AI-Driven Deals Fuel Market Rally as Crypto Selloff Deepens

The U.S. stock market opened higher on November 3, with the Dow Jones Industrial Average rising 0.28%, the S&P 500 climbing 0.53%, and the Nasdaq surging 0.96%. The gains were driven by Amazon (AMZN.O), which opened with a 4.5% increase following a $38 billion partnership with OpenAI to access NVIDIA's (NVDA.O) advanced AI chips. NVIDIA shares rose 2.7% as reports indicated the U.S. had approved Microsoft's export of cutting-edge GPUs to the UAE, signaling a shift in export control policies, according to a Lookonchain analysis.

Crypto-related stocks, however, faced a broad decline. Marathon Digital (BMNR) fell 5.29%, while MicroStrategy (MSTR), Circle (CRCL), Coinbase (COIN), and others dropped between 1.59% and 4.37%. The selloff followed a volatile market correction in October, though analysts noted seasonal strength in the fourth quarter could eventually stabilize trading volumes, the Lookonchain analysis noted.

Microsoft's (MSFT.O) $15.2 billion investment in the UAE, announced during the Abu Dhabi Global AI Summit, became a focal point. The deal includes shipping advanced Nvidia GB300 GPUs to the Gulf nation, marking the first such approval under President Donald Trump's administration. Microsoft emphasized the chips would enable access to AI models from OpenAI, Anthropic, and others, while also expanding data centers and training programs in the UAE, Reuters reported. The U.S. Commerce Department's licenses, secured in September, allowed Microsoft to ship the equivalent of 60,400 A100 chips, reflecting a strategic pivot to strengthen AI influence in the Middle East, TechCrunch reported.

Meanwhile, Amazon's cloud division, AWS, announced a seven-year, $38 billion agreement with OpenAI to supply hundreds of thousands of Nvidia GPUs. The deal, which includes deployment of GB200 and GB300 chips by 2026, underscores OpenAI's transition from a research lab to a full-scale AI infrastructure provider, according to Seeking Alpha. The partnership adds to OpenAI's $1.4 trillion infrastructure spending commitments, raising concerns about a potential market bubble, The Edge Malaysia reported.

The rare earth sector faced pressure as China announced plans to ease export restrictions on critical minerals, including gallium and antimony. U.S. producers like Critical Metals (CRML) and Energy Fuels (UUUU) dipped in premarket trading, reversing gains seen in 2025 as investors anticipated a more open supply chain, InvestorsHub reported.

The interconnected moves highlight a pivotal period for AI and tech markets. Microsoft's UAE expansion, Amazon's OpenAI deal, and U.S.-China trade adjustments are reshaping global technology dynamics. With NVIDIA at the center of AI hardware demand, its stock trajectory remains closely watched as export policies and corporate strategies evolve, CNBC reported.