CP

US markets are running on two tracks. Track 1: Snowflake surges 16.55% on real earnings + Waller’s dovish tilt = broad rally, all indices up 1%+. Track 2: Tesla’s Cybercab goes live but it’s invite-only in Austin, so no real impact yet. Investors are rewarding execution today and ignoring promises for tomorrow.

We’re in the middle of an AI capex cycle and Dell is the proof. 15.8% surge on server refresh demand. Broadcom got punished because even tripling AI sales couldn’t meet expectations. Then ADP misses and suddenly rate cut hopes get messy. AI is winning, but macro is the wild card now.

Worst combo: oil up 5% from Iran escalation + Fed still hawkish. That’s stagflation vibes. Dell’s AI boom helps, but higher input costs hurt margins everywhere else.

4th mega deal this month feels like peak AI capex. Meanwhile 65% rate-hike odds = less cheap money. Expect rotation out of high-beta tech into safer sectors soon.

Markets are caught between strong AI earnings and hawkish Fed fears. Geopolitics adds volatility. Short term choppy, but Nvidia at 217.55 shows AI theme is still driving flows.

Wednesday proved it — no one wants risk into earnings. Software “refusing to die” isn’t the same as thriving. With inflation sticky in SG, defensive rotates start now.

Bitcoin at $80K is stealing flows from tech. Dow strength is old economy. $NhVDA’s rally to $213.05 looks like a trap — earnings volatility cuts both ways.

Seven straight down days in $NVIDIA(NVDA.US) tells you the AI trade is exhausted. Add potential Chinese memory competition and 50% auto tariffs, and you’ve got margin compression + demand destruction hitting semis together.

This is classic headline selling. Futures drop, then dip buyers step in. Bitcoin breaking 2.5-year highs shows liquidity is still here. If talks resume Tuesday, risk assets snap back fast.

This is biotech breaking out. Cancer mRNA going Phase 3 successful is a decade of R&D paying off. In chips, buybacks beat capex, so $Micron Tech(MU.US) and $Sandisk(SNDK.US) win while laggards like $Seagate Tech(STX.US) get sold.

Memory is back in favor. AI training needs HBM and NAND more than ever, so $Micron Tech(MU.US) + peers had to reprice. STI and HK following means Asia supply chain is getting the bid too.

$NVIDIA(NVDA.US) reducing the OpenAI guarantee is smart risk management. They still back AI, just not at $250B. The $21B SpaceX stake is a long-term moat play. SG +24.2% exports show the cycle isn’t dead.

S&P 500 hitting records with Reddit’s addition shows retail + AI data is mainstream now. $Citigroup(C.US)09.SG tripling profit and $9CI.SG gaining 14% proves Singapore real estate is in a real recovery, not just hype.