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Positioning Watch – AI (NVIDIA) is overshadowing everything else

While macro is constantly moving, the AI wave (primarily NVIDIA) seems to be overshadowing everything else going on, being used as an argument for elevated asset prices. Will equities be wrongfooted by macro? The outlook is still positive, but risks are looming.
2024-05-28
<a href="https://stenoresearch.com/author/oskarvardal-4851/" target="_self">Oskar Vårdal</a>

Oskar Vårdal

0

Hello everyone, and welcome back to our weekly positioning watch. 

Equities have been dragged higher over the past week after NVIDIA published yet another earnings surprise, and markets were funnily enough buying into other Tech equities on the back of NVIDIAs earnings – strengthening the argument as to why AI / NVIDIA has proven to be a major driver in the equity space. 

Every single time NVIDIA or other GPU companies’ earnings surprise positively, we are witnessing a subsequent boom in the amount of AI related news, which are rapidly increasing at the moment. Not saying that it’s a bubble (although showing bubble-like dynamics), but “because of AI” is perhaps becoming a too frequent phrase..

Chart of the week: AI News counts are on the rise again.. 

While macro is constantly moving, the AI wave (primarily NVIDIA) seems to be overshadowing everything else going on, being used as an argument for elevated asset prices. Will equities be wrongfooted by macro? The outlook is still positive, but risks are looming.

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