Focus shifts to US growth, inflation data as Fed members cool dovish bets

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Markets hit pause as investors take profits after the recent rally, while AI news steals the spotlight. Nvidia’s $100 bn investment in OpenAI and OpenAI’s $400 bn plan for five new US data centers show where capital is flowing—but not everyone is rushing in. Micron smashed earnings expectations with AI-driven revenue and soaring cloud memory margins, yet its stock slipped 3% as some investors cashed in after a 170% rally since April.
Across the globe, Alibaba continues to climb, testing 2021 highs, as Chinese tech funds fuel momentum. But valuation gap with US peers is narrowing!
Today, all eyes are on the US GDP print, which could set the tone for bonds, stocks and the US dollar. Meanwhile, the Swiss National Bank held rates at 0% and UK Treasury auctions highlight fiscal worries.
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