Oil markets took a sharp turn this week after Ukraine's President Zelenskyy agreed to work with the U.S. on a potential peace deal with Russia. Reuters reported that oil prices extended a multi-session slide, with West Texas Intermediate crude falling over 1% to $58.39 per barrel as traders bet that a resolution to the conflict could bring more supply online.
However, the big story this week was in the tech sector, where the AI chip boom hit a speed bump. According to CNBC, shares of SoftBank, a major investor in AI startups, plunged over 10% as a rout in Nvidia and other chip stocks swept through Asian markets. Nvidia had initially rallied after reporting stronger-than-expected Q3 earnings, but the gains were short-lived as broader economic concerns weighed on tech stocks.
The AI Rally Fizzles
As MarketWatch reported, the AI-fueled rally started to fizzle as stocks like CoreWeave, AMD, and others ceded the Nvidia-driven gains. "Nvidia's third-quarter earnings beat initially alleviated AI-bubble fears, but tech stocks slipped as markets digested economic data," the article noted.
Nvidia's stock itself closed nearly 3% lower on the day, wiping out the post-earnings rally, CNBC reported. The AI chipmaker's strong quarterly results had boosted global tech stocks, but the market soon turned its attention to broader economic headwinds.
Google Launches Next-Gen AI Imaging
Despite the tech selloff, there was still innovation happening in the AI space. CNBC reported that Google launched an updated version of its viral Nano Banana AI image generator, powered by the company's new Gemini 3 model. The original Nano Banana, which turned selfies into 3D figurines, went viral on social media earlier this year.
"The original Nano Banana rolled out in August and went viral in a social media trend that turned selfies into 3D figurines," CNBC wrote. The new Nano Banana Pro model builds on that success with enhanced AI capabilities.
Mining Giants Embrace Digital Transformation
The tech turbulence didn't dampen enthusiasm in other industries, however. International Mining reported that Chilean copper giant Codelco signed a strategic alliance with Japan's NTT DATA to "integrate emerging technologies and advanced solutions that strengthen automation, safety, and sustainability" in its mining operations.
"The agreement seeks to integrate emerging technologies and advanced solutions that strengthen automation, safety, and sustainability in the operations of the world's leading copper producer," the article stated.
Looking Ahead: Can AI Chips Regain Their Momentum?
While the broader tech selloff has hit AI-related stocks, the long-term potential of the sector remains strong. As OilPrice.com noted, the "AI-driven boom" may have run out of steam for now, but the fundamental drivers behind the AI chip surge are still in place.
Investors will be closely watching to see if Nvidia and its peers can regain their footing and reignite the AI rally. With major tech companies like Google continuing to invest in next-gen AI models, the sector's future growth potential remains promising - if it can weather the current economic headwinds.
Reporting based on coverage from Reuters, CNBC, MarketWatch, International Mining, and OilPrice.com, November 20-21, 2025.