ryan vlastelica

Alphabet's worst day in a year despite 82% cloud growth signals a regime change: markets now demand capex efficiency and revenue inflection above spending, not just growth; Apple's resilience as largest company reflects its non-participation in the AI spending trade.

Nvidia's quarterly report is the key test for whether hyperscaler data center spending continues accelerating at a rate supportive of current valuations; positive reads from hyperscalers on capex commitments exist but growth deceleration is expected.

Bitcoin is seeing strongest ETF inflows since October, improving liquidity expectations from Treasury comments, and lower regulatory risk premium, setting up for a potential sustained rally if buying extends beyond short covering.

Strongest ETF inflow week since October, Treasury-driven liquidity improvement expectations, and lower regulatory risk premium create a constructive setup. A short squeeze occurred last week; sustainability depends on fundamental buying driven by core PCE and Fed policy signals.

Nvidia trades at a low forward multiple with ~90% earnings growth this year, but growth is expected to decelerate. The stock is cheaper than Intel or AMD on quality-adjusted basis, yet sentiment has deteriorated — seven-day losing streak matches 2022 lows. Forward guidance on data center demand trajectory is the key catalyst.

Apple's delayed smart glasses launch reflects category challenges; privacy positioning and developer ecosystem preparation at WWDC 2027 are critical for overcoming consumer skepticism that has plagued Meta and others.