Who needs data when Nvidia is out announcing deals?

At yesterday’s GTC conference, Nvidia CEO Jensen Huang unveiled a fresh round of partnerships with Nokia, Palantir, Uber, and the US Department of Energy.

Nvidia will team up with the DoE to build seven AI supercomputers — meaning a lot of chips heading to the government.

Nvidia also plans to invest $1 billion in Nokia to help transform the Finnish networking company into an AI-driven firm. Nokia, in turn, will use Nvidia chips to accelerate its 5G and 6G software development, while Nvidia will explore Nokia’s data-center strategy for its own AI infrastructure. There’s some circularity in the arrangement, but also tangible revenue potential for both companies — and investors liked what they heard: Nokia shares jumped 24%, hitting their highest level since 2010.

Nvidia also announced a collaboration with Palantir on government and industrial AI applications and customizable AI agents. According to reports, Nvidia has already booked around $500 billion worth of Blackwell and Rubin chip sales for 2025–26, and further deals with Samsung and Hyundai are expected later this week.

No surprise then that Jensen Huang insists there’s no bubble in sight. Nvidia shares soared 5%, passing the $200 mark for the first time. The S&P 500 edged to another all-time high, led by tech, while the Nasdaq 100 rose 0.74% — also supported by a 2% gain in Microsoft after it reportedly received a 27% ownership stake in OpenAI, positioning the AI startup to transition into a for-profit company.

So, you heard it — move on, there’s no bubble to see here!

Big Tech earnings remain in the center stage today with Microsoft, Meta and Alphabet reporting Q3 results after the bell. At current price levels and valuations, there’s little room for missteps — whether on earnings, spending plans or guidance. Skeptics have been calling for a broad sell-off for at least more than a year, arguing that AI revenues aren’t growing fast enough. That day may eventually come, but for three years running, Big Tech has consistently met and beaten expectations. And given the scale of deals and capex we’re seeing, it’s hard to swim against the tide — at least in Nvidia’s case. Whether AI investments generate revenue immediately or not, Big Tech has the cash to spend on Nvidia’s chips. And they are spending.

One minor setback came from ASM International, whose Q3 orders missed expectations due to weaker demand from major clients including TSMC, Intel, and Samsung. But will that discourage AI bulls from buying more? Hardly.

Of course, AI needs energy, and nuclear has re-emerged as the form of clean power best suited to meet those needs — since solar and wind can’t run the machines 24/7. Big Tech and the US government are now rolling out nuclear partnerships almost daily. The Global X Uranium ETF jumped another 8% yesterday, reaching its highest level since 2011 — a parabolic move that mirrors AI’s own hunger for energy.

And if anything, yesterday’s rally could still get a bit of sugar coating if the Federal Reserve (Fed) sounds sufficiently dovish later today. In the absence of fresh data, policymakers are effectively acting half-blind, but the market widely expects a 25-basis-point rate cut and possibly an end to quantitative tightening (QT), as much of the pandemic-era liquidity has now evaporated. Some even expect the Fed to announce an immediate end to QT today — which would certainly lift market sentiment: the more liquidity, the more fuel for assets. And with roughly $7.5 trillion parked in US money market funds, lower rates could push investors toward riskier corners of the market.

The US dollar remains under pressure. Although it was slightly better bid in Asia, a dovish Fed statement could renew selling. Still, the downside looks limited for the greenback, given how unappealing the major alternatives currently are:

• Japanese yen: Little appetite amid talk of a softer Bank of Japan (BoJ) stance, which could push the USDJPY toward the 155–160 range by year-end.
• Euro: Confidence remains shaky amid ongoing French political turmoil and fears of another government collapse.
• Sterling: Investors are cautious ahead of the Autumn Budget, and yesterday’s BRC inflation report showed the sharpest drop in food prices since the pandemic, largely due to falling sugar prices — a boost for Bank of England (BoE) doves.

So, the dollar’s stabilization — despite a looming US government shutdown — owes more to a lack of alternatives than genuine demand. A dovish Fed could change that today, though any rebound in major peers will likely be limited and may even present opportunities to fade rallies against the dollar, given how much Fed dovishness is already priced in.

As for gold, its recent slide could find support near $3’800 per ounce, just above the 23.6% Fibonacci retracement of its two-year rally.

So I’ll leave it here for today — and let Powell and the earnings do the talking for the rest of the day.