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Core Viewpoint - Nvidia is gradually scaling back its nascent cloud computing business, specifically its DGX Cloud service, which indicates a shift in strategy and a response to limited demand in the cloud services market [2][3][4]. Group 1: Nvidia's Cloud Business Adjustments - Nvidia has reduced efforts to attract enterprises to use its DGX Cloud service and plans to primarily utilize this service for internal purposes, supporting its own researchers [2][3]. - The scaling back of the cloud business may reflect market resistance to Nvidia's pricing strategy, as AI developers find the DGX Cloud servers to be more expensive than traditional cloud services [3]. - Nvidia's recent quarterly report no longer specifies that its cloud spending commitments include DGX Cloud, suggesting a decreased priority for external customer service [3][4]. Group 2: Market Context and Performance - Following Nvidia's announcement, major tech stocks in the U.S. saw a rise, with Tesla surging over 7% and the Nasdaq index increasing by more than 1%, reaching a historical high [6]. - Goldman Sachs highlighted that AI-driven tech giants and loose monetary policies are the two main pillars supporting the current bull market in U.S. stocks [6]. - Despite uncertainties, Goldman Sachs projects a steady growth of 7% in earnings per share (EPS) for the S&P 500 index over the next two years, reaching $262 and $280 respectively [6][8]. Group 3: Broader Economic Indicators - The earnings growth of the "S&P 493" (excluding the tech giants) was 7%, while the tech giants experienced a remarkable 28% growth, contrasting with a generally pessimistic macro narrative [7]. - Current valuations of the S&P 500 index are high, with a price-to-earnings ratio of 22, placing it in the 96th percentile since 1980, indicating potential caution for investors [8]. - The report from Goldman Sachs also noted that the technical buying momentum supporting the market is weakening, suggesting a shift in market dynamics [8].