Asia Wrap: Nvidia seems to be the topic de jour in most circles

Markets are relatively quiet as traders ease into the Thanksgiving lull. A few folks are predictably fading the minutes, as would be expected. As the street knows, the data will need to shift hawkishly to change the " insurance"  rate-cut narrative. 

Nvidia seems to be the topic de jour in most circles.

A couple of things. First, expectations for Nvidia’s Q3 results and Q4 guide were sky-high. The shares are priced beyond perfection. Consensus aside, it’s hard to say where “the bar” is at this point, and therefore, it’s hard to know whether Nvidia cleared it.

Second, this week’s breathless media circus around the OpenAI soap opera has convinced me that the A.I. frenzy is overblown, at least in the near term. Two existential armed conflicts are going on in the world, and more often than not, over the past four days, Gaza lost to Sam Altman in the fight for space above the fold.

That sort of hair-on-fire, 24-hour blanket coverage would be justified if anyone thought ChatGPT was on the verge of becoming self-aware. 

I would love to say that we're using AI in our systemic trading strategy, but unless I can convince John Estrada (recently x CS quant)  to join me in Bangkok, that is not going to happen anytime soon.