Charles Payne's Market Commentary

Question of the Week

After countless trips to the White House, CEO Jensen Haung finally convinced President Trump to allow the company to sell chips to China.

President Trump posted that these chips would not be a national security threat.

Some say the deal gives away too much computing power to China.

I'd like to hear your thoughts.

Post your answer below.

Morning Commentary

NVDA GETS THE GREEN LIGHT

By Charles Payne, CEO & Principal Analyst
12/9/2025 9:31 AM

Someone once sang a song about ‘Monday Blues,’ and if they hadn’t, someone would have written it yesterday. Every sector finished in the red except Technology (XLK), which is on an awe-inspiring run. However, the Technology Sector has a lot more to do before taking out the all-time high.

It's all about computer chips, as VanEck Semiconductor ETF (SMH) continues to power ahead and edge even closer to new milestones.

For the broader market, it was all about momentum, nothing else.

Fed Watch

The New York Fed’s consumer survey will add more credence to a rate cut at tomorrow’s Federal Open Market Committee (FOMC) gathering. Inflation expectations are holding, but folks are in a dire mood.

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Nvidia to the Rescue

After countless trips to the White House, CEO Jensen Haung finally convinced President Trump to allow the company to sell chips to China.

President Trump posted that these chips would not be a national security threat.

Of course, Jensen will keep pressing for less powerful versions of Blackwell and Rubin Chips, but for now, this is a massive score for Nvidia (NVDA) and other technology exporters.

Shares of NVDA popped into the close and in after-hours trading.

Some say the deal gives away too much computing power to China. I’d like to hear your thoughts.

Meanwhile, NVDA, which had lagged behind other semiconductor stocks, gets to reclaim the lead.

$NVDA has underperformed the semiconductor index $SMH by over 10% in just 10 days — the widest gap in nearly two years. This kind of broad-based leadership is normal and healthy in an uptrend, giving smaller names room to catch up before $NVDA potentially resumes its rally.

Today’s Session

Lots of cold water is being poured on the NVDA news – it's huge, but forces with billions bet against the company and tech have levers, especially in the media.

Meanwhile, NFIB Small Business Optimism is better than expected. Now we wait for the JOLTs report, which will carry more weight than usual as the FOMC meeting kicks off today.

Comments

I think that selling the NVIDIA chips to China is a bad idea. Why should the U.S. make it easier for them to catch up with the technology race? They will reverse engineer the chips in no time.

Mr. James Allen Fine on 12/9/2025 3:06:56 PM

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