TMS Insights November 2025: The correction nobody expected
The ASX has fallen 7% from its October peak while the US market sits near all-time highs. In this episode of TMS Insights, Ben and Jeremy dig into why the local market decoupled, and why the pullback looks orderly rather than ominous.
In this episode:
- A long US government shutdown leaves markets flying blind on data, putting the next Fed cut in doubt and triggering the correction.
- Sam Altman commits OpenAI to US$1.4 trillion in infrastructure spending over eight years, more than Amazon, Google and Microsoft spent combined in the last decade.
- Aristocrat, Xero and REA all deliver solid numbers and get sold off anyway, a valuation reset rather than an earnings problem.
- Alphabet goes from the market's most talked-down stock to the best performing of the Mag 7 in twelve months, with Waymo the division its CEO is most bullish on.
- And Bitcoin gives up its gains for the year, becoming an unlikely barometer for global risk appetite.
Companies discussed: Nvidia (NVDA), Aristocrat (ALL), Xero (XRO), REA Group (REA), Light & Wonder (LNW), Meta (META), Alphabet (GOOGL) and CSL (CSL).
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