Market Update - November 2025

Resilience, Reality Checks, and Reasons for Optimism

As we close out November, markets continue to balance several crosscurrents: concerns about whether artificial intelligence enthusiasm is overextended, a modest but normal pullback in stocks, and an underlying backdrop of improving inflation, falling interest rates, and a durable bull market. Together, these themes indicate that despite periodic bumps, the market environment remains fairly constructive for long-term investors.

Questions about whether we are experiencing another technology bubble have grown louder as AI-related spending climbs into the trillions. Companies are racing to build data centers, secure GPUs, and invest in research, and in some cases the relationships can seem circular, such as Nvidia’s investment in OpenAI, which in turn is buying Nvidia’s chips.

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