On Thursday, November 20, 2025, a television broadcasts virtual currency market news on the Nasdaq Market site in New York, USA.
Michael Nagle | Bloomberg | Getty Images
Hello, my name is Leonie Kidd and I’m from London. Welcome to today’s Daily Open Newsletter.
Chips are falling, and in turn, so is the global technology sector.
The negative sentiment that caused Friday’s plunge in the Nasdaq carried over into Monday’s trading over the weekend, with some of the world’s largest chipmakers and AI stocks suffering heavy losses.
The big question is, is this the beginning of a correction or just a blip in line with the AI bull market?
What you need to know today
The broad decline in tech stocks extended to Asia. South Korean benchmark plummets Kospi Trading was suspended, and the index at one point fell more than 8%.
Memory chip giant Samsung Electronics SK Hynix They fell 5% and 2%, respectively. Both companies account for more than 40% of the index.
On Friday, the Nasdaq Composite Index fell 4.18% to 25,709.43, its biggest decline since April 2025. Finance professor Jeremy Siegel said Friday’s decline in the technology sector was a common reaction to the parabolic rise in stock prices. But he was also optimistic that such declines usually do not signal the beginning of a long correction.
Geopolitical tensions are also weighing on Monday’s deal, as it becomes the most important test for the fragile ceasefire between Israel and Iran.
The two countries have clashed directly for the first time since a White House-brokered ceasefire, sending oil prices soaring.
Shortly after Iran fired a barrage of missiles at Israel on Sunday, US President Donald Trump told the Financial Times that Israeli Prime Minister Benjamin Netanyahu had “no choice” but to accept a US-brokered deal with Iran.
Early Sunday morning, President Trump left an interview on NBC’s “Meet the Press” after being questioned about his “weaponized” funding and claims of election fraud.
“That’s enough, let’s call it a day. Thank you, darling, and have a great time,” the president said, crushing his lapel microphone under his foot as he left.
In corporate news, Intesa Sanpaolo, a major Italian bank, announced that it has begun a takeover offer for all shares of Banco Siena. The offer represents a 12.5% premium to BMPS’ Friday closing price. The bidding war erupted after another Italian lender, Banco BPM, submitted its own $58 billion merger offer over the weekend.
— Leonie Kidd
And finally…
‘Evaluation Director’ Aswath Damodaran won’t buy SpaceX: ‘The price is too high’
Aswath Damodaran, a finance professor at New York University, says he understands why some people are starting to pay for SpaceX, but “the price is too high for my taste.”
As Elon Musk’s company prepares for a blockbuster public market debut this week, Damodaran shared his valuation analysis on his blog. SpaceX is targeting a price of $135, valuing it at $1.77 trillion, but Damodaran values the company at between $1.25 trillion and $1.35 trillion.
While some call the high valuation overhyped, others are focused on the numbers. This professor, also known as the “evaluation director,” falls into the second category.
— Dina Zaidi
