📊 Nvidia aced the earnings test with US$96.2B in quarterly revenue and US$108B guidance. But almost immediately, the market’s question changed.

Fed Chair Kevin Warsh put higher rates back in focus, while renewed tensions in the Strait of Hormuz pushed Brent above US$90.

This week’s Manhattan 5 examines five developments shaping the market:

1. Nvidia’s extraordinary quarter meets renewed rate risk
2. The AI trade increasingly becomes a financing trade
3. Hormuz puts energy and inflation risk back in focus
4. Strong indexes mask weaker market breadth
5. Jobs data and Broadcom test the next phase of the AI trade

🔎 The bigger question is no longer whether AI demand exists. It is who finances the buildout, who carries the risk, and whether returns can withstand a higher cost of capital.

Stay selective. Stay liquid. Don’t confuse a strong index with universal financial health.

Learn more at manhattanprivatecredit.com

#Nvidia #AI #Markets #PrivateCredit