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The current picture is essentially “strong fundamentals, but increasingly demanding valuations.” Before the earnings announcement, NVDA briefly traded around $210.55, down approximately 3.2% from the previous close, noticeably underperforming $QQQ, which was down about 0.9%. This suggests investors had already taken some risk off the table in major AI names ahead of the report#PCEToJacksonHole #AIMonetizationBroadens #BTCOptionsExpiryTest