It seemed impossible, but Nvidia actually delivered earnings that defied normal growth, exceeding revenue and earnings forecasts. Data centre revenue grew 409% YoY, margins hit a decade high at 67%, and the stock jumped 6% after-hours. While the AI boom isn't a fad, some overly optimistic speculators might end up disappointed, although it beats estimates and silences naysayers about its $1 trillion valuation. This AI boom is showing no signs of slowing, with Microsoft, Amazon, and Google all pledging increased spending on Nvidia's AI chips. Only time and the auditor will tell whether this bubble has enough surface tension to keep expanding.

EQUITY

Wall Street staged a late-day rally Wednesday, with the S&P 500 and Dow Jones eking out gains with earlier tech-driven weakness due to some players betting against Nvidia's vital earnings. The Nasdaq composite slipped as energy outperformed, mirroring investor caution following hawkish minutes. Palo Alto Network crashed by 28.4% following concerns about the company's strategic pivot towards a broader suite of offerings, prompting fund houses to downgrade.

GOLD

Gold's slow but steady upward momentum was extended by a weakening dollar. While the Fed's cautious stance on rate cuts remains unchanged, continued economic data releases could reignite hopes of easing, providing more support for gold. Technically, the price is on a longer term downtrend with evidence of lower highs, but the price keeps pushing higher steadily.

OIL

Oil prices almost recovered all of Tuesday's pushdown. 400k bpd Midwest Refinery restarts after site-wide grid failure, while a weaker dollar provides additional support. However, questions remain on whether previous inventory builds and concerns about slowing global growth warrant further price gains. Investors await official US inventory data and key PMI readings for clarity on the crude oil trajectory. Trading is choppy, and there is no clear price action to determine direction.

CURRENCY

The dollar closed lower on Tuesday and even lower in today's Asian session after the Fed minutes offered no possibility of rate cuts, pushing EUR and GBP higher. However, Asian currencies reversed course as a slew of Fed signals and weak PMI data from Australia and Japan suggested prolonged high US rates, favouring the greenback. The focus now shifts to economic data from the U.S. along with policy cues from China during the annual parliamentary meeting in March.