Podcast
AI Bubble?
Will Simpson and Greg Wise
November 21, 2025
Is this an AI boom or an AI bubble?
It was a jittery week, but stocks did make a bit of a comeback on Friday, which helped soften what was otherwise a tougher stretch for markets. Broad indices were mostly in the red, with the TSX down about -0.4% and the S&P 500 off a little more. Growth-heavy areas felt it most as the Nasdaq slipped -1.3% and now sits at roughly -6.5% below its recent peak. International markets lagged even further, with Europe and Japan seeing some of the largest pullbacks. Nvidia delivered solid numbers, but even that wasn’t enough to shake the cautious tone that has crept into the market.
A backlog of releases spanning several months hit all at once, highlighted by the delayed September jobs report. Job gains looked healthy, though revisions told a softer story, and wage growth continued its slow drift lower. Taken together with the wobble in risk assets, the data nudged market expectations back toward the possibility of a December Fed cut, despite a few officials pushing back on that idea.
North of the border, the tone was similar, but the policy outlook wasn’t. Canada’s inflation readings stayed firm, with core measures around 2.9%. The loonie weakened and retail spending cooled, but none of it was enough to move the Bank of Canada toward easing.
All told, the week felt like a tug-of-war between cautious sentiment and still-resilient fundamentals, and Friday’s bounce at least showed that confidence hasn’t completely disappeared.
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