• The earnings out of Nvidia sparked another strong rally yesterday.  It was disappointing that it was also another very “narrow” rally…but that hasn’t hurt the market yet.  So, investors are going to continue to disregard this development.  (Who can blame them?)
  • A significant “valuation divergence” between NVDA and the other AI related stocks has been developing for some time now.  However, it has become even more pronounced recently.  This should have important implications for how these stocks should be weighted in one’s portfolio…even when an inevitable correction takes place at some point in the future.


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