Waller's speech was dovish, but Meta tanked the market.

Waller's speech tonight was dovish, especially the line about inflation risks having subsided, which is why you can see the yellow line surging. But why did the U.S. tech market get hammered? That's because Meta actually came out and said its computing power is in surplus and it plans to sell the excess.

When you say something like that, the market interprets it as AI hardware reaching saturation and limited growth potential. So the market directly sold off tech stocks. Especially the AI hardware sector.

Let's see if sentiment can recover a bit later in the night.

$Invesco QQQ Trust(QQQ.US)$iShares barclays 20+ Yr Treasury Bd(TLT.US)$Meta Platforms(META.US)$SPDR Gold Shares(GLD.US)$NVIDIA(NVDA.US)$Micron Tech(MU.US)