Published: Tuesday, November 18, 2025 · 10:04 AM | Updated: Tuesday, November 18, 2025 · 10:04 AM
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🗝️ Key Points
- Shares in Nvidia (NVDA) were down 1% in pre-market trading on Tuesday, after falling nearly 2% in the previous session, as part of a tech-led sell-off in US markets.
- The fall in the Nvidia's shares comes just a day before the chipmaker is due to report its third-quarter earnings.
- Nvidia's profits are always closely watched, but there will probably be an even more intense focus on this set of results, given concerns about the valuations of Big Tech.
Shares in Nvidia (NVDA) were down 1% in pre-market trading on Tuesday, after falling nearly 2% in the previous session, as part of a tech-led sell-off in US markets.
The fall in the Nvidia’s shares comes just a day before the chipmaker is due to report its third-quarter earnings.
Nvidia’s profits are always closely watched, but there will probably be an even more intense focus on this set of results, given concerns about the valuations of Big Tech stocks and the hefty spending on artificial intelligence (AI) by these companies.
Read more: Stocks slump as Google boss warns no company immune if AI bubble bursts
Danni Hewson, head of financial analysis at AJ Bell (AJB.L), said: “Just meeting expectation won’t be enough – investors want the spectre of that AI bubble popping blown clean away.
“Nvidia will need to surprise on the upside and provide an update that leaves people in no doubt about the outlook for the sector.”
In terms of guidance, Nvidia said it expected third quarter revenue to come in at $54bn (£41bn), plus or minus 2%.
A drop in bitcoin (BTC-USD) weighed on the shares of cryptocurrency exchange Coinbase (COIN), which slipped 7% in Monday’s session and were trading just below the flatline in pre-market trading on Tuesday.
Bitcoin was down nearly 5% on Tuesday morning, falling to $91,174 at the time of writing, well below the record high of over $126,000 reached in early October.
The slide comes as a risk-off tone set in across markets, with caution around the AI trade ahead of Nvidia’s earnings.
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Investors are also awaiting the release of economic data this week that was delayed because of the US government shutdown that ended last week, and what this could signal for the US Federal Reserve’s rate cutting plans.
Victoria Scholar, head of investment at Interactive Investor, said: “Fears of an AI bubble and concerns about the market’s heavy dependence on a handful of tech giants have caused investors to dial back their exposure to speculative assets such as bitcoin.
“There’s a general sense of nervousness that has captured the market mood lately and bitcoin appears to be in the firing line. Plus, with hints that the Fed might not cut rates next month, riskier non-yielding assets like bitcoin look less attractive in a higher interest rate environment.”
On the London market, shares in Imperial Brands (IMB.L) were up more than 2% on Tuesday morning, on the back of the tobacco giant’s full-year results.
Revenue for the year came in at £32.2bn ($42.4bn), which was slightly lower than the £32.4bn reported last year. Adjusted operating profit of £3.99bn was 4.6% higher than last year on a constant currency basis, while adjusted earnings per share (EPS) of 315p were up 9.1% compared to 2024.
Derren Nathan, head of equity research at Hargreaves Lansdown, said: “Imperial Brands has seen signs of a slowdown in smokers quitting traditional cigarette names like Lambert & Butler.
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“Tobacco volume declines moderated to 1.7%, with strong pricing and double-digit sales of newer product lines like vapes and oral pouches driving revenue growth of 4.1%.”
In terms of its outlook for the 2026 fiscal year, Imperial said it expected to deliver net revenue growth in the low-single-digits for its tobacco business and in the double-digits for next-generation products. The company expects operating profit to grow in the 3% to 5% range.
“While there’s still some work to do to prove Imperial’s challenger status in next generation products, it’s establishing a reliable track record for generous payouts to shareholders, having distributed £10bn over the last five years, and looks well placed to maintain its distribution yield (dividends and buybacks) at over 10%,” said Nathan.
In the housebuilding sector, shares in Crest Nicholson slid more than 8% on Tuesday morning, after the company warned that it expected to report lower pre-tax profit for the year.
In a full-year trading update, the housebuilder said it expected adjusted profit before tax to be at the low end of, or marginally below, a previous guidance range of £28m to £38m.
Martyn Clark, CEO of Crest Nicholson, said that this reflected a “housing market that has remained subdued through the summer, and the continued uncertainty surrounding government tax policy ahead of the forthcoming budget.”
Read more: Stocks that are trending today
Adam Vettese, a market analyst for eToro, said that Crest Nicholson’s latest trading update “highlights the ongoing difficulties facing UK housebuilders”.
“The combination of weaker volumes, margin pressures, and a lack of near-term catalysts leaves the investment case cautious for now,” he said. “Investors and would-be homebuyers alike will be looking to Westminster for reassurance that support for the UK housing market is not about to diminish further.”
On the FTSE 250 (^FTMC), shares in Greencore Group (GNC.L) popped 5% on Tuesday morning, after the convenience food company posted a strong set of full-year results.
Greencore reported group revenue of £1.95bn for the 2025 fiscal year, which was up 7.7% on the previous year.
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Group profit before tax came in at £79.5m, which was up 29.3% on 2024 and adjusted EPS of 18.6p was 46.5% higher than last year.
In addition, Greencore said the 2026 fiscal year had got off to a positive start and that it expected its recommended takeover of rival Bakkavor Group (BAKK.L) to be completed in early 2026, subject to regulatory approval.
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