Understanding Where the “Bubble” Is in AI
What’s in Today’s Report:
- Understanding Where the “Bubble” Is in AI
- Weekly Market Preview: Does the Fed Start a New Rate Cutting Cycle?
- Weekly Economic Cheat Sheet: Fed is Key, but There’s Important Growth Data This Week, Too
Futures are slightly higher following a mostly quiet weekend and despite negative tech news and economic data from China.
China declared that NVDA had broken anti-monopoly news, escalating existing tech tensions between China and the U.S. (although this move isn’t a total surprise).
Economically, Chinese data underwhelmed as Retail Sales rose 3.4% vs. (E) 3.8% while Industrial Production gained 5.2% vs. (E) 5.6%.
Focus today will be on the first economic reading of September, the Empire Manufacturing Index (4.3) and markets will want to see stability to further push back on slowdown concerns.