No Huang-over: Semis & Software Soar After Jensen Saves The Day, Bitcoin Bid As Bonds Skid

Tl;dr: The stories of software's death (SaaSpocalypse) appear to be greatly exaggerated (for now) as NVDA and CRM sparked a panic bid in tech stocks (software >> semis >> AI) and lifted bitcoin back up near recent highs. This was definitely not a broad risk-in day as breadth was a disaster. Bonds (prices) and the dollar were modestly lower as oil rallied (US uninterested in a deal) and gold found support at $4600.

Nvidia has delivered a huge relief rally for AI and software, but weak breadth says this is more concentrated short-covering and mega-cap re-risking than an unambiguous all-clear. At the cross-asset level, the real battle remains between strong nominal growth and inflation - which support yields and oil - and rising fiscal/debasement anxiety, which is supporting gold while preventing the dollar from fully benefiting from high US rates.

Oil