The latest quarterly update from Nvidia reignited enthusiasm around artificial intelligence, pushing the stock sharply higher and briefly lifting the broader equity market with it. Revenue soared past expectations, particularly in its data centre division, confirming the company’s central role in the current AI investment cycle.
That enthusiasm did not hold. Within days, markets reversed, rattled by changing expectations around interest rates. Minutes from the most recent Federal Reserve meeting revealed a lack of consensus on the path forward. At the same time, economic data continued to complicate the picture. US job creation picked up modestly, countering earlier signs of softness, while wage growth cooled just enough to raise questions rather than provide clarity.
Broader market indices gave back early gains, with the S&P 500 and NASDAQ both declining into the end of the week. The pullback was especially sharp in areas more sensitive to macro volatility, including crypto assets, which saw significant outflows. Bitcoin fell sharply amid cooling sentiment, driven in part by lower institutional flows and hesitancy around near-term monetary easing.
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