Missed the dip? Why November’s wobble could still set up your next decade

From one hero stock to a broader cast

For most of the artificial intelligence story, Nvidia has felt like the main character. Since the launch of ChatGPT in November 2022, its shares have climbed roughly tenfold, turning the company into a symbol of the entire AI build out. That is also why recent wobbles have captured so much attention.

In the past few weeks, concerns about competition from Alphabet’s tensor processing units and potential chip deals with big cloud customers have weighed on Nvidia. At the same time, Alphabet and Broadcom have been stronger, helped by excitement around new AI models and infrastructure demand. The message from the tape is not “AI is over”. It is that leadership within the theme is rotating, and the market is learning to reward other parts of the stack, such as cloud platforms and networking.

Beyond AI, healthcare has quietly stolen the show. Recent data suggest the S&P 500 Health Care Index has gained around mid-single digits in November, while the wider market has slipped and technology has been the weakest sector. Fund managers have increased their healthcare allocations, attracted by steady earnings, obesity drug growth and the defensive appeal of the sector after a long period in tech’s shadow.

For investors sitting on cash, this is actually good news. A market that rewards more than one story is easier to enter. Instead of feeling forced to buy the latest AI favourite at any price, you can build a mix of broad indices, healthcare exposure and selected themes that reflect different parts of the economy. The rotation into healthcare, and the broader leadership beyond Nvidia, effectively doubles as a second chance for those who missed the first AI wave.

Risks: when seasons and rotations both mislead

None of this means the path from here is smooth. Seasonality can fail outright in the face of a major shock, whether from geopolitics, central banks or a sudden earnings downturn. A year end that “should” be positive can still deliver a sharp correction, as 2018 and other episodes have shown.

There is also a risk that investors overread the latest sector rotation. Healthcare’s outperformance in November partly reflects worries about an AI bubble and stretched tech valuations. If those fears ease, leadership could swing back quickly, leaving anyone who piled into “what has just worked” feeling whipsawed yet again.

Finally, a broader market is not a cheaper market. Parts of healthcare and AI infrastructure already trade on rich expectations. Even if these sectors remain stronger than average, returns from today’s prices could be bumpier than recent headlines suggest.

From missed dips to better plans

The temptation after a fast rebound is to focus on the missed moment. You remember the afternoon you nearly clicked “buy” and the headline that scared you away. From that angle, November’s brief wobble feels like one more chapter in a long story of bad timing.

Seasonality offers a kinder lens. Historically, late year markets are slightly more favourable, but only by enough to reward those who are already participating, not those waiting for a postcard perfect entry. At the same time, the recent rotation away from a single hero stock toward healthcare and other sectors shows that the opportunity set is wider than it looked a few months ago.

For long-term investors, the useful response is not to chase the latest winner, nor to obsess over the low that got away. It is to accept that there will always be another November, another wobble and another surprise leader, and to build a plan that can live through all of them without needing to guess which week to move.

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