This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Wednesday and New Year's Eve. I've decided that there are three main groups of holiday observers this year: Those going to parties or watching the Times Square ball drop at home; those doing late-night workout classes or races; and those going to AMC viewings of the "Stranger Things" finale. This newsletter normally walks you through five things to know before the market opens. Today, that list would include Federal Reserve minutes that showed a divisive December meeting, and new details about SoftBank's investment in OpenAI. But as 2025 comes to an end, we're taking a step back to instead look at five of the biggest trends that shaped Wall Street, Main Street and Silicon Valley this year. Here are five themes for investors to consider as they finish out 2025.
1. The stock market that defied gravity
A trader reacts on the floor at the New York Stock Exchange in New York City, U.S., August 22, 2025. Brendan McDermid | Reuters
2. Trade offs
President Donald Trump holds a chart as he announces a plan for tariffs on imported goods during an event April 2, 2025, in the Rose Garden at the White House. Demetrius Freeman/The Washington Post via Getty Images
3. The great AI race
Nvidia CEO Jensen Huang delivers a keynote address at the Consumer Electronics Show (CES) 2025, showcasing the company's latest innovations in Las Vegas, Nevada, USA, on January 6, 2025. Artur Widak | Anadolu | Getty Images
We can't tell the story of 2025 without the influence of artificial intelligence companies and their technology. AI titans including Nvidia and OpenAI struck multibillion-dollar deals with companies focused on hardware and data centers — and even with each other — as they raced to meet booming demand. AI once again captured the imagination of Wall Street, prompting investors to jump into stocks tied to the trade. But the sector also picked up its fair share of skeptics. Chief among critics' concerns: an AI bubble that could pop. Such an event would mark a paradigm shift for a stock market and U.S. economy increasingly reliant on spending tied to AI.
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4. Fedfluence
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