12/02 U.S. stocks rally on bitcoin surge, Nvidia gains on Trump’s strength

The U.S. stock market started higher as related stocks continued to strengthen after Nvidia (+0.86%) mentioned the strong AI industry through a conference. In addition, the sharp rise of Bitcoin due to the hearing of the Fed’s Vice Chairman Bowman and the remarks of the Securities and Exchange Commission chairman also drove the strength of technology stocks. Although the process of digesting the sale was underway during the day, Trump mentioned that next year will be the biggest tax refund season in history and rebounded again to the Fed chairman’s current remarks on Cabin Hashit. However, Russell 2000 also fell due to continued digesting of the sale centered on major theme stocks (Dow +0.39%; Nasdaq +0.59%; S&P 500 +0.25%, Russell 2000 -0.17%; Philadelphia Semiconductor Index +1.84%)

*Factors to Change: Why Bitcoin Soars, What Nvidia Conference Is About

During the hearing, Vice Chairman of the Fed Michelle Bowman mentioned her strong will to recognize cryptocurrency as a formal partner in the institutional financial system. In particular, referring to the Genius Act, she mentioned the policy shift to break down institutional barriers to allow banks to provide digital asset trust and payment services by preparing capital, liquidity and decentralized investment regulations for stablecoin issuers. In addition, she opposes de-banking (denial of service) and emphasizes that legal cryptocurrency companies should not refuse to open accounts. These positive remarks on cryptocurrency greatly expanded the liquidity of the digital asset market, including Bitcoin.

In the meantime, Vanguard’s allowing cryptocurrency ETF transactions on its platform has a positive impact on liquidity. In addition, it is also positive that the chairman of the U.S. Securities and Exchange Commission (SEC) claimed in an interview with the media that the innovation exemption system will be introduced for cryptocurrency companies in January 2026 and policies to promote IPOs will be implemented in earnest. Eventually, as liquidity supply expectations were highlighted, Bitcoin surged and other cryptocurrencies rose sharply, exceeding $92,000. It is also positive for the market that the market showed solid performance centered on technology stocks as concerns over margin calls eased due to a sharp drop in related assets

Meanwhile, at the UBS Global Tech & AI conference, CFO NVIDIA (+0.86%) argued that there is no AI bubble that the market is concerned about and that it is in the early stages of the transition from the CPU era to the GPU era. In addition, it mentioned that the data center market will grow to between $3 and $4 trillion within the next 10 years. It also claimed that a new Blackwell-based trained AI model will be announced within six months, and Rubin Chip is already designed and is aiming to be released in the second half of 2026.

It also noted that GPUs are stronger in both training and reasoning than ASICs (such as TPU) and have a stronger software ecosystem. It also noted that HBM is cost-bearing but will maintain its margin ratio in the mid-70% range next year due to improved yields. In particular, OpenAI’s current revenue comes from cloud service companies, but it is in discussion about establishing computing infrastructure by directly dealing with Nvidia in the future, giving a favorable evaluation of OpenAI’s growth. As a result, Nvidia showed a surge of over 3% in the early trading. Of course, it is not possible to resolve recent concerns during the day, so it is also characterized by the progress of the sale.

*Featured Stocks: Technology, Travel Stocks Strong Vs. Utilities, Energy, Pharmaceutical Stocks Slump

Semiconductors: Nvidia’s Up Vs. Broadcom Continues Decline
Nvidia (+0.86%) rose more than 3% after the CFO insisted at the UBS Global Tech & AI conference that there is no AI bubble and the next-generation Rubin chip is designed and aimed to be released in the second half of 2026. However, volatility has increased recently, with some saying it has not addressed concerns, returning the gains. Broadcom (-1.17%) fell as Amazon announced it was working with Nvidia on its own chip. AMD (-2.06%) rose as it announced it was expanding cooperation with Hewlett-Packard Enterprises (-0.09%) to accelerate the next-generation AI infrastructure deployment, but turned lower on news of expanded cooperation between Amazon and Nvidia. The Philadelphia Semiconductor Index rose 1.84%

Semiconductors: Intel surges on supply and demand power
While Intel (+8.65%) announced a $200 million investment in Malaysian semiconductor facilities, new issues did not emerge, but the supply and demand sector was affected, with the stock price also rising sharply as call option trading surged. Micron (-0.40 percent) showed no clear direction as Wolf Research raised its target price from 200 dollars to 300 dollars, but fluctuated in a steady range. High-speed data transmission semiconductor company Credo (+10.12 percent) and Dapper platform company MongoDB (+22.23 percent) surged on the announcement of better-than-expected earnings and guidance. AMAT (+4.15%) rose as Kibank raised its target price to $285 from 240 due to better valuation compared to Gyanza.

Semiconductors: Marvell Rises On News Of Acquisition Of AI Startup, Falls After Hours Earnings Announce
Marvell Tech (+1.96%) rose on the news that it is in in-depth discussions to acquire AI startup Celestial AI. TSMC (+1.53%) also gained ground on the related news and is one of the reasons for Intel’s surge, reflecting the inclusion of Intel CEO Lipbutan on its board of directors. Celestial AI is a company that develops technologies to reduce energy use, and many companies, including Intel and AMD, are registered as investors. Marvell Tech reported better-than-expected guidance in its earnings report after the close, but its quarterly sales only met and plunged more than 5% after-hours due to profit-taking. Western Digital (-2.17%) raised its target price to $200 from 180 but remained flat. Dexcom (+1.46%) rises as Morgan Stanley upgraded its investment opinion to above market returns from neutral. Octa (+1.53%) falls after-hours despite solid earnings and upward guidance news

Cars: Tesla Slips As Concerns Spread Over Slack EV Sales
Tesla (-0.21 percent) reported that deliveries to China rose to 86,700 units in November from 61,497 units in October, but fell. The sharp drop in vehicle registration in major European markets in November is a burden. In addition, Ford’s pure electric vehicle sales in November