) edging higher into the earnings release after the close, and the current “darling” of the bunch, Alphabet (GOOG/L), on autopilot.

Meta Platforms (META) is still in the doghouse – Zuckerberg will have to calm his nerves soon.

NDX closed right below the 50-day moving average, but there’s a good chance it rebounds above that key metric.

Top of the Charts

On November 12, 1955, Billboard debuted the Top 100 - the first Billboard chart to feature a combined tabulation of sales, airplay, and jukebox play (debuted in the issue dated November 12, 1955).

The top song was “Love is a Many Splendored Thing” by The Four Aces.

Since then, every recording artist has wanted to hear two phrases:

“Off the charts!”

“Sold Out”

But it's not only a recording artist. Yesterday’s earnings statement from Nvidia’s Jensen Huang said Blackwell sales are off the charts, and cloud GPUs are sold out.

And if that wasn’t enough for the haters, he added: “AI is going everywhere, doing everything, all at once.”  In addition to sounding like a Johnny Cash song, those words were music to investors' ears. The stock soared, and the smartest guys are back at the drawing board.

Momo

Billy Idol once sang, “In the midnight hour, she cried more, more, more.” Yesterday, investors said they want “mo, mo, mo.”  Low volatility is out, and momentum is back.

Today’s Session

The shorts are going to keep pressing their case against Nvidia (NVDA), but there will be some covering.

We are also watching Walmart (WMT), which beat on the top and bottom lines and is now gaining traction in its global advertising business, up 53%. U.S. comparable sales saw a solid increase in average ticket size.

Comments

AI is alive and well and it took Jensen to show everyone that AI is still "Off the charts!" Now for a later top 40, "Happy Days." Monday, Tuesday, Wednesday,...Happy Days... Mike Mayone on 11/20/2025 9:50:09 AM

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