BUZZ Investing: Early Volatility Gives Way to Stock-Specific Leadership

U.S. equities navigated a choppy but ultimately constructive period between index selection dates (November 13, 2025 – December 11, 2025, the “Period”), with markets transitioning from mid-November volatility toward stabilization and selective leadership by early December. After an initial pullback driven in part by continued pressure on several large-cap technology leaders, performance broadened as investors re-engaged with company-specific fundamentals and earnings visibility improved. Several high-profile stocks that had weighed on indices earlier in the month began to stabilize or recover, while strength emerged across select AI infrastructure and technology-adjacent names. Against this backdrop, the BUZZ NextGen AI US Sentiment Leaders Index (the “BUZZ Index”) declined early in the Period but rebounded sharply, finishing with a gain of 4.7 percent and outperforming both the S&P 500 and Nasdaq Composite over the same window.

Stock-specific developments played a meaningful role in shaping returns. In technology, renewed scrutiny around AI capital spending and competitive dynamics pressured several mega-cap names in November, including NVIDIA and Oracle, following earnings updates that raised questions about the pace of near-term returns on large infrastructure investments. At the same time, other segments of the technology ecosystem benefited from improving visibility into demand, pricing dynamics, and execution. The Federal Reserve’s December rate cut helped stabilize financing conditions, but markets appeared increasingly driven by company-level developments rather than broad policy expectations. Overall, the Period was characterized by an early reset followed by renewed leadership, with performance increasingly determined by differentiation at the individual stock level rather than broad macro direction.

The BUZZ Index returned -12.42% during the month of November compared to a return of 0.25% for the S&P 500 Index during the same period. Year-to-date, the BUZZ Index leads the S&P 500 with returns of 34.85% and 17.81%, respectively, as of the end of November.

Space and Quantum Names Drive BUZZ Gains During the Period

Shares of AST SpaceMobile (NASDAQ: ASTS) and Rocket Lab USA (NASDAQ: RKLB) were among the leading contributors to BUZZ Index performance during the Period, as investor focus returned to tangible execution milestones within the commercial space sector. ASTS advanced following a series of operational updates that underscored progress toward scaled deployment, including the expansion of manufacturing capacity in Texas and Florida and preparations for the launch of its BlueBird 6 satellite later this month. The company also reiterated its goal of deploying 45 to 60 satellites by the end of next year, supported by over $1 billion in contracted revenue commitments from partners. Rocket Lab also gained as the company continued its steady cadence of launches, including the upcoming “Raise and Shine” Electron mission for the Japan Aerospace Exploration Agency and confirmation that two NASA-backed spacecraft had begun their journey toward Mars. Together, the developments may have reinforced confidence in each company’s ability to translate long-term commercial opportunities into near-term operational progress.

Quantum computing stocks also rebounded meaningfully during the Period, with D-Wave Quantum Inc. (NYSE: QBTS) and Rigetti Computing, Inc. (NASDAQ: RGTI) contributing after a sharp correction earlier in the quarter. Shares moved higher as both companies benefited from renewed interest following the stabilization of broader technology markets and company-specific initiatives aimed at commercialization. D-Wave gained after announcing the formation of a dedicated U.S. government-focused business unit, signaling an increased emphasis on securing public-sector contracts tied to national security and infrastructure applications. Rigetti also advanced as its shares broke higher from a multi-week consolidation, reflecting improved technical conditions and renewed buying interest following a deep pullback. The rebound across quantum names may suggest a recalibration after an earlier reset, with investors once again engaging selectively with companies demonstrating clearer paths to adoption and revenue generation.

Top BUZZ Index Contributors: November 13, 2025 – December 11, 2025

Source: BUZZ Holdings ULC, Bloomberg. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein.

Opendoor and AMD Weigh on BUZZ as Expectations Recalibrate

Shares of Opendoor Technologies (NASDAQ: OPEN) declined during the Period, weighing on BUZZ Index performance following an exceptional run earlier in the year. The stock faced renewed pressure as investors reassessed execution risk and valuation against the company’s still-developing path to profitability. While management has articulated a multi-year turnaround strategy centered on higher transaction volumes, faster inventory turnover, and improved contribution margins, recent trading suggested that expectations may have moved ahead of near-term fundamentals. The absence of new incremental catalysts during the Period, combined with heightened sensitivity to any signs of margin or cash-flow volatility, contributed to a pullback that left OPEN among the Index’s detractors.

Advanced Micro Devices (NASDAQ: AMD) was also a detractor during the Period, retreating after a strong October rally that followed several high-profile AI partnership announcements. Investor focus shifted toward near-term competitive dynamics within the datacenter and accelerator markets, particularly as questions emerged around the pace at which AMD’s MI450 platform can meaningfully close the gap with NVIDIA’s entrenched ecosystem. While recent customer wins and long-term revenue ambitions remain intact, the stock appeared to consolidate as market participants recalibrated expectations following a rapid re-rating earlier in the fall. The resulting pullback may reflect a reassessment of execution timing and margin trajectory rather than a change in the longer-term strategic narrative but nonetheless weighed on Index performance during the Period.

Bottom BUZZ Index Contributors: November 13, 2025 – December 11, 2025

Source: BUZZ Holdings ULC, Bloomberg. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein.

BUZZ Index December 2025 Rebalance Highlights

SentinelOne, Inc.

Since President Trump’s return to office, geopolitical risk has moved from a background concern to a more tangible market consideration. Early tariff rhetoric, initially discounted by investors, translated into concrete policy actions in April that briefly disrupted risk assets. Although markets recovered and pushed to new highs, tensions between the U.S. and key global counterparts remain elevated. Competition for strategic resources has intensified, particularly around rare-earth supply chains, as China moves to restrict exports and the U.S. accelerates efforts to rebuild domestic production capacity. These dynamics sit squarely within a broader national security framework that spans defense, infrastructure, and cybersecurity. Against this backdrop, SentinelOne (NYSE: S) is the largest new addition to the BUZZ Index this month. The AI-driven cybersecurity firm operates in a segment closely aligned with these priorities but has lagged higher-profile peers such as CrowdStrike (NASDAQ: CRWD) on a share-price basis this year. In recent weeks, online investor activity has increasingly focused on this divergence, driving a sharp rise in engagement and positioning. SentinelOne enters the BUZZ Index this month with 1.32 percent weight.

Broadcom Inc.

Broadcom (NASDAQ: AVGO) reported earnings on December 11, the BUZZ Index selection date for the month, delivering solid revenue results and constructive forward guidance. The release was followed by a sharp move lower in after-hours trading, which quickly drew heightened attention across online investor forums. The debate around valuation, AI infrastructure spending, and Broadcom’s role within the broader semiconductor ecosystem intensified in the hours following the release. Notably, despite the immediate price reaction, the increase in discussion was accompanied by a net rise in positive sentiment, as many investors may have viewed the pullback as excessive relative to the fundamentals presented in the earnings report. As a result, Broadcom’s weight in the BUZZ Index rises this month from 0.51 percent to 1.61 percent, reflecting the strength and direction of investor sentiment surrounding the earnings event.

For more on rebalancing results and a full breakdown of index constituents added and removed for the month, view the BUZZ Index reconstitution report.