For me, $NVIDIA(NVDA.US)$442B one-day gain is impressive, but I wouldn’t chase the move blindly. The $108B Q3 guidance and 117% data-centre growth clearly reinforce that AI demand is still very strong, while Singapore’s 6.8% manufacturing growth and 11.2% electronics growth provide an interesting real-economy confirmation. I’d rather add selectively on pullbacks than buy after such a powerful re-rating.

Tonight’s Warsh speech is the bigger near-term risk for me. With PCE still elevated and the labour market relatively firm, I want to hear whether the new Fed chair is leaning toward easier policy or keeping inflation as the priority. I’m staying constructive on AI long term, but I’d keep some cash ready and avoid overexposure until we see how markets digest Warsh’s message.