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We’ve got markets moving in opposite directions as the impact FOMC minutes want to push price action down…
But tech takes off on the back of NVDA’s skyrocketing success
Is this a massive bubble or true innovation?
Find out ☟
➠ RATE CHANGES IN FOCUS
σ FOMC minutes came out, once again stressing data dependence.
Hinting at the potential for still more hikes this year.
The rates market pushed yields higher and stocks lower.
As the US nears default (debt ceiling), the Fitch Ratings Agency placed the US on negative credit watch.
Reminiscent of S&P’s 2011 downgrade.
➠ AI DIVERGENCE
σ Anything AI-related continue its significant divergence from broader markets.
NVDA stole the limelight with blowout numbers last night.
The stock shot up 25% on expectations of a surge in revenue growth in the next quarter on the back of Increased demand for data center products.
We thought the hype in this sector would make it tough to beat expectations, but even Nvidia seems surprised by the pace at which the space is growing.
➠ BUBBLE OR GROUNDBREAKING INNOVATION?
σ This parabolic price action and sky-high valuations vs. peers make Nvidia look like a clear bubble…
However, calling the top in a bubble is treacherous.
This innovation isn’t a passing fad like Peloton and Beyond Meat.
It could face significant corrections over the next 6 months, but the company will likely still be a leader in the space.
This is why the likes of Stan Druckenmiller and Steve Cohen have been buying the name.
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➠ In the meantime, get more color on this in this clip from today’s Macro Options Spotlight
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Market Divergence! | Global Stocks Struggle but Nvidia Surges | Macro Options Spotlight | May 25, 2023
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