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Category: 3. Business

  • Baker McKenzie Advises Current Shareholders (Including Funds Advised by ARCHIMED as Controlling Shareholder) on the Sale of Citieffe Group to PolyMed | Newsroom

    Baker McKenzie Advises Current Shareholders (Including Funds Advised by ARCHIMED as Controlling Shareholder) on the Sale of Citieffe Group to PolyMed | Newsroom

    Baker McKenzie advised the current shareholders on the sale of all their equity interests in Medistream SA, a Swiss corporation holding all equity interests in Citieffe SRL, an Italian medical devices manufacturer, and its subsidiaries in the United States and Mexico (“Citieffe Group”), to Poly Medicure B.V., Amsterdam, Netherlands, a wholly owned subsidiary of Poly Medicure Limited, an Indian public company (“PolyMed”). Funds advised by ARCHIMED, a global private equity firm focused on the healthcare sector, were the majority shareholders in Citieffe Group.

    The Citieffe Group is an Italy-based manufacturer specializing in the orthopedic trauma and extremities segment, with a direct presence in Italy, the United States and Mexico, as well as distribution across 25 countries. The transaction was completed on 6 November 2025.

    This strategic acquisition provides PolyMed with a gateway into the global orthopedics market, particularly in the trauma and extremities segment — the fastest growing and most resilient category within orthopedics. As part of PolyMed, the Citieffe Group is expected to benefit from enhanced R&D and manufacturing capabilities, including potential cost efficiencies through operations in India.

    Baker McKenzie advised the shareholders of Citieffe Group, including ARCHIMED, on all legal and tax aspects of the transaction.

    M&A Partners Alexander Fischer and Olha Deminaniuk led the team, which included Alexander Blaeser (partner, M&A), Susanne Liebel-Kotz (partner, tax), Vinzenz Sutter (associate, M&A), Kiara Sharifi (associate, M&A), Kasper Projer (associate, Dispute Resolution/International Commercial & Trade) and Anna Zellweger (associate, International Commercial & Trade).

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  • Focused ultrasound combined with chemotherapy improves survival in glioblastoma patients

    Focused ultrasound combined with chemotherapy improves survival in glioblastoma patients

    Patients with the deadliest form of brain cancer, glioblastoma, who received MRI-guided focused ultrasound with standard-of-care chemotherapy had a nearly 40 percent increase in overall survival in a landmark trial of 34 patients led by University of Maryland School of Medicine (UMSOM) researchers. This is the first time researchers have demonstrated a potential survival benefit from using focused ultrasound to open the blood-brain barrier to improve delivery of chemotherapy to the tumor site in brain cancer patients after surgery.

    Our results are very encouraging. Using focused ultrasound to open the blood-brain barrier and deliver chemotherapy could significantly increase patient survival, which other ongoing studies are seeking to confirm and expand.”

    Graeme Woodworth, MD, study principal investigator, Professor and Chair of Neurosurgery at UMSOM and Neurosurgeon-In-Chief at the University of Maryland Medical Center (UMMC)

    The findings of this groundbreaking safety, feasibility, and comparative trial involved glioblastoma patients who were given focused ultrasound to open their blood-brain barrier before getting chemotherapy; they were matched to a rigorously selected control group of 185 glioblastoma patients with similar characteristics who received the standard dose of the chemotherapy drug, temozolomide, without receiving focused ultrasound. Trial participants were initially treated with surgery to remove their brain tumor, followed by six weeks of chemotherapy and radiation, and up to six monthly focused-ultrasound treatments plus temozolomide.

    Results were published in the journal Lancet Oncology and show that trial participants had nearly 14 months of median progression-free survival, compared to eight months in the control group. In terms of overall survival, trial participants, on average, lived for more than 30 months compared to 19 months in the control group.

    The study builds on more than a decade of intensive research to test the safety and feasibility of opening the blood-brain barrier using focused ultrasound first in animal studies and then in patients. It was led by Dr. Woodworth and was conducted at UMMC and four other clinical sites affiliated with the University of Toronto, Harvard University, University of Virginia, and West Virginia University. “We also demonstrated that this could be a useful technique that enables us to better monitor patients to determine if their brain cancer has progressed,” said Dr. Woodworth, who also serves as Director of the Brain Tumor Program at the University of Maryland Marlene and Stewart Greenebaum Comprehensive Cancer Center (UMGCCC).

    He and his team demonstrated that opening the blood-brain barrier facilitated the use of a
    “liquid biopsy,” which is a blood test that detects cancer biomarkers, which can include DNA fragments, proteins and other components from the liquid environment surrounding the tumor site.

    Such biomarkers have been used in other cancers to determine whether the tumor has remained stable or has the potential to progress or even metastasize. Up until now, however, these tests have not been utilized in brain cancer patients since most components can never pass into the bloodstream from the brain due to the blood-brain barrier.
    “These liquid biomarkers were found to be closely concordant with the patient outcomes over time, progression-free survival and overall survival,” said Dr. Woodworth.

    While temozolomide is the standard treatment for glioblastoma, the drug typically gets blocked by the blood-brain barrier with studies showing that less than 20 percent reaches the brain in patients. This study did not determine the exact amount of temozolomide to reach the brain in each patient, but earlier studies have shown that opening the blood-brain barrier before delivering chemotherapy can dramatically increase the amount that gets to the original tumor site.

    Glioblastoma is the most common and deadliest type of malignant brain tumor. The five-year survival rate is only 5.5 percent, and patients live an average of 14 to 16 months after diagnosis when treated with surgery, radiation, and chemotherapy when appropriate. The malignancy nearly always recurs even after it is removed due to residual infiltrating cancer cells that remain after treatment.

    The blood-brain barrier is a specialized network of vascular and brain cells that acts as the brain’s security system to protect against invasion by dangerous toxins and microbes. It can be opened temporarily using a specialized focused ultrasound device. This process starts with injecting microscopic inert gas-filled bubbles into the patient’s bloodstream. Guided by an MRI, precise brain regions are targeted while the injected microbubbles are circulating.

    “Upon excitation under low-intensity ultrasound waves, the microbubbles oscillate within the energy field, causing temporary mechanical perturbations in the walls of the brain blood vessels,” said Pavlos Anastasiadis, PhD, an Assistant Professor of Neurosurgery at UMSOM who is an expert in ultrasound biophysics.

    Prior studies led by Dr. Woodworth and this trial’s co-investigators showed that opening the blood-brain barrier temporarily can be safely and feasibly performed in brain tumor patients. He and his team conducted this procedure in the first brain cancer patient in the U.S. in 2018 at UMMC after the US Food and Drug Administration (FDA) approved the inaugural clinical trial.

    “Dr. Woodworth’s findings are deeply exciting and a significant step forward for the field,” said Taofeek K. Owonikoko, MD, PhD, UMGCCC Executive Director. “Patients with glioblastoma have had few effective treatment options, and UMGCCC is proud to be at the forefront of efforts to bring hope to these patients and their families.”

    Future trials could use focused ultrasound alongside other chemotherapy agents to test the effectiveness of drugs never used in brain cancer due to their ineffectiveness at crossing the blood-brain barrier.

    “This groundbreaking trial has provided a potential new prognostic and therapeutic paradigm for the 15,000 Americans who are diagnosed every year with this deadly form of brain cancer,” said UMSOM Dean Mark T. Gladwin, MD, who is the John Z. and Akiko K. Bowers Distinguished Professor and Vice President for Medical Affairs at University of Maryland, Baltimore. “The release of biomarkers into the bloodstream offers a possible new method for simple and routine monitoring of brain regions without the need for invasive biopsies. Having the ability to open the blood-brain barrier could also usher in the testing of new therapeutics to see whether they offer further life-extending benefits.”

    “For the thousands of people who receive this devastating diagnosis each year, the significance of this advancement cannot be overstated,” said Bert W. O’Malley, MD, President and CEO of UMMC. “The success of this trial brings new momentum and further accelerates investigation of targeted therapies for glioblastoma and other brain cancers. Hope has been redefined for these families.”

    Dr. Woodworth is also the co-leader of a larger diagnostics-focused pivotal focused ultrasound trial in glioblastoma patients called LIBERATE (NCT05383872) in partnership with ReFOCUSED (The Research Consortium for Transcranial Focused UltraSound-Enhanced Drug Delivery & Diagnostics.) ReFOCUSED is a growing group of researchers from over 20 sites across North America whose goal is to use the new opportunities offered by MRI-guided focused ultrasound to improve the clinical outcomes of brain diseases. The LIBERATE trial is currently closed to enrollment.

    This trial was funded by the device manufacturer Insightec Inc. (Miami, FL), an MRI-guided focused ultrasound device company, and the National Institutes of Health (NIH) (R21NS113016).

    Source:

    University of Maryland School of Medicine

    Journal references:

    Woodworth, G. F., et al. (2025) Microbubble-enhanced transcranial focused ultrasound with temozolomide for patients with high-grade glioma (BT008NA): a multicentre, open-label, phase 1/2 trial. The Lancet Oncology. DOI: 10.1016/S1470-2045(25)00492-9. https://www.thelancet.com/journals/lanonc/article/PIIS1470-2045(25)00492-9/fulltext

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  • Resurgence of malaria in the Amhara Region, Ethiopia (2014–2024): trends, spatial expansion, and control challenges | Malaria Journal

    Resurgence of malaria in the Amhara Region, Ethiopia (2014–2024): trends, spatial expansion, and control challenges | Malaria Journal

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  • Opening Remarks by AMRO Director/CEO Yasuto Watanabe at the 4th ASEAN+3 Economic Cooperation & Financial Stability Forum (AMRO Forum) – ASEAN+3 Macroeconomic Research Office

    Opening Remarks by AMRO Director/CEO Yasuto Watanabe at the 4th ASEAN+3 Economic Cooperation & Financial Stability Forum (AMRO Forum) – ASEAN+3 Macroeconomic Research Office

    Distinguished guests, ladies and gentlemen,

    It is a privilege to welcome you to the 4th AMRO Forum, co-organized with the Hong Kong Monetary Authority and the Bank for International Settlements. My deep appreciation goes to Eddie Yue and Zhang Tao for their partnership, to our distinguished speakers and panelists, and to all of you—joining us both in person and online—for being here today.

    From Fragmentation to Resilience—this theme speaks directly to the realities facing the ASEAN+3 region and the global economy.

    The world is undergoing structural change. Supply chains are being rewired, trade is increasingly shaped by strategic considerations, and technology has become contested terrain. The monetary and financial system is evolving—from growing interest in currency diversification to the emergence of parallel payment architectures and shifting capital flow patterns.

    Yet the world remains deeply interconnected. Capital continues to move across borders. Policy decisions in major economies reverberate through our markets instantly. Financial institutions remain globally active, and our markets still react to the same global risk signals.

    We are navigating a world in transition—no longer defined by the old rules of globalization, but not yet anchored in a new and stable order. Amid global fragmentation, the architecture of interconnection needs to evolve.

    The implications are especially profound for ASEAN+3. Our region sits at the heart of global economic realignment and contributes more than 40% of global GDP growth. What happens in the world economy matters to us—and what we do as a region increasingly shapes global outcomes.

    The choices ASEAN+3 makes now on integration, cooperation, and the future architecture of our financial system will influence not only our own trajectory but the stability and resilience of the global system.

    Today’s discussions will confront these issues with candor and ambition.

    This morning, we focus on navigating macroeconomic risks in a fragmented world. Fragmentation will continue—but deeper integration remains one of our strongest anchors. Strengthening buffers and aligning policies will reinforce the region’s collective resilience.

    In the afternoon, we turn to finance. Markets are evolving rapidly, driven by non-bank intermediation and powerful waves of digital innovation. Just two weeks ago at the Singapore FinTech Festival, I witnessed firsthand how global innovators—from major financial institutions to cutting-edge start-ups—are reimaging payments, tokenization, and the very architecture of financial services. The message was unmistakable: technology is rewriting the nature of finance. These developments bring enormous opportunities for ASEAN+3 but they also open new channels for shocks. Our task is clear: harness innovation with confidence, while reinforcing the frameworks that keep our financial systems stable.

    Across both sessions, one message will guide our discussion: resilience in ASEAN+3 is not achieved through isolation. It is built through adaptability, diversification, and the capacity to absorb shocks without losing cohesion.

    To achieve this, ASEAN+3 must continue to move with purpose—deepen financial cooperation, accelerate investment in digital and payment infrastructure, and strengthen the institutions that enable collective action.

    AMRO is fully committed to this cause. We will continue to enhance our surveillance, expand our technical assistance, and reinforce the region’s financial safety net in support of the region’s evolving needs.

    The challenges are complex, but the expertise gathered here today—both on-site and online—is exceptional. I am confident that our discussions will yield concrete insights for the next phase of regional cooperation.

    Let us use this Forum to think boldly—and to speak with the voice of a region that is shaping its own future.

    Thank you.


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  • 4th AMRO Forum: Deepen ASEAN+3 Integration for Resilience Amid Fragmentation – ASEAN+3 Macroeconomic Research Office

    4th AMRO Forum: Deepen ASEAN+3 Integration for Resilience Amid Fragmentation – ASEAN+3 Macroeconomic Research Office

    HONG KONG, China, November 25, 2025 – The ASEAN+3 Macroeconomic Research Office (AMRO) this morning opened the 4th ASEAN+3 Economic Cooperation and Financial Stability Forum (AMRO Forum) in Hong Kong, China, co-organized this year with the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS).

    Set against a global environment marked by shifting alignments and growing fragmentation, this Forum has gathered senior policymakers, economic experts, and thought leaders across the ASEAN+3 region and beyond to deliberate on how to safeguard financial stability, strengthen macro-financial resilience, and drive sustainable long-term prosperity. Under the theme Fragmentation to Resilience: Macro-financial Stability and Regional Integration in ASEAN+3, the event has called for deeper regional cooperation to navigate rising fragmentation and uncertainty.

    AMRO Director/CEO Yasuto Watanabe opened the Forum alongside HKMA Chief Executive Eddie Yue and BIS Chief Representative for Asia and the Pacific Tao Zhang.

    Mr. Watanabe said: “Amid global fragmentation, the architecture of interconnection needs to evolve. To anchor resilience, ASEAN+3 region must act together to strengthen integration, reinforce our financial frameworks, and ensure that the region remains adaptable, diversified, and capable of absorbing shocks.”

    Mr. Yue of the HKMA said: “Through enhanced regional collaboration and integration, ASEAN+3 economies have strengthened their resilience to shocks amid a challenging external environment. I am confident that the discussions today—on macroeconomic risks, on the shifting global financial landscape, and on the priorities for cooperation—will yield valuable insights that will guide our collective efforts in the years to come.”

    With a focus on issues facing Asian central banks, Mr. Zhang of the BIS highlighted that “close cooperation among central banks and between the public and private sectors, both within the region and beyond, is essential to withstand economic risks. Today’s forum provides a valuable opportunity for all of us to exchange insights, deepen common understanding, and collectively reflect on the region’s policy priorities,” he said.

    The Forum program features two major sessions:

    Session 1: Macroeconomic Risks and Regional Integration Amid Global Fragmentation

    Keynote speakers are Heiwai Tang (Director, Asia Global Institute, The University of Hong Kong) and Barry Eichengreen (Distinguished Professor, University of California, Berkeley). They will lead into a panel moderated by Dong He (Chief Economist, AMRO) and featuring:

    • Marzunisham Omar (Deputy Governor, Bank Negara Malaysia)
    • Haibin Zhu (Executive Director (Research), HKMA)
    • Chantavarn Sucharitakul (Chair, AMRO Advisory Panel)
    • Johanna Chua (Managing Director, Head of Emerging Market Economics & Chief Asia Economist, Citigroup)

    Session 2: The Changing Global Financial Landscape: Implications for Monetary and Financial Stability

    Keynotes will be delivered by Julia Leung (Chief Executive Officer, Securities and Futures Commission) and Hyun Song Shin (Economic Adviser & Head of Monetary & Economic Department, BIS). This will be followed by a panel moderated by Daniel Rees (Head of Central Bank Cooperation, Monetary & Economic Department, BIS) and featuring:

    • Zeno Ronald R. Abenoja (Deputy Governor, Bangko Sentral ng Pilipinas)
    • Min Soo Kwon (Deputy Governor, Bank of Korea)
    • Alicia Garcia-Herrero (Chief Economist for Asia-Pacific, Natixis)
    • Arup Ghosh (Chief Rates Strategist, ASEAN & Korea, Standard Chartered Bank)

    The 4th AMRO Forum runs alongside the ASEAN+3 Finance and Central Bank Deputies’ Meeting, reinforcing the Forum’s positioning as a vital touchstone for policy dialogue and regional cooperation.

    AMRO extends its sincere appreciation to HKMA and BIS for their strong support and cooperation in delivering this successful event.

    For those unable to attend in person, please visit here to watch the AMRO Forum online. Selected opening remarks and keynote speeches will be made available on the AMRO website after the event.

     

    About AMRO

    The ASEAN+3 Macroeconomic Research Office (AMRO) is an international organization established to contribute toward securing macroeconomic and financial stability of the ASEAN+3 region, comprising members of the Association of Southeast Asian Nations (ASEAN) and China; Hong Kong, China; Japan; and Korea. AMRO’s mandate is to conduct macroeconomic surveillance, support regional financial arrangements, and provide technical assistance to the members. In addition, AMRO also serves as a regional knowledge hub and provides support to ASEAN+3 financial cooperation.


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  • India's stock benchmarks set to open flat after profit booking near record high levels – Reuters

    1. India’s stock benchmarks set to open flat after profit booking near record high levels  Reuters
    2. Indian Markets Retreat As Investors Take Profits Near Highs  Finimize
    3. The SENSEX Index Closes 0.52% Lower  TradingView
    4. Equity indices slip on FII outflows  Times of India
    5. Sensex Falls 331 Points, Nifty Slips Below 26,000 as Markets Decline for Second Day  Deccan Herald

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  • MHI Receives EPC Contract for Cyclo Olefin Polymer Plant for Zeon Corporation

    MHI Receives EPC Contract for Cyclo Olefin Polymer Plant for Zeon Corporation

    Tokyo, November 25, 2025 – Mitsubishi Heavy Industries, Ltd. (MHI) has been awarded the engineering, procurement, and construction (EPC) contract for a Cyclo Olefin Polymer (COP)(Note) production plant planned by Zeon Corporation (hereinafter “Zeon”) in Shunan City, Yamaguchi Prefecture. The plant is scheduled for completion in the first half of fiscal 2028.

    Leveraging its extensive experience in chemical plant design and construction, MHI will deliver process design, procurement of major equipment, and installation of plant machinery. The architectural and civil engineering works will be undertaken by Fujita Corporation.

    MHI’s proposal was highly evaluated based on its abundant knowledge and expertise in high-performance chemicals.

    MHI is focusing not only on conventional plants such as methanol and ammonia but also on high-performance chemicals including COP. This contract further strengthens MHI’s presence in the domestic and global chemical manufacturing plant markets.

    MHI remains committed to contributing to the advancement of global industry and the realization of a sustainable society through initiatives and products aligned with societal and environmental needs.

    • Cyclo Olefin Polymer (COP) is a high-performance chemical characterized by excellent optical properties, low moisture absorption, and extremely low impurity levels. Demand is expected to grow in optical, medical, and semiconductor applications.

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  • What a landmark Uber Eats, DoorDash pay deal could mean for delivery drivers and food costs

    What a landmark Uber Eats, DoorDash pay deal could mean for delivery drivers and food costs

    Food delivery drivers could win a major pay boost and better working conditions, under a landmark deal jointly proposed by the Transport Workers’ Union and Uber Eats and DoorDash – Australia’s two biggest food delivery services.

    Those improved conditions would include accident insurance for injured or killed workers. Eighteen delivery workers have died on the job in Australia since the union began tracking fatalities in 2017.

    The deal is yet to be reviewed and decided by the national workplace tribunal, the Fair Work Commission.

    But this would be an historic deal if the commission does ratify it. It would apply not just to Uber Eats and DoorDash drivers, but industry-wide to other food delivery companies, such as Hungry Panda. It would also set a precedent in other areas of the “gig economy”: from rideshare drivers to contract carers hired via digital job platforms.

    News of the proposed deal came the day before rival food delivery company Menulog stops taking orders in Australia. From November 26, Menulog customers and restaurants will be redirected to Uber Eats.

    So how likely is it this delivery driver deal will become law? How much would it improve delivery workers’ lives? And what impact could it have on the price and experience of getting a home delivered meal?

    What’s proposed and why it matters

    On Tuesday, the Transport Workers Union, Uber and DoorDash announced they had made a joint submission to the Fair Work Commission for a new set of minimum standards for contract “gig” workers.

    The proposed standards would include legally enforceable new protections for those workers, including:

    • minimum safety net pay rates for all classes of transport types, such as bicycles and cars
    • new dispute resolution processes
    • new engagement and feedback mechanisms
    • representation rights, and
    • accident insurance for injured workers.

    That accident insurance is really significant. It would make it easier for families of dead or injured drivers who get hurt on the job to get compensation.

    ‘The guts of a future standard’

    There are currently four cases before the Fair Work Commission to do with digital labour platform workers and road transport contractors.

    Having the union and two of the biggest companies in this area agreeing is a significant step forward.

    The commission still has to go through its usual processes. But it is now more likely to say yes to this proposed deal. Even if it ends up deciding to impose other conditions, this submission is likely to be the guts of a future standard.

    If that happens, it would deliver major improvements in pay and conditions for one of the most vulnerable and fast-growing workforces in Australia.

    Better pay could improve safety and deliveries

    Pay is extremely important for safety. If you’re on low pay, you have to work faster and for longer hours.

    The Australian Financial Review has reported the new safety net payment under this proposed deal would be 25% more than now: a minimum of $A31.30 up to $32 an hour.

    That rate would depend on the transport used for delivery (less for a bike, more for a car). It would be enforced based on those hourly rates.

    Under the current method of pay per delivery, riders and drivers have a strong incentive to rush to get the work done. This deal would address that pressure to engage in dangerous practices.

    Reducing that pressure to rush each delivery could also lead to improved service.

    And if anything does go wrong, there would be better mechanisms for the workers to talk to the company about what happened and improve future deliveries too.

    What it means for delivery price rises

    Uber Eats and DoorDash have been reported as saying they wouldn’t expect significant price rises as a result of this deal.

    It’s worth noting this has happened just as Menulog – which had about a quarter of the Australian food delivery market, only behind Uber Eats – is exiting Australia.

    There is an argument the remaining delivery companies now have an opportunity to offset higher costs for drivers by winning some of Menulog’s market share.

    But even if there did end up being a small price rise as a result of this deal, customers could feel better about ordering home delivery, knowing workers would be getting a fairer, safer deal.

    A precedent beyond food deliveries

    This is a world-leading proposal.

    It would mean people working as contract workers don’t have to be found to be an employee by a court to have minimum pay and conditions like this.

    We’re expecting to see a similar approach come up at the Fair Work Commission in other areas soon, including on “last mile delivery” – such as Amazon Flex deliveries – and for rideshare drivers.

    It could also be relevant for other types of contractors hired through digital labour platforms, such as aged care or disability care. An estimated 14% of Australian workers have been engaged through digital labour platforms in some form already.

    This proposal would set a precedent for all those areas.

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  • The Commodities Feed: Risk-on trade pushes oil higher | articles

    The Commodities Feed: Risk-on trade pushes oil higher | articles

    The oil market received a boost from a broader risk-on move, with equities rallying and the market pricing in a higher probability of the US Federal Reserve cutting interest rates on 10 December. As a result, ICE Brent settled almost 1.3% higher on the day. However, the market continues to pay close attention to how peace talks to end the war in Ukraine develop. Reports suggest that there have been significant changes to the proposed peace plan, with the US and Ukraine essentially drafting a new one. The more contentious points, such as those related to territory, will need to be ironed out by President Trump and President Zelensky. Obviously, Russia must agree on any deal. For oil markets, a deal could remove significant supply risk, leaving participants to focus on bearish supply fundamentals through 2026.

    European gas prices came under further pressure yesterday, with the Title Transfer Facility (TTF) trading below EUR30/MWh to its lowest level since May 2024. Ukrainian peace talks weighed on prices somewhat, while weather forecasts for December suggest milder-than-usual temperatures after a recent cold spell. The colder weather in recent days has led to gas storage in the EU falling more rapidly. It’s now 79% full, down from a 5-year average of 89%. The large investment fund gross short in the market still leaves plenty of positioning risk, particularly as we move deeper into winter. For now, funds seem to believe that the supply outlook is comfortable, with growing LNG supply.

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  • A risky alpha bet in markets to revive AI trade

    A risky alpha bet in markets to revive AI trade

    A Google cloud logo is seen at the announcement of Google’s biggest-ever investment in Germany on November 11, 2025 in Berlin, Germany.

    Sean Gallup | Getty Images News | Getty Images

    Alphabet on Monday resuscitated the artificial intelligence trade, which had been flagging the previous week. Its stock jumped 6.3%, lifting associated AI names such as Broadcom, Micron Technology and AMD. Major indexes rallied, with the Nasdaq Composite posting its best day in six months.

    Investors were particularly enthusiastic about Broadcom because it helps to design and manufacture Google-parent Alphabet's custom AI chips. In other words, the more market share Alphabet's AI offerings gain, the greater the benefit to Broadcom — rather like Nvidia and the broader AI sector at the moment. Broadcom shares surged 11.1% on this notion, making it the S&P 500's top gainer.

    But while investors may cheer Alphabet's leadership on Monday, not everyone wants it to have the last word.

    "Some investors are petrified that Alphabet will win the AI war due to huge improvements in its Gemini AI model and ongoing benefits from its custom TPU chip," Melius Research analyst Ben Reitzes wrote to clients in a Monday note. "GOOGL winning would actually hurt several stocks we cover — so prepare for volatility."

    Approaching the market's moves from another angle, Melissa Brown, managing director of investment decision research at SimCorp, said it's a concern when just one stock lifts the market. "That just doesn't seem to me to be a sustainable force behind driving the market higher over the next however many days," she added.

    Alphabet on Monday may have brought about alpha — in the sense of market outperformance and potentially beginning a new phase of AI enthusiasm — but letting it be the omega as well could pose problems for investors.

    What you need to know today

    And finally...

    Futures-options traders work on the floor at the New York Stock Exchange's NYSE American (AMEX) in New York City, U.S., Nov. 19, 2025.

    Brendan McDermid | Reuters

    Could markets be facing an 'everything bubble'? Investors are divided

     Dan Hanbury, who co-manages the Global Strategic Equity strategy at investment manager Ninety One, told CNBC that while the formation of an AI bubble appears to be "the ultimate question at the moment," off-kilter prices stretch far beyond the realms of artificial intelligence.

    "I think if you step back and look at valuations, it's very hard to argue there's not a bubble in the U.S. market," he conceded. But despite there being "lots of red flags" in equity markets, Hanbury said market participants needed to take a broader view.

    — Chloe Taylor


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