Dear Reader ,

This week, the eyes of investors around the globe were focused on the earnings of just one company—Nvidia. For good reason, because Nvidia has become the gatekeeper to the future, representing the core of a global economy restructuring itself around artificial intelligence.

And Nvidia’s earnings didn’t disappoint. Revenue hit $57 billion, up 62 percent year-on-year. Data-centre revenue alone reached $51.2 billion. Adjusted EPS was $1.30 versus the $1.26 consensus. For Q4, the company guided to around $65 billion in revenue, implying continued acceleration.

But then came the market’s reaction. Initially euphoric, the Nvidia stock surged 5 percent in after-hours trading on Wednesday, only to face a brutal sell-off. It was down 3.15 percent by day’s end on Thursday. The broa

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