Mohamed El-Erian, economist at Allianz
Whatever US chipmaker Nvidia does greatly impacts markets just like the Federal Reserve, Mohamed El-Erian, economist at Allianz, said on his X account.
He added that "don't fight the Fed" has long been a common mantra in capital markets. However, market chatter these days suggests expanding it to "don't fight the Fed and, at least for now, don't fight Nvidia"!
This reflects Nvidia's pivotal role in the current market performance, especially after the stock declined following the company's second-quarter results. Despite surpassing expectations, the results raised concerns about the sustainability of the AI boom.
Nvidia reported record quarterly revenues of $30 billion. The company has been one of the biggest AI boom beneficiaries; hence, its market value exceeded $3 trillion.
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