Overview
- The S&P 500 and Nasdaq reached fresh record closing highs this week, a run powered mainly by gains in a handful of large AI-exposed technology companies.
- Nvidia’s shares traded around $238–$240 and its board approved an extra $150 billion in buybacks, taking remaining repurchase authorization to about $235 billion through fiscal 2028.
- Options-market pricing shows a materially elevated chance that Nvidia will hit a roughly $6 trillion market value by the end of October, though those probabilities also imply symmetric downside risk.
- Macro and energy signals have diverged from the equity rally: 10-year Treasury yields remain elevated near 5.3% even as Brent crude slipped below $100 a barrel, which eased some inflation worries.
- A large Google power purchase agreement with Constellation Energy and reports that AI demand is shifting bottlenecks toward electricity and data‑center capacity underscore a developing infrastructure pressure point that could alter the rally’s path.