The Wrap: NVDA Slows AI Unwind, But Home Prices Begin Correction

November 21, 2025 | In this issue of The Institutional Risk Analyst, we review events over the past week and preview some of the developments we expect in coming days and weeks.  Each Friday we share our thoughts on the top issues of the week with our readers in advance of our new weekly collaboration with Julia La Roche, “The Wrap with Chris Whalen,” which will be released on YouTube, Spotify and Apple Podcasts over the weekend.

This week the markets found a floor of sorts as the rout in tech stocks slowed. Strong results for Nvidia (NVDA) helped to calm the equity jitters after investors lost trillions in market value in a broad market selloff. Much of the equity market gains for November were lost, but as of yesterday the S&P was still up 13% for the year and the KBWB is likewise up double digits from the lows in April. We talked about the market’s swoon earlier this week: “AI Implodes! Private Credit Collapses! And a Trillion Dollar TGA Looms.”

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