20 November 2025

The Australia 200trades 98 points (1.17%) higher at 8546 as of 2.45pm AEDT.

ASX 200 rebounds strongly after NVIDIA earnings beat

The Australia 200 (ASX 200) has rebounded from Tuesday’s sharp sell-off after NVIDIA boosted risk sentiment and eased concerns around artificial intelligence (AI) valuations, delivering another strong third-quarter (Q3) earnings report this morning. NVIDIA’s share price surged 5.08% in after-hours trading to $196.00 after reporting:

• Revenue of $57.01 billion versus $54.92 billion expected
• Earnings per share (EPS) of $1.30 compared to $1.25 expected
• Data centre segment revenue of $51.2 billion – up 25% quarter-on-quarter (QoQ) and 66% year-on-year (YoY)

For fourth quarter (Q4) fiscal year (FY) 2026, NVIDIA guided for revenue of $65.0 billion (±2%), well above the street’s $61.7 billion estimate.

Chief executive officer (CEO) Jensen Huang said, ‘Blackwell sales are off the charts, and cloud GPUs are sold out.’

In response to NVIDIA's earnings beat, Nasdaq 100 futures soared 457 points (+1.85%), lifting local tech stocks.

ASX 200 stocks

Financial sector

Dip buyers stepped in to take advantage of the nearly 8% fall in the ASX 200 financials sector this month.

• Macquarie lifted 2% to $193.73
• Westpac added 1.3% to $37.82
• Commonwealth Bank of Australia bounced away from support at $150, rising 1.1% to $152.94
• Australia and New Zealand Banking Group gained 1% to $35.47
• Funds manager Magellan is trading 1.2% lower at $9.16 after falling 4% to an intraday low of $8.67 following the resignation of its global equities head, Arvid Streimann, amid an ‘alleged relationship.’

Healthcare sector

• Mayne Pharma soared 17.12% to $5.61 after the Takeovers Panel ruled that US healthcare giant Cosette will not be allowed to close Mayne’s major Adelaide factory. This gives the ASX-listed manufacturer of contraceptives and menopause medication a glimmer of hope in finalising its $672 million sale.

Information technology sector

• Block rose 12.30% to $99.40, boosted by its US shares rising 7.5% overnight after the company said it expects profit growth to accelerate over the next three years.
• Zip surged 6.69% to $3.03
• Technology One bounced 5.88% to $30.99
• Megaport rose 4.82% to $13.47
• DroneShield continued its decline, slipping 4.06% to $1.89 after receiving a ‘please explain’ from the ASX following the sale of three directors’ entire shareholdings last week and a mistaken report of a new contract that had already been disclosed.

Lithium stocks

Lithium stocks extended their gains as lithium carbonate futures in China rose to CNY 87,000 per tonne yesterday, reaching a 14-month high.

• Liontown surged 7.68% to $1.57
• Iluka Resources gained 4.74% to $6.96
• Pilbara Minerals rose 3.14% to $4.10, on track for a sixth month of gains after hitting a low of $1.07 in June.

Uranium stocks

Uranium stocks, considered a key part of the AI trade due to their role in powering data centres, rebounded after a tough few weeks.

• Deep Yellow jumped 7.34% to $1.71
• Bannerman added 6% to $3.19
• Paladin rose 4.06% to $8.32
• Silex Systems lifted 3.83% to $8.53.

ASX 200 technical analysis

Today’s recovery from oversold levels back above the 200-day moving average alleviates immediate downside risks.

Providing the ASX 200 remains above support from this week’s lows near 8445, the bounce could extend towards resistance initially at 8630, with scope to 8730 – 8750.

ASX 200 daily chart

• _{Source: TradingView. The figures stated are as of 20 November 2025. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.}