# Tech and precious metals drive positioning shift in Q3

- Link: https://www.directorstalkinterviews.com/tech-and-precious-metals-drive-positioning-shift-in-q3/4121225719
- Published: 2025-11-12T12:30:00+00:00
- Author: Amilia Stone

Global equities delivered strong returns through the quarter, with developed markets
up close to 9.6% in sterling. US indices led the way, driven by renewed momentum
in large-cap technology names. The S&P 500 gained around 10.4%, while the Nasdaq
Composite, with heavier tech exposure, rose roughly 13.8%. Emerging markets kept
pace, returning about 13%.

Major technology firms, particularly those central to AI infrastructure, regained
control of market direction. Nvidia was a standout, with year-on-year revenues up
56% to US$47 billion and earnings per share rising 54%. Management signalled ongoing
capital investment and deeper integration with key AI platforms, reinforcing their
central role in current tech capex trends.

The US Federal Reserve reduced rates by 25 basis points and signalled that further
easing could follow. While inflation risks are not off the table, the shift added
fuel to risk assets. The European Central Bank also raised its growth outlook for
the first time since early 2024, adding to the sense that the macro backdrop is 
stabilising.

Commodities, especially precious metals, saw renewed investor interest. Gold rose
over 19%, silver over 30%, and mining equities surged close to 50%. The drivers 
included rising demand from the energy transition, persistent supply limits, and
ongoing accumulation by central banks.

_**[TEAM plc](https://www.directorstalkinterviews.com/company/team-plc/team.l)**(
[LON:TEAM](https://www.directorstalkinterviews.com/company/team-plc/team.l)) is 
building a new wealth, asset management and complementary financial services group.
With a focus on the UK, Crown Dependencies and International Finance Centres, the
strategy is to build local businesses of scale around TEAM’s core skill of providing
investment management services._

Share on: