Jackson Hole focus: Nvidia is more important than the Fed for financial markets
As we get to the end of the trading month for the UK, the focus will shift from the corporate back to the macro. Nvidias stunning 8% rally after its Q2 earnings report reignited the AI trade on Thursday, with a broad-based rally that lifted the Nasdaq 100 by more than 1.4% and the S&P 500 by 0.7%, led by a 3% gain in the tech sector. World waits for Warsh to speak The rally could pause on Friday, and futures prices are pointing to some small declines for Nvidia and a 0.3% drop in the Nasdaq 100 later today, as the focus shifts to Jackson Hole and the speech from Kevin Warsh that the whole world is waiting for. Huangs warning on memory costs Thursday‘s rally is worth revisiting. Nvidia’s CEO essentially jump-started the AI trade when he said that the company would double its supply commitments to $279bn, primarily due to memory costs. However, the memory chip makers did not benefit from this rally. SanDisk and Micron saw their share prices surprisingly fall on Thursday. This is possibly due to Huangs warning that the AI build out could slow down due to memory costs, which could put pressure on these companies to









