This week's market is unremarkable, primarily due to a vacuum of macro data, leading to a strong sense of wait-and-see among investors. Additionally, last night's performance by Nvidia has raised some concerns. Tonight at 8:30, pay attention to the PCE data; based on current predictions from investment banks, the outlook is not optimistic, with inflation likely to intensify, which may weaken the probability and expectations of a rate cut in September.

It's also worth noting that Nvidia's impressive earnings report yesterday, with revenues exceeding expectations (this is under the premise of the H20 chip ban in China), still managed to set new highs. Analysts had anticipated a significant rise in Nvidia's stock following the report, but the result was a slight decline. The main reason for this is the high revenue concentration in Nvidia's earnings report, which shows that Client A accounts for 23% of Nvidia's total revenue, and Client B accounts for 16%, with the top two clients making up 39% (speculatively, Client A is likely Microsoft, and Client B is likely #META). This level of concentration can create a strong uncertainty crisis. Furthermore, Nvidia's proud data center business remains its core growth engine, but its quarter-over-quarter growth rate has slowed, raising market concerns about its future growth momentum.

As the saying goes, when something should rise but doesn't, it is the most concerning. If prices rise too high and expectations are too lofty, any slight disturbance can cause panic, akin to a startled bird. This is a typical sign of a late-stage bull market. Such sentiment may spread from #AI infrastructure to #AI large model companies, as currently, the seven major players are largely supported by the AI concept (except for Apple). Keep an eye on this change. 🧐

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