Tech stocks moved sharply higher (SPX +0.4%, NDX +1.0%) after $NVIDIA(NVDA.US) forecasted +70% 2028 revenue growth versus +45% expected, easing AI spending slowdown fears amid accelerating demand by NVDA consumers. Oil extended recent declines on possible Hormuz reopening talks; treasury yields edged up ahead of Fed Chair Kevin Warsh’s Jackson Hole speech tomorrow morning. Bitcoin rose 1.7% to $79.8K and is now +23% in August. Other chip stocks rose and $Salesforce(CRM.US) advanced +11% higher pre-mkt following its own strong outlook. S&P 2026 earnings ests of $346 (+31% y/y) are likely to move higher following NVDA’s blowout guidance. The current forward S&P 500 earnings yield of 4.7% equals the current 10-year treasury yield for the first time since early 2024 and before that the internet bubble of 2000. The normal S&P 500 equity risk premium over 10-year treasury yields is +50-100 bp.