Market Signal Briefing

The firm's US-listed spot bitcoin ETF IBIT, launched in January 2024, reached $70 billion in assets in record time and has generated hundreds of millions in fees.

Journalist

Posted: November 30, 2025

The 2025 cycle is turning into a full-on reboot for the memecoin space.

Dogecoin [DOGE] kicked things off with its first U.S.-listed ETF (DOJE), which went live on the 18th of September. Now, other assets are starting to follow, showing a clear shift in how the market views memecoins.

Most recently, Bitcoin Capital rolled out a Bonk [BONK] ETP on Switzerland’s third-largest stock exchange [SIX], adding another layer of institutional legitimacy and reinforcing confidence in the asset.

“The listing is an important step forward for Bonk, demonstrating its progression from meme coin origins to a respected financial asset.”

The market’s reaction has been clearly bullish.

On the weekly chart, BONK was up 9.24%, at press time, almost double Bitcoin’s [BTC] move. The BONK/BTC ratio was also up 4.57%, printing its first green weekly candle after five straight red weeks that wiped out roughly 30%.

From a technical standpoint, that means almost half of BONK’s upside this week is coming from rotational flows, with the rest driven by “BONK-specific” momentum, hinting that the interest is ticking back up.

However, the launch of Grayscale’s Dogecoin ETF (GDOG) brings the “risk-reward” profile back into focus. Put simply, GDOG’s performance provides a blueprint, highlighting the risks that persist in the memecoin space.

Smart money drives BONK, but memecoin risks persist
BONK’s 9% rally this week is being fueled by smart money flows. 

AMBCrypto flagged massive 4.1 trillion buy orders, showing a solid bid base that kicked in around the ETP launch. This is a sign that big players were positioning ahead of the move.

That said, the BONK launch follows Grayscale’s underwhelming Dogecoin ETF [GDOG] debut in the U.S. four days ago, where first-day trading hit $1.4 million vs. $12 million forecasts, with net inflows of only $2.16 million.

Source: SoSo Value

In other words, Grayscale’s GDOG launch fell short of expectations.

However, this isn’t a fluke. The memecoin frenzy from 2024 has clearly cooled. Tokens like Pepe [PEPE] (-83%), Floki [FLOKI]  (-85%), and dogwifhat [WIF] (-92%) are far below their previous peaks, while DOGE remains capped below resistance.

Against this backdrop, BONK’s ETP appears to be a high-risk trade.

Final Thoughts

Bitcoin Capital has introduced a BONK ETP on the Swiss Exchange, bringing memecoins further into the mainstream after DOGE.
But with BONK still trailing DOGE’s gains, can it really catch up?

Ritika Gupta is a Financial Journalist and Geopolitical Analyst at AMBCrypto, specializing in the critical intersection of world politics, economic policy, and the cryptocurrency markets. Her analysis is informed by her distinguished background, which includes professional experience at major news network.
She holds a Bachelor's degree in Political Science and Psychology from Gargi College, University of Delhi. This academic training provides her with a sophisticated framework for dissecting complex issues such as international regulations, government fiscal policies, and the geopolitical forces that directly influence asset valuations.
At AMBCrypto, Ritika applies this expert lens to synthesize macroeconomic data and political developments, offering readers a deeper context for market movements. She excels at explaining not just what is happening in the market, but why it is happening. Her work is dedicated to providing strategic insights that empower readers to understand the complex relationship between global events and their digital assets.

On November 28, 2025, BONK, a popular memecoin, saw its value surge by 9% following the launch of its Exchange Traded Product (ETP). This significant movement captured the attention of market participants who are increasingly fascinated with the volatile nature of memecoins.

The Bitcoin market experienced a moderate price rebound over the past week, following a prolonged period of price correction that began in early October. The flagship cryptocurrency is now trading above $90,000, with hopes building for a potential push back toward its all-time high of $126,100.

Notably, popular market analyst KillaXBT has flagged a key price zone that could serve as the next target in this relieving market recovery.

Bitcoin Headed To $95k-$96k, But Price Pullback May Occur First – Analyst
In an X post on November 28, KillaXBT shares some compelling insights on Bitcoin’s price condition, highlighting both bullish and bearish tendencies. Following the asset’s gain of 7.22% in the past week, the analyst predicts that market bulls are likely to drive prices to around $95,000-$96,000, which contains strong, heavy illiquidity pockets and several liquidation clusters. 

For context, these zones are attractive to price because they contain large concentrations of resting orders, making them high-value liquidity targets. Liquidation clusters, in particular, hold groups of leveraged positions that trigger forced buying or selling once the price reaches them, injecting fresh liquidity into the market.

However, KillaXBT cautions that this upside move may not occur immediately, noting that the market often delays sweeping major liquidity zones ahead of key macro events. With the upcoming Federal Open Market Committee (FOMC) meeting expected to deliver clarity on potential rate cuts, traders may see continued liquidity building below the yearly open in the near term.

According to the analyst, these upper liquidation levels are still likely to be cleared, but the timing could align more closely with next month’s policy announcement rather than the current market cycle.

Source: @KillaXBT on X
The analyst outlines a potential scenario in which Bitcoin experiences a minor pullback to around $93,000 before retesting $89,200. From there, the asset could move toward the $95,000–$96,000 target, in line with expectations for a potential FOMC rate adjustment.

However, KillaXBT also highlights the possibility that Bitcoin may reach these key liquidation zones before the FOMC meeting. In such a scenario, the market could see a rapid surge to $96,000, followed by a sharp drop to around $89,200 due to potential liquidations, before eventually returning to these upper liquidity zones.

Following this analysis, KillaXBT is opting for a short position, which he intends to reassess in relation to market trends as the FOMC approaches. Interestingly, the analyst believes the real short-term opportunity only comes after the FOMC’s announcement.

Bitcoin Price Overview
At the time of writing, Bitcoin trades at $90,490, reflecting a slight 0.64% decline in the past day.

BTC trading at $90,485 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from PixelSquid, chart from Tradingview

XRP is heading into the final stretch of 2025 with a cocktail of modest gains, long-term strength, and enough mixed signals to keep traders awake at night. The token's short-term performance suggests a market that hasn't completely made up its mind, while the broader trends hint at something sturdier underneath.

As 2025 draws to a close, XRP is navigating a complex landscape characterized by moderate gains and underlying market uncertainties, while the expansion of RLUSD captures significant attention. During November, XRP experienced fluctuating market behavior, reflecting a broader uncertainty among traders about its immediate prospects.

// Price

Reading time: 2 min

Published: Nov 29, 2025 at 22:17

The XRP price has recovered after falling below the $1.80 support level.

XRP long-term analysis: bearish

The price rose but remained stuck at the 21-day SMA barrier, or the $2.20 high. Bulls and bears have been contesting the 21-day SMA barrier. On the upside, if the bulls succeed, the altcoin will rise to $2.40, or the 50-day SMA. Positive momentum will then continue towards the $3.10 high. If XRP falls below the 21-day SMA, it will find support above the current $2.00 level.

Meanwhile, XRP remains at the 21-day SMA barrier. The presence of Doji candlesticks has caused price movement to remain stationary. XRP is currently trading at $2.21.

Technical indicators:  

Resistance Levels – $2.80 and $3.00

Support Levels – $1.80 and $1.60

XRP indicator analysis

The price bars are below the downward-sloping moving average lines. On the 4-hour chart, the price bars are above the upward-sloping moving average lines. The cryptocurrency price is stabilising above the moving average lines as it faces rejection at its recent high. Doji candlesticks indicate that traders are undecided about the market's direction.

What is the next direction for XRP?

The XRP price is rising as it continues its sideways movement below the $2.25 threshold. The cryptocurrency is trading above the $1.80 support but below the $2.25 high on the 4-hour chart. The price has remained stable above $2.20 despite fluctuating below its previous peak. The range-bound movement is expected to continue due to the presence of Doji candlesticks.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.

Journalist

Posted: November 30, 2025

Quant’s [QNT] rally in the last day remains significant, with investor confidence reaching a notable 88% on the chart.

QNT turned in a 14% gain, at press time, the highest in the past 24 hours, while other assets failed to deliver double-digit returns.

The question now is whether this recent capital addition can sustain QNT past the $100 threshold reflected on the chart.

Why is QNT up?
The most obvious evidence supporting QNT’s recent price rally comes from a decisive convergence between spot and derivative investors.

In the spot market, investors purchased a significant amount of QNT, totalling $248,000, after two days of sell-offs that weighed on the price.

This recent acquisition of QNT, a quick shift from the previous downtrend, suggests underlying confidence in price at its current level.

Source: CoinGlass

Derivative investors are equally involved.

Open Interest (OI) surged to about $18 million on the chart, with $1.5 million added in the past 24 hours. Given the current positive Funding Rate, this increase indicates that investors are likely positioning for QNT to trend further upward.

At press time, QNT was trading at $93, with the asset approaching $100. However, other sentiment indicators suggest this move may be unlikely.

QNT hits major supply zone
The supply zone ahead of price remains QNT’s most significant hurdle.

A supply zone is a known area where unfilled sell orders sit. These orders are often triggered when the price reaches the zone, forcing it lower.

This supply zone between $93.32 and $99.13 on the chart has rejected price twice, the first time causing a 27.73% drop, and the second time triggering a 27.06% decline.

Source: TradingView

QNT could face a similar fate, with the asset potentially dropping an average of 27.3% to around $70.

However, the upside remains possible. A breakout above the supply zone highlights three levels of interest: $104, $113, and a peak at $121 on the chart.

The market shows a unique set of conditions that support a bullish outlook, but still warn investors to remain cautious.

Capital inflow rises, but caution remains
Capital inflow into the market increased notably in the past day, as the Money Flow Index (MFI) continues to rise.

The MFI, when moving upward above the 50 level, indicates new capital entering the market and confirms that bulls are actively buying.

However, there’s a counter-signal. The Accumulation/Distribution (A/D) indicator shows that investors are distributing the token, as volume has dropped to 970,000.

Source: TradingView

While the signals appear conflicting, the distribution suggests investors are taking profit rather than initiating a major sell-off.

However, if both the Distribution metric and the MFI decline simultaneously, QNT could push investors into losses, as the asset would likely plunge significantly.

Final Thoughts

QNT’s rally followed alignment from spot and derivative investors, driven by capital inflows rather than a rotation of money across the market.
The supply zone, active distribution, and recurring sell volume remain QNT’s major obstacles and could hinder further price movement.

Nvidia's customers recently offered investors a glimpse of what lies ahead.

Nvidia (NVDA 1.83%) has been a massive winner for investors over the long term, for example, climbing 1,200% over the past five years. But in 2025, performance of the artificial intelligence (AI) chip giant, though still positive as the stock is heading for a 34% gain, has experienced some ups and downs. News of President Donald Trump's import tariffs, as well as export restrictions on chip sales to China, hurt the stock in the spring. And though it rebounded in the following months, in recent weeks, concern about the possibility of an AI bubble forming put new pressure on the stock.

Moving forward, though, Nvidia has what it takes to deliver significant growth in earnings and stock price gains, too. Let's check out the real reason this AI stock could be a huge winner in 2026.

Image source: Getty Images.

Nvidia's GPU dominance
First, though, let's catch up on the full Nvidia story. The company designs the fastest graphics processing units (GPUs) on the market -- these are the chips that power the training of AI and the actual application of the technology to real-world situations and problems. Nvidia entered the space early, well before AI became an investment theme, and this has helped it stay ahead of rivals -- and the company's ongoing innovation is part of this success story, too.

All of this has brought Nvidia explosive earnings growth, with annual revenue and profit climbing in the double- and triple-digits to reach record levels. And in the recent quarter, this growth continued, with Nvidia again surpassing analysts' expectations and speaking of strong demand for its Blackwell architecture and its update, Blackwell Ultra.

As mentioned, though, general concern about tariffs and economic growth, as well as the valuations of AI stocks, have weighed on investor appetite for Nvidia stock at certain moments this year. Even the company's recent blowout earnings report didn't offer the stock a lift.

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An interesting prediction from Jensen Huang
Still, I'm optimistic about the tech giant in 2026, and I think the following will be the real reason for earnings and stock price gains. A few months ago, Nvidia chief Jensen Huang made an interesting prediction: He said he expects AI infrastructure spending to reach between $3 trillion and $4 trillion by the end of the decade.

Meanwhile, customers of Nvidia, such as cloud service providers Amazon and Microsoft, recently spoke of soaring demand and their plans to expand capacity. All of this points to an increase in need for the world's top-performing chips, and these are Nvidia's GPUs.

As this AI infrastructure spending story starts to unfold, Nvidia should see the results in its earnings reports -- this, along with the fact that Nvidia's valuation remains reasonable at 38x forward earnings estimates, might put Nvidia back on investors' "buy list." And all of this could make Nvidia a huge winner in 2026.

Adria Cimino has positions in Amazon. The Motley Fool has positions in and recommends Amazon, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

AtriCure Board of Directors member Sven Wehrwein sold 10,000 shares in the company on Nov. 24 and 25, 2025. The transaction was valued at nearly $377,000.

November 29, 2025 5:00 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 29, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Firefly Aerospace Inc. (NASDAQ: FLY) resulting from allegations that Firefly Aerospace may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Firefly Aerospace securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=46681 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On September 22, 2025, after market close, The Wall Street Journal published an article entitled "Firefly Aerospace Posts Wider Loss as Revenue Falls." The article stated that Firefly "logged a wider loss and lower revenue in its latest quarter, marking its first earnings report since its stock market debut last month."

On this news, Firefly Aerospace's stock fell 15.3% on September 23, 2025.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276293

This AI stock has shot up phenomenally in 2025, and it could soar even higher next year.

Broadcom (AVGO +1.36%) is one of the key players in the market for artificial intelligence (AI) chips. The company designs and sells custom processors that help hyperscalers lower the operating costs of their data centers. Not surprisingly, the market will be paying attention to the chip designer when it reports fiscal 2025 fourth-quarter results on Dec. 11.

The company has built a solid customer base that includes the likes of OpenAI, Meta Platforms, and Alphabet. Broadcom has seen healthy growth in its AI revenue in recent quarters, a trend that's likely to continue in the future given its sizable addressable market.

There's another important AI chipmaker -- Micron Technology (MU +2.70%) -- that's set to release its results in December as well. The share price of this company is up 166% so far in 2025, handily beating Broadcom's returns. Despite this performance, it's trading at a cheaper valuation than Broadcom.

Let's look at the reasons why Micron is my top AI stock to buy in December.

Image source: Micron Technology.

Micron Technology is on track to deliver phenomenal growth
Micron is set to release its fiscal 2026 first-quarter results (for the quarter that ends in November) on Dec. 17. The memory specialist's management guided for $12.5 billion in revenue for fiscal Q1, which would be a 45% increase from the year-ago period. The non-GAAP earnings guidance of $3.75 per share would be more than double the year-ago period's reading of $1.79 per share.

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This impressive growth will be driven by the favorable demand-supply environment in the memory market, which is booming right now thanks to AI. Chip designers such as Broadcom, Nvidia, AMD, and Marvell Technology have been integrating bigger and faster memory, known as high-bandwidth memory (HBM), into their AI chips to enhance computing power and reduce latency.

As a result, the demand for server memory chips is outpacing supply, leading to a spike in prices. Market research firm Counterpoint Research estimates that the price of dynamic random access memory (DRAM) has shot up by 50% in 2025 so far. This trend is expected to continue in 2026, with server DRAM prices expected to double by the end of 2026.

Meanwhile, Counterpoint expects a 50% increase in overall memory prices by the second quarter of 2026. As a result, there is a high possibility of Micron reporting stronger growth in its revenue and earnings next year. This explains why analysts increased their revenue and earnings expectations for both the current and the next fiscal years.

Data by YCharts.

Even better, Micron seems capable of maintaining its outstanding growth rates beyond the next couple of years. That's because the market for AI-specific memory chips is expected to clock an annual growth rate of 30% through 2030, according to Micron's peer SK Hynix. So it won't be surprising to see Micron stock turning out to be a solid long-term investment, especially considering its attractive valuation.

The stock's valuation is too attractive to ignore right now
Though Micron stock has shot up substantially this year, it can still be bought at 27 times trailing earnings. That's a discount to the tech-laden Nasdaq-100 index's average earnings multiple of 32. The company's forward earnings multiple of 13 is even more attractive, thanks to the big bottom-line increase it's expected to deliver.

What's more, Micron stock is undervalued when the company's long-term growth potential is taken into account. That's evident from its price/earnings-to-growth ratio (PEG ratio) of just 0.18, based on its estimated annual earnings growth rate for the next five years, as per Yahoo! Finance. A PEG ratio is a forward-looking valuation metric that's calculated by dividing the trailing earnings multiple by the projected annual earnings growth rate for the next five years.

A reading of less than 1 means that a stock is undervalued with respect to its growth potential. Micron is trading well below that threshold, which means that investors are getting a great deal on this AI stock. And given that Micron's upcoming earnings could give its stock price another boost, it may be a good idea to buy more of its shares before it releases its earnings in December.

From one perspective, nuclear power plant builder Fluor stock could cost as little as $2.5 billion.

2025 has been a great year to own nuclear power stocks. All three of the biggest names in small modular nuclear reactors -- Nano Nuclear Energy (NNE +6.03%), NuScale Power Corporation (SMR +5.04%), and Oklo (OKLO +3.03%) -- are up year to date.

Partly, this is in consequence of President Donald Trump signing four executive orders in May, promoting American nuclear power in general and small modular reactors (SMRs) in particular. Partly, it's a recognition by investors that artificial intelligence (AI) data centers consume enormous amounts of power -- and that if the AI revolution is going to continue, then we're going to need nuclear energy to make it happen.

But who will build all these reactors? And how sure are we that they're all going to be small?

Image source: Getty Images.

Big opportunities in bigger reactors
Questions like these have me wondering if the "right" way to play nuclear isn't investing in Nano, NuScale, and Oklo at all -- or at least not exclusively. And other investors, too, seem to be having second thoughts about these stocks lately.

Over the six weeks since hitting its high in mid-October, shares of Nano Nuclear have lost 46% of their value. Oklo stock is down nearly half -- 48% -- and NuScale Power has been hit worst of all, falling 62% from its high.

Again, there are multiple reasons for this, with AI skepticism being only one. Another big reservation I suspect investors are having, about the SMR stocks, is that they're very far away from earning a profit. Of the three, only NuScale has any revenue at all coming in (and that, less than $64 million annually). Nano and Oklo are both completely revenueless. Although analysts polled by S&P Global Market Intelligence say they might start taking in at least small amounts of revenue next year, none of these companies is expected to turn profitable before 2030 at the earliest.

But one nuclear stock is. Indeed, one nuclear stock is already profitable.

Introducing Fluor Corporation
Fluor Corporation (FLR +1.23%) is an engineering and construction company, with a niche business building full-scale nuclear plants that generate 1 gigawatt and up of power. It also happens to own 38.9% of one of the more popular SMR stocks, NuScale.

This is especially interesting because, at NuScale's current implied market capitalization of $6 billion, Fluor's 38.9% interest in the subsidiary is worth about $2.3 billion. Thus, this ownership interest alone supports more than a third of Fluor's own $6.6 billion in market capitalization. Fluor also has about $1.8 billion more cash than debt on its balance sheet.

Between the two, the NuScale stake and Fluor's own cash back up 62% of the company's market capitalization, making its enterprise value effectively just $2.5 billion.

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Valuing Fluor Corporation stock
And what does an investor get for $2.5 billion? At first glance, this seems too good to be true (because it is), but Fluor reported earnings of $3.4 billion over the last 12 months, giving the company an apparent enterprise-value-to-earnings ratio of less than 1.

Now, take a step back, and you'll realize that much of the "profit" making up Fluor's $3.4 billion in earnings was simply an accounting acknowledgement of how much its subsidiary, NuScale, had risen in value. Those gains will go away as NuScale's stock declines in price. Still, analysts who follow the company believe Fluor will earn about $360 million in real profit next year -- then grow that number by about 36% over the next three years.

Call that a 12% earnings annual growth rate, and at $2.5 billion in enterprise value and $360 million in earnings, Fluor stock is trading for an EV-to-earnings ratio of less than 7. Relative to the expected earnings growth, that seems like a very fair price to me.

Is it cheap enough to justify a small investment of $1,000 or $2,000? Honestly, that sounds like a no-brainer to me.

The upshot for investors
Now, am I disappointed to see Fluor's stake in NuScale declining in value, hurting the parent company's apparent profits? In a way, yes -- but also no. For one thing, Fluor has been selling down its NuScale stake to minimize its risk, capture the some of the SMR stock's gains, and pay its own taxes on those gains. For another, I never considered those "profits" from owning NuScale truly "real" in the first place -- and never fully trusted the valuation they implied.

Moreover, NuScale's pain may actually turn out to be Fluor stock's gain.

Just last week, in a little-noticed development, the U.S. Department of Energy reported that as part of Japan's commitment to invest $550 billion in the U.S. in exchange for tariff relief, that country will be sending $80 billion on the construction of 10 large nuclear power plants -- the kind Fluor helps to build.

It may not sound like great news to investors hoping to ride the profitless SMR stocks to riches. But it could be very good news indeed for Fluor stock.

After peaking with a market cap of more than $14 billion, the company trades at only a tiny fraction of that value today.

Just a few years ago, the demand for plant-based meat products was exploding with the brands serving this market enjoying impressive growth. A first mover in this space was Beyond Meat (BYND 3.75%), which debuted on the stock market in May 2019 at $25 per share only to surge to nearly $67 on its first day of trading.

By November of the following year, the stock had doubled to more than $140 per share. Unfortunately, if you'd invested $100 in Beyond Meat at that time, you'd be sitting on a position worth ... $0.72 as of this writing. You'd have lost more than 99% of your investment over the past five years. Yikes!

Image source: Getty Images.

What happened with Beyond Meat? A glance at its latest earnings report offers some insight: Revenue declined 13% year over year to $70.2 million, and its gross margin shrank 7.4 percentage points to 10.3%. Its net loss was $110.7 million. Excluding non-cash impairment charges and other one-off items, the company still saw a net loss of $29.5 million. Put simply, the company is not firing on all cylinders -- or perhaps any cylinders.

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As Motley Fool contributor Timothy Green recently pointed out, the company continues to suffer from soft demand for its products, and in the face of rising competition, it hasn't been able to make its products stand out enough to warrant premium prices.

With shares down 73% year to date, you may be wondering if the stock is now undervalued, making it a good buy. Its price-to-sales ratio is just 0.26, after all. However, low valuation multiples don't always point to bargains. In this case, Beyond Meat looks more like a value trap than a value play.

So if you find yourself with heavy losses in Beyond Meat, there are few signs a successful turnaround is taking shape. You may be better off taking the loss this year and putting what money you have remaining in a truly exciting and promising stock.

Selena Maranjian has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Beyond Meat. The Motley Fool has a disclosure policy.

Nebius was caught up in an AI stock sell-off that reversed course this week.

Nebius Group (NBIS +0.19%) has been one of the artificial intelligence (AI) stocks investors have piled into in the last six months. Shares have soared 140% in that time. Yet it is trading 30% below recent highs as fears grew that AI infrastructure spending has increased too far, too fast.

That sell-off reversed course this week, though, with Nebius shares rallying 14%, according to data provided by S&P Global Market Intelligence. The question now is which camp of investors will be right -- those that say AI spending is a house of cards, or those that think there is plenty of runway left.

Image source: Getty Images.

Is the AI money real?
As more and more deals were announced for data center compute power, some analysts began to question whether long-term financing would truly materialize. Some deals included what has been dubbed circular financing, with cash-rich companies like Nvidia investing in peers that would then purchase hardware from Nvidia using that money. That hardware would be installed in data centers, providing cloud computing capacity owned by companies like Nebius.

Other companies, such as Meta Platforms, are utilizing off-balance sheet financing arrangements to fund massive AI data center projects. Investors are starting to question these techniques for obtaining AI compute capacity.

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One of those investments is a five-year, $3 billion commitment for Nebius to provide AI infrastructure to Meta, which was announced when Nebius reported its third-quarter earnings earlier this month.

If Meta doesn't experience returns on those investments, deals like that could fall apart. That concern drove Nebius stock lower. AI bulls won out this week, though, with investors buying that dip and counting on the AI revolution to continue.

Howard Smith has positions in Nvidia and has the following options: short February 2026 $170 calls on Nvidia. The Motley Fool has positions in and recommends Meta Platforms and Nvidia. The Motley Fool has a disclosure policy.

Google’s parent company Alphabet (NASDAQ: GOOGL) is ending November on a high, but the latest technical readings now point to a potential cooldown after one of its strongest rallies in years. 

In this line, the stock’s 14-day relative strength index has surged to 73.73 as of November 29, 2025, placing GOOGL firmly in overbought territory. 

Over the past month, GOOGL has rallied more than 16%, trading at $320 as of press time.

GOOGL one-week stock price chart. Source: Finbold
Historically, RSI levels above 70 have often signaled a potential reversal, with stocks tending to face pullbacks or corrections in the following weeks. This dynamic is particularly relevant for a stock like Alphabet, whose valuation has soared as investor enthusiasm outpaced underlying fundamentals.

Why GOOGL has rallied 
The caution comes at a time when Google has been one of the standout performers among mega-cap technology names. The launch of Gemini 3, Alphabet’s new flagship AI model, has attracted massive investor interest. 

Notably, Gemini 3 has been praised for its advanced capabilities, including superior multimodal features and complex reasoning, which many analysts believe could outpace even OpenAI’s GPT-4 and other AI competitors. 

Its integration across Google Search, Google Cloud, and the company’s productivity tools has fueled optimism about strong AI-driven revenue growth ahead.

Alphabet also received a significant boost from Berkshire Hathaway, which disclosed a $4.9 billion stake in the company. The endorsement from Warren Buffett’s investment firm has strengthened investor confidence and delivered a rare stamp of approval for Alphabet’s long-term prospects.

Meanwhile, broader market sentiment has also been favorable, with rising expectations that the Federal Reserve may soon cut interest rates. The shift has fueled renewed appetite for growth stocks like Alphabet, further powering its impressive November rally.

Featured image via Shutterstock

The quantum computing company's valuation looks excessive when compared to the entire industry.

The quantum computing industry is in its early growth days. It'll likely be many years before quantum computers are common. While many tech experts believe there is a lot of potential for them to improve efficiency and productivity, the big question always leads back to when that will actually happen. And that's the biggest unknown at this stage.

That also means that for the foreseeable future, companies such as Rigetti Computing (RGTI +0.00%) are likely to incur losses. With limited revenue and significant costs, including research and development, investors should brace for the likelihood of not only continued losses, but stock offerings as well, as these companies need money to fund their future growth.

Rather than focusing on the $201 million loss that Rigetti posted last quarter, there's one figure that may be more important for investors to consider before investing in the company.

Image source: Getty Images.

The entire industry might be worth just over $4 billion by the end of the decade
Valuing a stock like Rigetti is difficult because it's in such early stages of its growth. Relying on revenue or earnings multiples is of no help to investors who know that it's going to be a long journey ahead. If Rigetti proves to be a big player in a huge industry, then the stock could easily be a 10x investment. The problem is that it's by no means a certainty.

However, one number that investors shouldn't overlook is $4.2 billion. That's what analysts at Grand View Research project the entire global quantum computing industry will be worth by 2030. While that's a sizable increase from the $1.4 billion they estimate it was worth last year, that's still far less than Rigetti's market cap of $8.4 billion. The company is worth close to double what analysts believe the entire industry will be worth in five years.

These are estimates only, but they help put into perspective just how outlandish Rigetti's valuation has become in relation to the size of the industry. While the temptation may be to say that its valuation might make sense when looking at the longer run (i.e., 10 or 20 years), there is no way of knowing whether Rigetti will even be around that long.

Dilution is a big risk for investors
When a company continues to burn through cash and incur losses, it's inevitable that it'll need to raise money to keep the lights on and to reinvest in its growth. This year, Rigetti is on track to burn through more than $50 million from its day-to-day operating activities, which will be the fourth consecutive year it has done so. Unsurprisingly, its share count has risen significantly in recent years, and that trend is likely to continue in the years ahead.

Data by YCharts

This can be a troubling trend for investors because as the company issues more shares, that dilutes existing shareholders, adds to the supply, which then also puts downward pressure on the share price. If there isn't a corresponding increase in buyers, then it can make the stock decline significantly in value.

Although Rigetti is a hot buy right now, it wasn't all that long ago that it wasn't. Back in 2022, when the markets were bearish on risky growth stocks, Rigetti lost a whopping 93% of its value. While that may not happen again, that volatility and uncertainty is a risk that investors should consider with this highly speculative stock.

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Even if you're bullish on quantum computing, you'll want to tread carefully with Rigetti
How quantum computing plays out is still a big unknown. Whether it'll be years or decades before quantum computers are used regularly is anyone's guess. The bigger issue is that it's also next to impossible to predict winners today.

That's why it may be a good idea to take a wait-and-see approach with this area of tech. However, if you do crave some exposure, then you may be better off holding a basket of similar stocks through an exchange-traded fund, to at least ensure you aren't too dependent on how a single company does, whether it's Rigetti or any other quantum computing stock.

Berkshire Hathaway holds Alphabet and Amazon in its portfolio.

Warren Buffett might just be the greatest investor of all time. Between 1964 and 2024, Buffett's investment conglomerate, Berkshire Hathaway, generated an overall gain of 5,502,284% compared to the S&P 500's 39,054% appreciation.

With such an epic performance, I think it's fair to say that when Buffett picks a stock for his portfolio, it's probably a good idea to try and understand what the Oracle of Omaha sees. While Berkshire has always limited its exposure to volatile growth stocks -- particularly in the technology sector -- two positions are beginning to stick out to me.

Let's break down the two quantum computing stocks that have caught Buffett's eye and assess if they are good buys right now.

1. Alphabet
A couple of weeks ago, Berkshire published its 13F filing for the third quarter. A 13F is a required disclosure that breaks down which stocks institutional investment funds with over $100 million in stocks bought and sold during the most recent quarter.

Throughout the artificial intelligence (AI) revolution, Buffett has remained on the sidelines -- stockpiling record sums of cash instead of chasing frothy momentum stocks. However, Berkshire's most recent filings revealed a new position: internet giant Alphabet (GOOGL +0.06%) (GOOG 0.05%). Interestingly, Berkshire's $4.3 billion investment in Alphabet was the only new stock Buffett added to the portfolio during the third quarter.

To date, Alphabet's AI progress is most easily seen in its core products across search and cloud computing. For instance, Google has changed its interface to look a lot like that of ChatGPT -- integrating an AI mode whereby users input a query and receive an AI-generated response as opposed to clicking through individual webpages on their own.

In addition, Google Cloud Platform (GCP) competes heavily with Microsoft Azure, Amazon Web Services (AWS), and to a degree, even rivals Nvidia thanks to Alphabet's custom silicon hardware -- called Tensor Processing Units (TPUs).

Beyond these product segments, Alphabet is quietly developing its own quantum AI stack. The company has designed its own chip, called Willow, and also introduced an open-source quantum software suite to developers, called Cirq.

Image source: Getty Images.

2. Amazon
Outside of Alphabet, Buffett's most direct exposure to AI and quantum computing is Berkshire's position in Amazon (AMZN +1.77%). Just like Alphabet, Amazon's AI roadmap primarily revolves around its existing offerings: e-commerce and cloud infrastructure.

On the e-commerce side, Amazon uses AI to analyze consumer shopping data in order to refine its recommendation algorithms. In cloud computing, Amazon has invested billions into a start-up called Anthropic, which has become a lucrative tailwind for emerging services introduced to the AWS suite.

Amazon has also designed its own custom quantum computing chip, called Ocelot. Moreover, the company introduced a quantum AI platform within AWS called Amazon Bracket, which can integrate with pure-play architectures from IonQ.

Image source: The Motley Fool.

What do Alphabet and Amazon have in common?
While many perceive Buffett as some sort of stock-picking genius, the acclaimed investor actually subscribes to a simple formula. In addition to not following the crowd -- what some call contrarian investing -- Buffett is a stickler for value. In other words, Berkshire does not allocate capital toward overstretched valuations.

Furthermore, Buffett is always thinking about the long run. He is not known for trading, nor does he invest in vulnerable businesses that hinge on a singular product or customer demographic. When taken together, it becomes clear that Buffett seeks out durable and diversified businesses that are positioned for any economic cycle -- all for a reasonable price.

While Berkshire now has exposure to AI, and by extension, the quantum computing revolution, it's highly unlikely that these factored much into Buffett's thesis.

Instead, Buffett is attracted to both Alphabet's and Amazon's formidable ecosystems that span a number of critical services used by consumers on a daily basis: e-commerce, consumer electronics, entertainment, streaming, gaming, cloud computing, enterprise software, advertising, logistics and delivery, and so much more.

AMZN PE Ratio (Forward) data by YCharts

Considering both Alphabet and Amazon are experiencing some compression in their valuation multiples, it could be argued that investors are not fully pricing in the long-run potential of each company's growth prospects in the AI era.

I think these dynamics compelled Buffett to pounce on Alphabet and complement Berkshire's existing technology ecosystem positions, Amazon and Apple. All of these companies have proven to be resilient, cash-generating machines over the last several decades, all while commanding a level of global brand recognition that is tough to rival.

Against this backdrop, I see Alphabet and Amazon as compelling positions to buy and hold for the long run -- with or without AI factoring into the equation.

Adam Spatacco has positions in Alphabet, Amazon, Apple, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Berkshire Hathaway, IonQ, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

One big investor walked away just as Gildan prepares its biggest transformation in years.

On November 14, Connecticut-based Coliseum Capital Management fully exited its position in Gildan Activewear (GIL 2.65%), reducing exposure by $49.5 million, according to a new SEC filing.

What HappenedAccording to a U.S. Securities and Exchange Commission (SEC) filing dated November 14, Coliseum Capital Management reported a complete sale of its stake in Gildan Activewear, amounting to a reduction of about 1 million shares. The estimated value of the transaction, based on the quarterly average price, was approximately $49.5 million.

What Else to KnowTop holdings after the filing: 

NASDAQ: SONO: $235.9 million (23% of AUM)NYSE: HRI: $222.3 million (21.7% of AUM)NYSE: NATL: $106.3 million (10.4% of AUM)NYSE: MBC: $99.6 million (9.7% of AUM)NYSE: UTI: $88.4 million (8.6% of AUM)As of Friday, shares of Gildan Activewear were priced at $55.82, up 13% over the past year and only slightly underperforming the S&P 500's 14% gain in the same period.

Company OverviewMetricValuePrice (as of market close Friday)$55.82Market capitalization$8.3 billionRevenue (TTM)$3.4 billionNet income (TTM)$475.1 millionCompany SnapshotGildan Activewear is a leading global manufacturer of basic apparel, leveraging scale and vertical integration to deliver cost-efficient products to a broad customer base. The company’s diversified brand portfolio and extensive distribution network support its competitive positioning in the apparel manufacturing sector. Its strategic focus on operational efficiency and brand strength has enabled consistent financial performance and international market reach. The company primarily serves wholesale distributors, screen printers, retailers, and lifestyle brand companies across North America, Europe, Asia-Pacific, and Latin America.

Foolish TakeColiseum's exit comes at an interesting time for Gildan, which isn’t just another apparel manufacturer right now—it’s in the middle of reshaping its entire scale and competitive position through its planned $2.2 billion acquisition of HanesBrands, a deal expected to double revenue and unlock $200 million in annual cost synergies within three years, according to the company’s announcement. Yet despite that backdrop, a large shareholder chose to exit entirely.

A new SEC filing shows the fund sold all 1 million shares of Gildan Activewear in the third quarter, a reduction worth roughly $49.5 million based on quarterly average prices. That move shifts Gildan out of a portfolio now dominated by Sonos, Herc Rentals, and National Storage Affiliates.

Gildan’s most recent earnings underscore the magnitude of what investors are underwriting. The company reaffirmed 2025 guidance and highlighted a record adjusted operating margin of 23%. Management has emphasized the deal as a “historic moment,” noting that the merged platform will create one of the largest global apparel players by units sold. Nevertheless, some might be left wondering: Does the HanesBrands acquisition materially enhance Gildan’s moat—or introduce integration risk at the wrong time?

GlossaryExited its position: When an investor sells all shares of a particular investment, fully closing out their holding.

13F reportable assets: Assets that institutional investment managers must disclose in quarterly SEC Form 13F filings.

Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.

Position: The amount of a particular security or asset held by an investor or fund.

Fund downsizing: The process of reducing the total assets or holdings managed by an investment fund.

Stake: The ownership interest or share an investor holds in a company.

Wholesale distribution: Selling goods in large quantities to businesses, rather than directly to consumers.

Screen printers and embellishers: Businesses that print designs or add decorative elements to apparel and textiles.

Vertical integration: A company’s ownership and control of multiple stages of its production or supply chain.

Brand portfolio: The collection of brands owned and managed by a single company.

Operational efficiency: The ability of a company to deliver products or services using the least amount of resources.

TTM: The 12-month period ending with the most recent quarterly report.

NEUHAUSEN, Switzerland--(BUSINESS WIRE)--Sensormatic Solutions, the leading global retail solutions portfolio of Johnson Controls (NYSE: JCI), today shared its initial analysis of Black Friday in-store traffic for the 2025 U.S. holiday season. According to its ShopperTrak Analytics insights, which captures 40 billion store visits globally each year, retail visits on the annual shopping holiday were down slightly compared to 2024 (-2.1%), but shopper traffic was in-line with 2025 year-to-date (-.

The hot quantum computing stock faces some burning questions.

IonQ (IONQ +5.11%) began trading in late 2021, but it took a few years to gain traction with investors.

However, since Wall Street's interest in quantum computing surged last year, IonQ has been a market darling. Shares peaked at $84.64 in October, putting their lifetime gain at nearly 700%. However, the stock has fallen sharply amid recent market volatility and now trades 45% off its all-time high.

It's a classic conundrum for investors: Buy the dip or not?

Share prices don't tell the whole story, though. Despite the stock's stellar returns over the past year and a half, investors may not want to rush out and buy the stock now. Here's why.

Image source: Getty Images.

IonQ stock is still wildly disconnected from its business fundamentals
When evaluating any stock, it's important to look at the hard numbers. This can serve as a quick litmus test before putting those numbers in context to better understand what you're paying for with your hard-earned capital.

For IonQ, it definitely seems like investors are mainly paying for promise rather than substance. The company still has a $17.5 billion market cap following its recent decline, yet management anticipates finishing the year with total revenue of just $106 million to $110 million.

That gives the stock a price-to-sales (P/S) ratio of approximately 160, making IonQ one of the most expensive stocks on the market right now. Does it merit such a premium? Certainly not due to its profits; the company reported a $1.3 billion net loss through the first nine months of 2025.

Even if you're 100% sold on the quantum computing opportunity and IonQ as the company that will dominate it, buying the stock at such an inflated valuation exposes you to immense risk.

The doubts surrounding IonQ
IonQ faces three central questions:

How big is the actual quantum computing opportunity?
How much of that opportunity will IonQ capture?
How profitable can IonQ be?

Estimates vary widely for what the actual addressable market will be. For instance, IonQ points to one study that estimates quantum computing will create $1 trillion to $2 trillion in economic value over the next decade. Then, you have a report from Grand View Research, which estimates the market will grow to just $4.2 billion by 2030.

Quantum computers are highly susceptible to their operating environment. They're currently too error-prone for meaningful real-world uses. That will change over time as the technology improves, but it's unclear when and how it will translate into real market value for the companies in this space.

IonQ currently sells access to its latest quantum computers via the cloud, partnering with cloud providers such as Amazon, Microsoft, and Alphabet. But these companies are also developing their own quantum computing technology.

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If quantum computing realizes its potential, IonQ is bound to face stiff competition from these larger, more entrenched tech giants, as well as a handful of other pure-play companies. That makes it difficult to know where IonQ will ultimately rank in the industry, or what competition might mean for its growth and earnings outlook.

That's not to say that IonQ can't emerge as a quantum computing winner, but it's fair, at the very least, to point out these concerns.

It doesn't hurt to stay patient and let IonQ prove itself
All those questions bolster the argument for taking a wait-and-see approach with this stock. The higher the valuation, the higher the stock has to fall if it turns out IonQ isn't as well-positioned for quantum computing, or if the market opportunity isn't as lucrative as hoped.

The stock could also plunge further if the broad market experiences increased volatility. Few stocks trade at more than 20 to 30 times revenue, let alone IonQ's triple-digit valuation.

It may be wise to sit back and monitor IonQ from the sidelines and let it prove itself. The company has spent a lot of money on acquisitions recently, which seems to have fueled much of the impressive revenue growth reported over the past year.

Investors should look for clearer commercial momentum with organic revenue growth driven by increased demand for its quantum computers, not acquisitions. If the recent results prove sustainable, the stock's P/S ratio should fall to a more reasonable level, giving investors a better entry point.

It might be time to look a bit off the beaten path, at names that can stand up to any AI-stock-led correction.

Got some cash you're ready to put to work for a while? That's not easy to do these days. It feels like AI stocks are overperforming at the expense of everything else. If those AI stocks suffer an overdue price correction, though, it still feels like everything else could suffer as well. Talk about a catch-22!

The good news is, risks and rewards aren't quite as imbalanced for every name as they seem to be on the surface. You just need to dig a bit deeper than you normally might to find risk/reward scenarios that make sense. Here's a closer look at three such prospects that might just be worth a $1,000 investment.

Image source: Getty Images.

GE Vernova
By the time General Electric decided in 2021 to split itself up into more logical, stand-alone entities, it was too late. Investors had already lost hope -- and interest -- convinced the once-great titan had no place in the 21st century.

As it turns out, however, at least one of its spinoffs has proven it's still relevant. That's GE Vernova (GEV +1.70%) -- the business unit that manufactures heavy machinery for the wind, nuclear, hydro, and steam power production industries. It also makes grid-connectivity tech, storage solutions, and the software needed to make it all work. The company did $35 billion worth of business last year (nearly half of which was recurring revenue stemming from services), up 5% year over year, but also received orders for more than $44 billion worth of equipment.

This is likely only the beginning, though, given the growing need for power driven by the proliferation of artificial intelligence data centers. Earlier this year, Goldman Sachs predicted that by 2030 the industry would need 165% more electricity than it's currently consuming.

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As nice as it would be to meet this need with clean renewable energy sources, this option just isn't feasible yet. The traditional power plants provided by GE Vernova will have to do for now and into the foreseeable future. Data center owners/operators are now even going directly to the source. Earlier this year, AI infrastructure provider Crusoe ordered an additional 19 gas turbines from GE Vernova to generate electricity right where it's being consumed, upping Crusoe's total order to 29 units.

This is just a taste of GE Vernova's future. As of the end of the third quarter, the company's total backlog stands at $135.3 billion, and continues to grow faster than it's delivering this machinery.

CRISPR Therapeutics
The idea of "editing" human genetic code has been around for decades. It's just not been possible.

That is, until now. Several years ago, Emmanuelle Charpentier, Ph.D., and Jennifer Doudna, Ph.D., recognized the potential of using a particular protein to find and cut into bacterial DNA's clustered regularly interspaced short palindromic repeats -- or CRISPR -- to repair damage it may not be able to repair on its own. The rest, as they say, is history.

Charpentier and Doudna founded CRISPR Therapeutics (CRSP +0.32%) shortly thereafter, soon beginning human clinical trials based on this science. The pair won a Nobel Prize in Chemistry for their work back in 2020, in fact, even before the company won its first-ever approval for any gene-editing therapy back in late 2023. That's Casgevy, for the treatment of transfusion-dependent beta thalassemia.

This approval, however, doesn't represent the full potential of CRISPR-based gene-editing. That's a big reason this biotech stock really hasn't budged since Casgevy was approved -- investors may be waiting to see how trials of its cardiovascular disease and diabetes therapies pan out before diving in. That, and the fact that the market may not recognize it can take months to make and then administer patient-specific dosing of Casgevy.

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It's coming, though. Analysts expect more than a quadrupling of this year's projected top line for next year, once many of Casgevy's earliest patients finally begin receiving their full revenue-bearing doses of the drug.

But as veteran investors can attest, a wait-and-see approach isn't always the right one. Once the market realizes there's a multi-month lag between the point in time where treatment begins and when billing is completed, it could light a fire under the stock. Updates on its CRISPR-based drug CTX112 for the treatment of several different ailments in the year ahead could also prove catalytic, if only by virtue of validating this approach to gene-editing.

Taiwan Semiconductor Manufacturing
Finally, if you've been keeping tabs on the semiconductor industry's biggest names of late, then you likely already know that some once-unthinkable partnerships are being forged. Intel and Nvidia are now jointly developing artificial infrastructure tech, for instance, while Microsoft continues to work with OpenAI even though OpenAI's ChatGPT competes with Microsoft's AI-powered chat-based assistant Copilot. Nothing appears to be off-limits anymore.

Yet, understandably so. Demand for artificial intelligence computing tech is growing faster than the industry can deliver it. Whatever meets the need fastest is the "right" solution.

There's one name in the industry that doesn't need to forge any partnerships it doesn't want to, though. That's Taiwan Semiconductor Manufacturing (TSM +0.54%), which -- despite the industry's best efforts to wean itself from its deep dependence on the company -- still reportedly manufactures the vast majority of the world's high-performance computer chips. As it turns out, building competing semiconductor foundries is complicated, expensive, and time-consuming. Just ask Intel, which has dialed back its ambitious plans made during the pandemic to start manufacturing more of its own and others' silicon.

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Even Nvidia (which is a major customer of Taiwan Semiconductor Manufacturing) sees it. Nvidia CEO Jensen Huang commented in August, "I think TSMC is one of the greatest companies in the history of humanity, and anybody who wants to buy TSMC stock is a very smart person," indirectly acknowledging the third-party manufacturer's dominance of the chipmaking market isn't at any real risk in the near or distant future.

This doesn't mean the company's results don't ebb and flow. It just means that lulls like the stock's pullback from October's peak are a buying opportunity.

Affirm has surged an average of 9.1% in the week after Black Friday.

Here's why a fast-rising pharmaceutical trimmed—and not abandoned—by a specialist fund signals ongoing conviction in the stock.

San Francisco-based 5AM Venture Management reduced its stake in Centessa Pharmaceuticals (CNTA +0.17%) by 150,000 shares in the third quarter, according to a November 14 SEC filing.

What HappenedAccording to a filing published with the Securities and Exchange Commission on November 14, 5AM Venture Management disclosed a reduction in its Centessa Pharmaceuticals position. The fund reported holding 680,945 shares, down by 150,000 shares from the previous quarter. Despite the sale, the overall position value still increased given the stock's sharp rise last quarter of more than 80%. The revised stake was valued at approximately $16.5 million as of September 30, representing approximately 6.1% of the fund’s approximately $273 million in reportable assets.

What Else to KnowTop five holdings after the update: 

NASDAQ:SKYE: $38 million (13.9% of AUM)NASDAQ:TRDA: $24.7 million (9.0% of AUM)NASDAQ:PHVS: $19.9 million (7.3% of AUM)NASDAQ:CAMP: $17.6 million (6.4% of AUM)NASDAQ:CNTA: $16.5 million (6.0% of AUM)As of Friday, Centessa shares were priced at $29.03, up a staggering 65% over the past year and far outperforming the S&P 500, which is up 14% in the same period.

Company OverviewMetricValuePrice (as of market close Friday)$29.03Market capitalization$4.2 billionRevenue (TTM)$15. millionNet income (TTM)($242.7 million)Company SnapshotCentessa Pharmaceuticals is a biotechnology company headquartered in the United Kingdom that is developing a pipeline of clinical-stage biopharmaceutical products, including Lixivaptan for autosomal dominant polycystic kidney disease and SerpinPC for hemophilia, as well as early-stage assets targeting rare diseases and immunological conditions. Centessa targets patients with rare and serious diseases, as evidenced by its clinical programs in conditions such as hemophilia, autosomal dominant polycystic kidney disease, alpha-1-antitrypsin deficiency, pulmonary arterial hypertension, and certain autoimmune diseases. The company serves a global base of patients, healthcare providers, and research institutions focused on rare and underserved medical conditions.

Foolish TakeTrimming a position after a major rally can be as telling as doubling down—especially when the underlying science is still early but showing real momentum. Centessa has become one of the sector’s standout performers, and the biotech-focused fund’s decision to reduce—not exit—its stake signals continued conviction even as the company’s valuation has surged on clinical progress.

Centessa’s orexin agonist platform remains the key driver. In its latest update, management reported Phase 2a data showing “statistically significant, clinically meaningful and dose-dependent” improvements across wakefulness measures for ORX750, with a favorable safety profile across cohorts. CEO Saurabh Saha called the data “significant progress” and highlighted plans to begin a registrational program in the first quarter of 2026. Financially, Centessa posted a third-quarter net loss of $54.9 million and ended the quarter with $349 million in cash, equivalents, and investments—enough to fund operations into mid-2027. The company also strengthened its balance sheet with an announced $250 million public offering at $21.50 per ADS.

For long-term investors, the takeaway is clear: The trimmed position likely reflects portfolio management, not diminishing confidence. The best evidennce is that the fund kept Centessa among its top holdings, underscoring the potential of a pipeline that could reshape treatment for multiple sleep-wake disorders.

Glossary13F reportable AUM: Assets under management that must be disclosed in quarterly SEC filings by institutional investment managers in the U.S.

Stake: The ownership interest or investment a fund or individual holds in a particular company.

Position: The amount of a specific security or asset held by an investor or fund.

Clinical-stage: Refers to pharmaceutical products currently being tested in human clinical trials but not yet approved for sale.

Pipeline: The portfolio of drug candidates a pharmaceutical company is developing, often at various stages of research and testing.

Autosomal dominant polycystic kidney disease: A genetic disorder causing cysts in the kidneys, leading to kidney enlargement and impaired function.

Immunological conditions: Diseases or disorders related to the immune system's function or regulation.

Modular R&D model: A research and development approach where projects are managed independently to increase flexibility and speed.

Outperforming: Achieving better returns or results than a benchmark or comparable group.

Assets under management (AUM): The total market value of investments managed by a fund or investment firm.

TTM: The 12-month period ending with the most recent quarterly report.

Net value change: The difference in the value of an investment position after buying or selling securities.

Investors are still underestimating this large technology player.

The ground is shifting in the battle for artificial intelligence (AI) supremacy. For a few years, OpenAI and its viral ChatGPT model have reigned over the technology competition, catching some of the big technology players off balance with how well the conversational AI tool was catching on with both consumers and software developers.

Now, the big technology players are beginning to fight back. Especially Alphabet (GOOG 0.05%) (GOOG 0.05%). The company's AI chatbot, Gemini, has grown its market share vs. ChatGPT, and it just launched a new model that reportedly blows the latter's capabilities out of the water.

Alphabet's stock has rallied already on this Gemini news, but it could rally even further in 2026 if these product launches start turning into massive amounts of new revenue. 

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Rolling out Gemini 3
The launch this month of Gemini 3 could be described as the first moment Alphabet is playing offense instead of defense vs. the AI start-ups. Gemini 3 is the culmination of a decade-long investment the company has been making in AI, from infrastructure to consumer tools.

Gemini 3 is being deployed across the whole Google suite of products, including AI Mode in Google search results. Besides chatbot responses, Gemini 3 has deep-thinking research, lifelike image generation, coding development, and a slew of other products, all at the cutting edge.

Alphabet is able to deploy all these computationally intensive tasks at scale because of its AI infrastructure capabilities across Google Cloud, all powered by its internal computer chip called the Tensor Processing Unit (TPU) that is tailor-made for its own systems. No other big technology player -- let alone OpenAI -- has this level of infrastructure today, giving Alphabet an advantage in deploying AI tools at scale to users without breaking the bank.

Image source: Alphabet.

Can Alphabet dethrone OpenAI?
Before the launch of Gemini 3, Alphabet was already gaining on OpenAI. Its market share for AI chatbots had grown from close to nothing to an estimated 15%, making it the second-largest player in the space. Monthly active users (MAUs) were 650 million as of the latest update, compared to 800 million weekly users for ChatGPT (it is not disclosed how many weekly users of Gemini there are).

Now, Gemini 3 may help steal even more market share as it leapfrogs in capability ahead of ChatGPT. Gemini is still second in downloads on the App Store compared to ChatGPT, but that underplays the actual use of Gemini across other Alphabet products like Google Search and Google Docs. Over time, we should see Gemini integrated into even more Google properties, such as Google Maps and YouTube.

This gives Gemini -- and Alphabet -- a huge runway to keep growing usage of its AI products in the coming years, with the infrastructure backbone to make it happen.

GOOG Revenue (TTM) data by YCharts

Alphabet's revenue potential
Today, direct revenue from Gemini is rather small compared to Alphabet's total trailing-12-month revenue of $386 billion. It will be many years, if not over a decade, before it makes up a large portion of Alphabet's business.

What should excite investors right now is the potential for Alphabet to generate indirect revenue from Gemini by plugging the AI into its other properties, like Google Search and YouTube. This has led to steady revenue growth for the business, and should continue to propel revenue higher in the years to come. Sam Altman believes OpenAI can hit hundreds of billions in revenue because of ChatGPT, but that may flow to Alphabet instead if Alphabet leads the pack in AI usage.

Last quarter, Alphabet's revenue grew 15% year-over-year in constant currency. If this place of growth continues in 2026 and 2027, it will be because of the Gemini breakthroughs getting embedded across the Alphabet ecosystem of products, and the stock price will likely rally as a result.