Markets Under Pressure
Wall Street endured another bruising week, with three of the four major U.S. indices closing down more than 1.5%. The S&P 500 slid to a six-month low, reflecting broad investor unease. Much of the anxiety centered on volatile swings in crude oil prices, as the U.S.–Iran conflict entered its third week, injecting fresh uncertainty into an already fragile market environment.
Nvidia's GTC Conference: Bold Vision, Muted Stock Response
Nvidia held its annual GTC conference this week, delivering a wave of partnership announcements that underscored its central role in the AI ecosystem. The most striking moment came when the company's leadership projected a path to $1 trillion in cumulative revenue through 2027, a staggering figure that reflects the sheer scale of the AI infrastructure buildout underway.
Among the headline partnerships, Uber announced an expansion of its robotaxi collaboration with Nvidia, with plans to deploy a fleet of autonomous vehicles and scale operations to 28 global cities by 2028. Additional autonomous vehicle partnerships were also unveiled, reinforcing Nvidia's position as the backbone chipmaker for the self-driving industry.
Despite the bullish announcements, Nvidia's stock still closed the week down roughly 4% — a reminder that even the most compelling narratives can struggle against broader market headwinds and elevated valuations.
Micron: Strong Earnings, Cautious Investors
Micron Technology delivered earnings and guidance that beat expectations by wide margins. The memory chipmaker posted $12.20 in earnings per share on $23.9 billion in revenue, while issuing current-quarter revenue guidance of $33.5 billion — nearly $10 billion above consensus estimates.
Yet shares barely moved, finishing the week up only about 1%. The muted reaction likely stemmed from investor concern over Micron's projected $25 billion in capital expenditure and looming capacity constraints. In the current environment, even blockbuster results are being weighed against the cost of sustaining growth at that pace.
Super Micro's Dramatic Plunge
Friday brought the week's most dramatic single-stock move: Super Micro Computer plunged 33% after reports that three of its employees had allegedly violated U.S. export control laws by transporting AI servers — containing restricted Nvidia chips — from the United States to China. An unsealed indictment detailed the charges, though notably Super Micro itself was not named as a defendant in the suit. Regardless, the market punished the stock severely, reflecting how sensitive investors have become to any hint of export compliance risk in the AI hardware supply chain.
Looking Ahead
The coming week brings earnings reports from Chewy and Carnival, along with key economic data including initial jobless claims and mortgage rate figures. With geopolitical tensions persisting and the AI trade facing a reality check on valuations and costs, investors will be watching closely for any signal that the market can find its footing.