Paid Just Another AI (Mania?) Day Oct 27, 2025 3 min read paid Today was just another day in the stock market. The S&P 500 rose to another record high of 6875.16. Also closing at record highs were the Nasdaq, the DJIA, and the Russell 2000. Been there, done it! More record highs are likely when the Fed cuts the federal funds rate by 25bps on Wednesday. On Thursday, President Donald Trump and Chinese President Xi Jinping are expected to Ed Yardeni
Public Data Centers: Too Much of a Good Thing? Oct 8, 2025 5 min read The lure of riches and tight capacity today has money flooding into the construction of artificial intelligence (AI) data centers. Data center construction—just the cost of building the building—has increased to an annual rate of $43.0 billion, up 30% y/y and 322% higher than $10.2 billion four years ago (chart). Add in the costs of chips and servers, and you’re talking about real money. Jackie Doherty Ed Yardeni
Public MARKET CALL: Nothing To Fear But Overvaluation & A Shutdown Sep 28, 2025 3 min read The financial markets have become jittery lately due to concerns about high valuation multiples, particularly among AI stocks, and a potential government shutdown. President Donald Trump reportedly will meet with the top four congressional leaders at the White House on Monday as the threat of a government shutdown on October 1 looms. Meanwhile, investors are once again wondering whether the massive spending on AI infrastructure by the "hyperscalers" Ed Yardeni
Paid Nvidia Isn't Cisco May 28, 2025 3 min read paid As Nvidia's stock price soared during 2024, the naysayers compared its ascent to Cisco's roundtrip performance during the Tech Bubble of the late 1990s, which was followed by the Tech Wreck of 2000 and 2001 (chart). Cisco was the tech darling of the dawning Internet Age. Nvidia is leading the way in the AI Age. Cisco crashed when the Dot.Com Bubble burst. When DeepSeek was Ed Yardeni
Public The AI Trade Mar 28, 2025 3 min read Two months ago at the World Economic Forum in Davos, Microsoft CEO Satya Nadella said, "All I know is, I'm good for my $80 billion" regarding the $500 billion Stargate AI announcement. His comments followed the emergence of DeepSeek's R1 large language model and chatbot, which was supposedly trained at much lower cost than state-of-the-art models built in the US. A February note from Ed Yardeni Eric Wallerstein
Paid Back On The Happy Trail Jan 28, 2025 3 min read paid Today, the US stock market quickly confirmed our view that DeepSeek is a positive for the proliferation of AI, which should boost productivity and economic growth, especially in the US. The Nasdaq added 2% as Nvidia rose 9%. Both regained much of Monday's losses from the DeepSeek mini panic. It was yet another buying opportunity in the current bull market, as we anticipated in Sunday's QT. Ed Yardeni Eric Wallerstein
Paid Stocks Stay Afloat in Deep Waters Jan 27, 2025 3 min read paid DeepSeek took a bite out of semiconductor, other tech, as well as nuclear power stocks today. Many of these AI plays dropped by double-digit percentage points, and Nvidia fell 17%. Other than the impact of the largest US stock nearly entering a bear market in one day, plus some collateral damage in other large stocks, the broader market held up just fine. The S&P 500 fell less than Ed Yardeni Eric Wallerstein
Paid MARKET CALL: AI Coming To Vegas, Baby, Vegas! Jan 5, 2025 3 min read paid The Q4-2024 earnings reporting season is about to start, led by the big banks. We expect that during their conference calls, company managements will discuss how AI may be starting to boost their productivity. In effect, they'll be trying to convince investors that every company is now a technology company either producing AI hardware and software or using them. The AI excitement will be palpable this week. As Ed Yardeni Eric Wallerstein
Paid Supercomputers vs Supercore Inflation Dec 10, 2024 3 min read paid The stock market appeared calm ahead of tomorrow's November CPI report, which is likely to show that supercore inflation (i.e., CPI services less shelter) remains stuck around 4.5% (chart). However, there was plenty of action just below the surface of the stock market's calm. Oracle dropped 6.7% on disappointing earnings results. Google rallied 5.3% on a new state-of-the-art chip "Willow," Ed Yardeni Eric Wallerstein
Paid Let The Good Times Roll Dec 5, 2024 2 min read paid Salesforce beat Q3 earnings expectations today, but that's not what drove the company's shares 11% higher. CEO Marc Benioff did that by touting the company's AI-powered chatbots on today's quarterly earnings call. He sparked renewed AI optimism that lifted the Nasdaq and S&P 500 to new record highs. AI differs from the dotcom mania of the late 1990s. It is Ed Yardeni Eric Wallerstein
Paid Zettascale Computing Is Coming Using Nvidia's Blackwell Chips! Sep 12, 2024 2 min read paid Yesterday, stock prices initially fell sharply following August's CPI report, but AI fever quickly turned the S&P 500 around to a 1% gain. Yesterday, Oracle announced it is taking orders for the first "zettascale" AI supercomputer, which will be powered by up to 131,072 Nvidia Blackwell chips. Nvidia CEO Jensen Huang also told a Goldman Sachs conference that demand for their Blackwell chips Ed Yardeni Eric Wallerstein
Paid Will Nvidia Trump The Fed? May 23, 2024 2 min read paid Yesterday's FOMC minutes confirmed that Fed officials are in no rush to lower the federal funds rate (FFR) and some are considering the possibility that they might have to raise it if inflation stalls above the Fed's 2.0% target. The 2-year Treasury yield is back up to 4.94% implying one 25bps rate cut over the next 12 months. So stocks sold off on fears Ed Yardeni Eric Wallerstein