Stock Market Today (Nov. 18, 2025): Nasdaq slides as AI trade stumbles; Tesla, Palantir, SMCI pace tech losses ahead of Nvidia earnings; Disney ends YouTube TV blackout
Tech led the sell‑off again as investors questioned whether multi‑quarter AI capex can keep delivering near‑term returns. With Nvidia set to report Wednesday, options markets are braced for a ~7% swing that could ripple across index‑heavy tech and AI hardware/software cohorts. A move of that size would rank among the largest post‑earnings value changes ever for the company. Reuters Wall Street commentary also leaned cautious on valuations after the fall’s powerful rally. AP noted that AI bubble fears have risen—45% of global fund managers now flag an AI bubble as the top market risk—while the index retreat has broadened beyond chips to high‑beta growth and crypto. AP News