S&P 500: Keep an eye on Nvidia as AI hype may be deflating

Nvidia stock tumbled over 14% for the week, taking the S&P 500 along with it, down 3.05%. The index could bounce off its 100-day EMA or pull back further to retest the Jan 19 breakout, ~ 4,900. Nvidia Q1FY25 earnings report is still 5 weeks away, but one should keep an eye on the commentaries from Microsoft, Meta and Google, the biggest spenders on H100 GPUs.

This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

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