Nvidia report and guidance were great; the company will continue to power the market higher. Pushes back on AI bubble narrative, questioning if the fear was overspend, which Nvidia's strong sales seem to contradict.

Clarifies the AI bubble narrative was about overspending by companies that couldn't make the economics work. Nvidia selling chips faster negates that bubble fear.

Walmart quarter strong, Target not, showing a mixed retail bag. Digging deeper, Walmart said they're raising prices and inflation will keep coming, explaining the K-shaped chart where consumer confidence falls while stocks rise due to cumulative inflation.

Predicts the K-shape will widen: stock market up big today, but Walmart told the bottom half (non-asset owners) store prices will get more expensive.

Retail space is difficult; success depends on execution (Walmart good, Target bad, Macy's mixed), making it hard to read the general economy from earnings alone.

A rocking Nvidia and AI are definitely more important. AI-related stocks are almost half the S&P 500 market cap, a dominance not seen since railroads in the 19th century. Walmart's move to NASDAQ symbolizes everything is about tech/AI, not the Fed.