I wonder Gina, from a market participants perspective, how does this influence how you will approach today, trading or otherwise. >> Well, you've given us a range that goes from nothing to a lot. So, uh it's a it's a pretty wide range, but look, our 2026 road map um does assume that we continue to see significant capex spending into the infrastructure of AI.Um and we do think that that continues to support uh the kind of let's call it the picks and shovels uh of that uh ecosystem which includes Nvidia, it i ...

Core Insights - The earnings announcements from major hyperscalers like Microsoft will lead to increased scrutiny on AI capital expenditure spending, particularly regarding returns on investment due to their scale and rapid growth [1] Company Analysis - Nvidia Corporation is identified as the main beneficiary of the increased AI capital expenditure, indicating a strong position in the market [1]

Economic Indicators - The ISM Services PMI reported New Orders and Business Activity at 47.2 and 49.9, indicating contraction compared to last month's figures of 56 and 55 [2] - The S&P Global Composite PMI is at 53.9, down from 54.6, while the S&P Global Services PMI is at 54.2, slightly lower than the previous 54.5 [7] Market Performance - The U.S. stock market opened with the Russell 2000 leading at +0.94%, followed by the Dow at +0.52%, with current levels at 2,481.60 and 46,760 respectively [2] - The S&P 500 and Nasdaq are at 6,727.43 and 22,852.39, showing slight declines from recent record highs [3] Corporate Insights - Goldman Sachs CEO David Solomon anticipates an acceleration in the U.S. economy driven by AI infrastructure, but cautions about high valuations in tech stocks [3] - Morgan Stanley's chief investment officer, Lisa Shalett, expressed concerns about potential "cracks" in AI capital expenditure spending, suggesting it could impact the market's bullish trend [4] Market Sentiment - Despite concerns regarding AI spending, all four major U.S. benchmarks are projected to reach all-time highs at the market open, fueled by optimism surrounding AI [5] - The ongoing government shutdown is limiting the availability of economic data from federal institutions, which may affect market sentiment [6]