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**Pre-markets Bounce Back, But Questions Linger**



Friday's pre-market action is painting green again: Dow +259pts, S&P 500 +34, Nasdaq +122, Russell 2000 +20. Sounds familiar? Yeah, yesterday started the same way before it all went south. The playbook isn't working lately.

Two big headaches dominating conversations:

**AI spending sustainability** — NVIDIA crushed Q3 earnings, but here's the uncomfortable truth: the company is literally lending money to OpenAI so they can buy NVIDIA chips. When does that math break? With ~$500B in AI capex planned, there's serious doubt about real capital backing all this.

**Bitcoin's reality check** — BTC has dumped 32.3% from early October's $125K peak. Rally or trap? Depends on one thing: is actual money propping this up, or just leverage and hopium?

**Today's calendar** — S&P PMI data (services + manufacturing), Consumer Sentiment tracking to 51.0, plus Wholesale Inventories report. Fed speakers galore with rate-cut odds slipping. The real mover next week? October PCE inflation data. Markets rarely get surprised by that one.

Thanksgiving week kills Thursday trading entirely. So buckle up for volatility before the holiday pause kicks in.
BTC7.17%
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