Tops:

89Bio +84.26%: Roche will acquire the U.S. biotech company for up to $3.5 billion to strengthen its presence in treatments for obesity-related liver diseases.

Intel +22.84%: Nvidia, the AI giant, will invest $5 billion in Intel to acquire a 4% stake. The two companies also agreed to jointly develop chips for PCs and data centers.

Oklo ##VARIA_24598202##: The California-based nuclear fuel company continues to surge, driven by massive energy needs generated by the AI boom. The stock has quadrupled in six months.

Siltronic +23.35%: Semiconductor stocks are entering another growth phase fueled by AI-related investments. Companies worldwide are benefitting, including European players like ASM International, ASML, Soitec, and German-based Siltronic, which rank among the strongest gainers of the week.

Vusiongroup ##VARIA_515##: The French electronic label provider surprised the market with strong results and upgraded guidance. The company’s robust growth is now beginning to translate into margin improvement.

Puma +13.68%: Shares remain highly volatile amid rumors that the Pinault family intends to sell its stake. German press reported that Authentic Brands and CVC are interested in buying the 29% owned by Artémis, the Pinault family’s holding company.

Kering +11.04%: The luxury group continues to ride investor optimism around incoming CEO Luca de Meo, seen as a savior capable of restructuring the group and reviving its struggling flagship brand Gucci. Since July, the company has strongly outperformed peers such as LVMH and Hermès.

Novo Nordisk +11.57%: Investors welcomed comments from the new CEO and restructuring efforts unveiled during an investor conference in Vienna. For the first time in weeks, sentiment toward the Danish company seems to have turned more favorable.

Flops:

Orsted -47.38%: Shares dropped mechanically after the wind farm operator launched a massive capital increase aimed at reducing debt and reviving its activity. The Danish company plans to raise about $9.4 billion.

SIG Group -31.41%: The Swiss packaging specialist’s shares plunged after a sharp profit warning on Wednesday evening. Several analysts slashed their price targets.

FactSet -20.09%: The financial data provider reported weaker-than-expected quarterly results and guided annual earnings below market forecasts, citing a cautious spending environment among clients.

Exail -16.84%: High-growth, richly valued stocks cannot afford to disappoint. Exail’s half-year results were solid, but margin pressure raised concerns. A strong order book was not enough to offset this disappointment.

Pets at Home -14.16%: The U.K. pet products retailer tumbled after the sudden resignation of its CEO and a cut to its annual forecast. Slowing household spending is hurting the sector.

Rocket Lab -10.4%: The space services company announced plans for a $750 million capital increase, shortly after its stock had touched an intraday record above $55.

Darden Restaurants -13.11%: The restaurant chain missed quarterly earnings expectations. Even its raised full-year guidance failed to reassure investors.

Energy: Despite three straight daily declines, oil prices were broadly stable over the week. Geopolitical frictions and oversupply fears continue to offset each other. The EU is considering new sanctions on Russian energy to reduce Moscow’s financial resources and push for a ceasefire in Ukraine. Ironically, just like Ukrainian strikes on Russian energy infrastructure, these sanctions tend to support oil prices, while Donald Trump is pushing for lower prices to pressure Moscow. Brent trades around $66.80 per barrel and WTI at $62.60.

Metals: In London, copper stabilized at $9,940 per ton (cash), slipping back below $10,000 as the stronger U.S. dollar and concerns over Chinese demand weighed. Gold extended its rally, setting a new record high at $3,707. The Fed’s rate cut did not spark much additional enthusiasm since it was already priced in.

Agricultural products: Little movement in Chicago, where wheat gained slightly to 524 cents for the December 2025 contract, while corn held flat at 425 cents for the same maturity. Prices remain at historically low levels due to strong U.S. harvests.

Macro: Equities celebrated the Fed’s 25-basis-point cut by stringing together fresh record highs. For once, all segments joined the rally, with small- and mid-caps catching up to large-caps. This breadth supports the case for further gains in the months ahead, especially with more rate cuts expected. The bond market, as usual, was more restrained: the U.S. 2-year yield remains above its key support at 3.50%, which could break if inflation eases further or if the labor market deteriorates. In the latter case, however, equity indexes could eventually come under pressure.

Crypto: Bitcoin (BTC) stabilized around $116,260 this week. Two major announcements stood out: prediction platform Polymarket received CFTC approval to operate again in the U.S. after being banned in 2022, and is preparing a massive fundraising round that could value it at $10 billion. Meanwhile, Google announced a partnership with Coinbase and Ethereum to develop stablecoin payments powered by artificial intelligence. Other cryptocurrencies also remained steady: ether (ETH) near $4,500, XRP around $3, and Solana (SOL) at $240.