$Microsoft(MSFT.US) This Thursday's after-hours earnings report is crucial. But it's more important for the entire industry than just Microsoft. As a major buyer of AI data center services, its demand will guide the performance of the entire AI chip industry. The revenue from its cloud services will direct the development of the AI chip sector, and the performance of Copilot will directly impact when the AI hype enters its next phase. AI is just experiencing a pullback—the bubble hasn't arrived yet.

$NVIDIA(NVDA.US)