Summary

• NVIDIA once again delivered a blowout quarter, but investors increasingly questioned whether even exceptional results can justify extreme valuations across semiconductors and AI infrastructure.
• Geopolitics were driving violent swings in oil prices, Treasury yields, airlines, homebuilders, and energy stocks as investors attempted to price the probability of escalation versus a negotiated settlement.
• Weakening consumer sentiment and soft manufacturing surveys collide against stubbornly high yields, rising inflation expectations, and a Federal Reserve increasingly hesitant to ease policy.

By Ryan J. Puplava

The market spent the week caught between optimism surrounding artificial intelligence spending and growing anxiety surrounding oil prices, inflation, and interest rates. Investors repeatedly rotated between risk-on and defensive positioning as earnings, geopolitical developments, and economic

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