---
title: "This week's two major markets have a change in \"core narrative\"!"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/266998494.md"
description: "Nomura's Charlie McElligott believes that \"over the past few days, there has been a significant change in the two core narratives of the market\": Google's large model capabilities have surpassed OpenAI, ushering in an \"alternative\" DeepSeek moment; the Federal Reserve's Minutes show that the number of committee members \"unwilling to cut rates in December\" exceeds those \"willing to cut rates,\" while the market is \"dead set against the Federal Reserve.\""
datetime: "2025-11-22T02:00:58.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/266998494.md)
  - [en](https://longbridge.com/en/news/266998494.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/266998494.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/266998494.md) | [繁體中文](https://longbridge.com/zh-HK/news/266998494.md)


# This week's two major markets have a change in "core narrative"!

Nomura's Charlie McElligott believes that "there has been a significant change in the two core narratives of the market over the past few days":

-   Google's large model capabilities have surpassed OpenAI, ushering in an "alternative" DeepSeek moment;
-   The Federal Reserve's minutes show that the number of committee members "unwilling to cut rates in December" exceeds those "willing to cut rates," while the market is "dead set against the Federal Reserve."

### Related Stocks

- [Alphabet Inc. (GOOG.US)](https://longbridge.com/en/quote/GOOG.US.md)
- [Alphabet Inc. (GOOGL.US)](https://longbridge.com/en/quote/GOOGL.US.md)

## Related News & Research

- [Google has been developing screenless Fitbit band and plans to release it later this year - Bloomberg News](https://longbridge.com/en/news/281269407.md)
- [Google’s Android Automotive is moving from the dashboard to the ‘brain’ of the car](https://longbridge.com/en/news/280345973.md)
- [Google's Nobel Prize-Winning AI Chief: 'We Don't Feel Any Pressure' While OpenAI Burns $14 Billion](https://longbridge.com/en/news/281220147.md)
- [Ex-OpenAI's Kass: AI Is Going to Make a Lot of Winners](https://longbridge.com/en/news/281017504.md)
- [Experts urged Google to prohibit AI Videos targeting young YouTube users](https://longbridge.com/en/news/281386661.md)