Stock Market Live November 6: S&P 500 (SPY) Climbing Despite AI Valuation Concerns
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- Nvidia (NVDA) gained in premarket trading after Microsoft secured export licenses to ship chips to the United Arab Emirates.
- Tesla shareholders vote today on Elon Musk’s potential $1 trillion pay package tied to hitting an $8.5 trillion market cap.
- Multiple analysts raised Nvidia price targets ahead of earnings, with Loop Capital hiking its target to $350 from $250.
- It sounds nuts, but SoFi is giving new active invest users up to $1k in stock, see for yourself (Sponsor)
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Nov 6, 2025 9:29 AM
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Analysts at Bernstein reiterated an outperform rating on Nvidia ahead of earnings and said NVDA is a key player in the robotic chip market.
Loop Capital reiterated its buy rating on Nvidia and hiked its price target to $350 from $250. The firm believes NVDA can double its GPU shipments over the next year to 15 months to 2.1 million by the January 2026 quarter.
NVDA is expected to post earnings on November 19 after the closing bell.
In its second quarter, NVDA’s revenue of $46.7 billion was up 6% from the first quarter, and up 56% year over year. Data center revenue of $41.1 billion jumped 5% quarter over quarter, and 56% year over year.
Futures are gaining momentum.
Dow futures are up about 33 points. Nasdaq futures are up about 53, as the S&P 500 gains about 14 points. The SPDR S&P 500 ETF (SPY) is also up a couple of points at the moment.
While there are concerns that the AI bubble could pop, we’re not buying into it.
In fact, as pointed out by Rich Duprey, “Proponents like Mark Cuban emphasize the light-bulb moment: AI is infrastructure for a new industrial revolution, not a quick flip. Goldman Sachs notes valuations aren’t extreme, and liquidity supports growth.”
Others argue we’re still early in the AI super cycle, noting we’ll see continued significant capex from big tech names and larger financial firms. It would help explain why Nvidia (NASDAQ: NVDA) is up about $2.20 in premarket, and why Broadcom (NASDAQ: AVGO) is up about $4.70 a share. Even Palantir (NASDAQ: PLTR) is up about $1.45 after losing momentum.
In short, don’t worry so much about an AI bubble, at least not yet.
Tesla Shareholders will Gather for their Annual Meeting Today
Later today, we’ll learn if Tesla’s (NASDAQ: TSLA) Elon Musk will see his trillion-dollar pay package approved.
Ahead of the meeting, Wedbush reiterated an outperform rating on the tech giant, with a price target of $600. The firm expects Elon Musk to get overwhelming shareholder support on the potential $1 trillion pay package, despite opposition from some shareholders.
Analysts at Deutsche Bank also reiterated a buy rating on Tesla ahead of a shareholder vote this week. The firm raised its price target by $30 to $470. Shareholders will vote on giving Elon Musk 425 million shares if he hits financial and operational milestones over the next decade. That reward would require Tesla to reach a market cap of about $8.5 trillion and $400 billion in annual EBITDA within the next decade.
Analysts at Bernstein just reiterated an outperform rating on Nvidia
This morning, analysts at Bernstein reiterated an outperform rating on Nvidia ahead of earnings and said NVDA is a key player in the robotic chip market.
Loop Capital reiterated its buy rating on the tech giant and hiked its price target to $350 from $250. The firm believes NVDA can double its GPU shipments over the next year to 15 months to 2.1 million by the January 2026 quarter.
Goldman Sachs reiterated its buy rating on NVDA with a price target of $240 from $210 ahead of earnings, as well. The firm believes investor expectations have risen heading into NVDA’s earnings, driven by multiple AI infrastructure announcements. The firm also believes NVDA will provide a beat and raise quarter. Helping, Nvidia is up on news that Microsoft secured export licenses from the Trump Administration to ship NVDA chips to the United Arab Emirates.