AI-Powered Bargains Propel Market Surge Amid Intensifying Crypto Downturn

On November 3, U.S. equities started the day on a positive note, with the Dow Jones Industrial Average up by 0.28%, the S&P 500 advancing 0.53%, and the Nasdaq jumping 0.96%. These increases were largely attributed to

(AMZN.O), which surged 4.5% at the open after announcing a $38 billion collaboration with OpenAI, granting access to NVIDIA's (NVDA.O) state-of-the-art AI processors. shares climbed 2.7% following news that the U.S. had authorized Microsoft to export advanced GPUs to the UAE, suggesting a possible change in export regulations, according to a .

In contrast, stocks linked to cryptocurrencies experienced widespread losses. Marathon Digital (BMNR) dropped 5.29%, while MicroStrategy (MSTR), Circle (CRCL), Coinbase (COIN), and others declined between 1.59% and 4.37%. This downturn came after a turbulent market correction in October, though analysts pointed out that typical fourth-quarter strength could help stabilize trading activity, as noted by Lookonchain analysis.

Microsoft (MSFT.O) also drew attention with its $15.2 billion investment in the UAE, revealed at the Abu Dhabi Global AI Summit. This agreement involves sending advanced Nvidia GB300 GPUs to the region, marking the first such approval under President Donald Trump's administration.

stated that these chips would provide access to AI models from OpenAI, Anthropic, and others, while also supporting the expansion of data centers and training initiatives in the UAE, . Licenses from the U.S. Commerce Department, obtained in September, enabled Microsoft to export the equivalent of 60,400 A100 chips, representing a strategic move to boost AI capabilities in the Middle East, .

At the same time, Amazon Web Services (AWS) unveiled a seven-year, $38 billion deal with OpenAI to provide hundreds of thousands of Nvidia GPUs. The agreement, which includes the rollout of GB200 and GB300 chips by 2026, highlights OpenAI's evolution from a research organization to a major AI infrastructure supplier, according to

. This partnership adds to OpenAI's $1.4 trillion in infrastructure commitments, sparking concerns about a potential market bubble, .

The rare earth industry came under pressure after China revealed intentions to relax export controls on key minerals such as gallium and antimony. U.S. companies like Critical Metals (CRML) and Energy Fuels (UUUU) saw premarket declines, reversing previous gains from 2025 as investors anticipated a more accessible supply chain, according to InvestorsHub.

These interconnected developments mark a crucial moment for the AI and technology sectors. The expansion of Microsoft in the UAE, Amazon's partnership with OpenAI, and evolving trade relations between the U.S. and China are all influencing the global tech landscape. With NVIDIA remaining central to the demand for AI hardware, its stock performance continues to be closely monitored as export rules and business strategies shift,

.