A television broadcasts crypto market news at the Nasdaq MarketSite in New York, US, on Thursday, Nov. 20, 2025.
Michael Nagle | Bloomberg | Getty Images
Hello, this is Leonie Kidd writing to you from London. Welcome to today’s edition of the Daily Open newsletter.
The chips are down, and this time it’s taking the global technology sector down too.
The negative sentiment that led to Friday’s steep declines on the Nasdaq has carried through the weekend into Monday’s session, with heavy losses for some of the world’s biggest chipmakers and AI-related stocks.
The big question: is this the beginning of a correction or just a blip along the AI bull run?
What you need to know today
A broad sell-off in technology stocks has widened to Asia. Steep declines in South Korea’s benchmark Kospi led to a temporary halt in trading, with the index down over 8% at one point.
Memory chip behemoths Samsung Electronics and SK Hynix fell 5% and 2% respectively. The two companies make up over 40% of the index.
On Friday, the Nasdaq Composite fell 4.18% to 25,709.43 — its biggest drop since April 2025. Finance professor Jeremy Siegel called Friday’s sell-off in the technology sector a common reaction to a parabolic rise in stock prices. But he was also optimistic that such a pullback usually doesn’t signal the beginning of a prolonged correction.
Geopolitical tensions are also playing into Monday’s trading session after the most significant test to the fragile ceasefire between Israel and Iran.
Both nations struck each other directly for the first time since the truce brokered by the White House, sending oil prices sharply higher.
Speaking soon after Iran launched a barrage of missiles at Israel on Sunday, U.S. President Donald Trump told the Financial Times that Israeli Prime Minister Benjamin Netanyahu has “no choice” but to accept a U.S.-brokered deal with Iran.
Earlier Sunday, Trump stormed out of an interview with NBC’s “Meet the Press” after he was pressed on his “weaponization” fund and claims of election fraud.
“Let’s call it quits because I’ve had enough, thank you, darling, have a good time,” the President said as he crushed his lapel mic underfoot on his way out.
In corporate news, Italian banking giant Intesa Sanpaolo has launched an all-share takeover bid for Banca Monte Dei Paschi di Siena. The offer represents a 12.5% premium to BMPS’ closing share price on Friday. It ignites a bidding war, after another Italian lender, Banco BPM, made its own $58 billion merger offer over the weekend.
— Leonie Kidd
And finally…
‘Dean of Valuation’ Aswath Damodaran is not buying SpaceX: ‘Too richly priced’
New York University finance professor Aswath Damodaran understands why some people are getting ready to pay up for SpaceX, but he says “it is too richly priced for my tastes.”
Damodaran shared his valuation analysis in his blog as Elon Musk’s company prepares for its blockbuster public market debut this week. While SpaceX is targeting a $135 price, which puts its value at $1.77 trillion, Damodaran’s assessment values the company at between $1.25 trillion and $1.35 trillion.
While some call that lofty valuation hype, others are looking at the numbers. The professor, who is often referred to as the “Dean of Valuation,” falls in the second category.
— Deena Zaidi
