Nvidia added $442 billion in one session, the second largest single day gain any stock has posted, and ten of eleven S&P sectors still closed red. Singapore's July factory data told the same story from one layer down the chain. Tonight Kevin Warsh speaks at Jackson Hole for the first time as chair. Let's dig in 👇

💬 Nvidia guided to $108B and software re-rated 20% in a day, but PCE is still at 3.7% and a brand new Fed chair speaks tonight, so are you adding into the AI print, trimming into Warsh, or parking in Singapore until Monday?

📊 Quick Recap — What Moved & Why

🇺🇸 US — One Stock Carried Eleven Sectors

🔑 Key Event: $NVIDIA(NVDA.US) +8.74% added $442 billion in a single session, the second largest one day gain any stock has posted. Data centre revenue hit $89B, up 117%, and Q3 was guided to $108B. One stock carried the whole tape. S&P 500 +0.72%, Nasdaq +1.57%, Dow +0.20%, with ten of eleven sectors red.

👀 Other to Watch

• Software re-rated hard → $Okta(OKTA.US) +28.6%, $Salesforce(CRM.US) +22.6%, $CrowdStrike(CRWD.US) +20.5%. The market now reads AI as a reason to buy software, not a threat to it.
• One catch on Salesforce → its blowout EPS includes a $2.6B paper gain on Anthropic. The underlying growth was good, not spectacular.
• The bounce died after hours → Marvell -7.8% beat and still fell, because gross margin guides down. Autodesk -5.0% gave back its entire session.
• Jobs data stayed firm → claims came in at 203,000, below expectations. Hot inflation plus a tight labour market keeps a September hike live.

@Anynamedoesitmatter: set the bar before the print at a Q3 guide of $105 billion or higher. Nvidia came in at $108B.

@Tonc: took the other side, leaning bearish because expectations were already too high for even good numbers to move it.

🇸🇬 Singapore — The AI Trade Shows Up In The Factory Data

🔑 Key Event: STI -0.65% to 5,684.12, a third day off its high. The number that matters is industrial. July manufacturing output rose 6.8%, with precision engineering up 17.7% and electronics up 11.2% on AI demand. Nvidia's data centre quarter is showing up in Singapore's factory data.

👀 Other to Watch

• $DBS(D05.SG) partnered with Stripe on cross border payments and agentic commerce across Asia.
• $UOB(U11.SG) raised EUR 1 billion of covered bonds, four times oversubscribed, and became the first Singapore bank to settle cross border payments live on Swift's blockchain ledger.
• $Seatrium(5E2.SG) launched two FPSOs with Petrobras and is now in talks with them on LNG export infrastructure. The second one is the bigger prize.
• $Frencken(E28.SG) resumes trading at 08:30 today after a two day halt. It sits right inside that precision engineering number.

@NewUser_12345: bought AEM (AWX) at $9.08 after the results, glad to see a local name doing this well.

@Dacai: likes Suntec REIT (T82U) if rates ease instead of getting hiked. Tonight decides that.

🇭🇰 HK/China — The Rally Did Not Travel

🔑 Key Event: Hang Seng -0.34% on Thursday and flat again this morning. Nvidia's night did nothing here. $BABA-W(09988.HK) -2.9% and $PDD(PDD.US) -2.4% both fell in US trading.

🌍 Other

• Oil → Brent slipped toward $87, a fourth straight down session, after Iran and Oman agreed on Hormuz waters. Reopening the strait still takes more than that deal.
• Venezuela → weighing an OPEC exit after more than 60 years, as its ties with Washington deepen.
• Anthropic → may let existing shareholders sell in its IPO, unlike SpaceX. Prospectus after Labor Day, valuation talk at $1.5 trillion.
• SpaceX → Musk said on X it could reach $3.5 trillion of annual revenue by 2033. That is his own projection, not company guidance. SGX lists SpaceX depository receipts.

📅 Key Events

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Not investment advice, just market talk 🙏