Happy Monday. The Nasdaq and S&P 500 rallied over 1% today as WTI crude fell 5% and announcements from chipmaker Nvidia and social giant Meta invigorated the broader tech sector. The Cboe Volatility Index, sometimes referred to as Wall Street's "fear index", fell by double-digits, returning below 24 in a one-day reprieve for the market.
Have investors put the Iran conflict in the corner? At least for today, as Nvidia CEO Jensen Huang delivered remarks at the company's annual AI keynote, investors were willing to cast the geopolitical clouds aside.
But maybe the biggest announcement of the day wasn't that Nvidia expects to make "$1 trillion" on AI chip sales by 2027; after all, we mostly knew that. Maybe it was that Meta inked a $27 billion deal with Nebius to expand its AI infrastructure, just days after a report suggested it might weigh a mass layoff as it continues its spending rush.
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