US stocks headed into the post-Christmas session with thin volumes and major indexes hovering near record highs as investors track the Santa Claus rally window. Precious metals added to risk-on sentiment, with gold and silver at record levels and miners outperforming over the past month.

The AI trade stayed front and center after Nvidia (NVDA) struck its largest acquisition to date, agreeing to pay roughly $20B for assets from AI chip startup Groq. Wedbush’s Dan Ives framed the deal as another signal that AI infrastructure spending remains durable into 2026. Ives also reiterated his bullish stance on Tesla (TSLA), pointing to autonomy, robotics, and “physical AI” as the longer-term value drivers.

Macro risk is creeping back into the narrative. Steward Partners’ Jason Bonfield flagged 2026 uncertainties tied to tariffs, a potential Fed leadership change in May, and midterm election dynamics, arguing investors should avoid complacency and be prepared to rebalance into volatility. Trending tickers include Nvidia (NVDA) and Micron (MU).

Takeaways:

Santa rally optimism persists amid light holiday trading

Record metals prices support the broader risk backdrop

Nvidia’s Groq asset deal reinforces AI capex momentum

Tesla’s autonomy thesis remains a 2026 flashpoint

Policy and political risks are shaping next year’s playbook

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