November was a challenging month for stocks, as macroeconomic concerns and concerns about an AI bubble weighed on prices. Most S&P 500 (NYSEARCA: SPY) stocks moved lower, but there is good news. The correction bottomed late in the month as the AI trade was reaffirmed, leaving them in a rebound mode as December approached. The takeaway for investors is that many of the hottest AI trades are rebounding the strongest as of late November, and they are trading at long-term lows with ample upside potential.
The caveat is that previous leaders, such as NVIDIA (NASDAQ: NVDA), may continue to face scrutiny as competition intensifies. Among the stories emerging in November is Alphabet (NASDAQ: GOOGL). Its long-awaited Gemini update was released, along with other bullish news that rocketed it to the top of the AI mountain.
