Santa Rally Meets Gemini: Even Rudolph Is Rebalancing

December 1, 2025 | Season 7 | Episode 44 Markets don’t move in straight lines, and neither do we. As December kicks off, we zoom out to habits and time—how focus shapes results—and then zoom right back into a surprisingly strong rally that flipped leadership from NVIDIA-linked names toward Alphabet’s fast-rising AI stack. Gemini’s leap and seventh-generation TPUs put Google’s custom silicon and data advantage in the spotlight, while shifting rate-cut odds, a firmer BOJ tone, and commodity strength stirred the macro mix. We unpack why December often favors equities—tax-loss selling fades, window dressing appears, and holiday sentiment lifts risk—and where that seasonality can mislead. From there, we map the rotation: NVIDIA demand remains intense, but investors began pricing credible competition and diversified AI exposure through Alphabet’s platforms. On the company front, we break down Barron’s bullish case for Alphabet’s monetization runway across Search, YouTube, Cloud, and devices, then pivot to Amazon’s staggering capex engine. Three-hour delivery in select cities, expanding same-day reach in rural areas, one million robots, and AI tools like Rufus demonstrate how logistics, software, and ads compound into conversion and cash flow—especially if capex normalizes after the buildout. No AI story is complete without power. That’s why we explore Dominion Energy’s setup as data-center demand reshapes the utility outlook in Virginia, even as offshore wind risks ease and load growth accelerates. Finally, we translate looming 2025–2026 tax changes into action: Roth-only catch-up contributions for higher earners, updated deductions, and planning choices that can lift after-tax returns. The throughline is clarity—identify real leadership shifts, connect them to the physical infrastructure beneath them, and align with a tax framework that supports your goals. If this helped you think sharper about year-end moves, subscribe, share with a friend, and leave a quick review—what rotation are you positioning for next? ** For informational and educational purposes only, not intended as investment advice. Views and opinions are subject to change without notice. For full disclosures, ADVs, and CRS Forms, please visit https://heroldlantern.com/disclosure ** To learn about becoming a Herold & Lantern Investments valued client, please visit https://heroldlantern.com/wealth-advisory-contact-form Follow and Like Us on Youtube, Facebook, Twitter, and LinkedIn | @HeroldLantern