Good morning, investors. The Federal Reserve begins its two-day meeting today but no one expects policymakers to adjust interest rates.

That’s why the FOMC has largely taken a back seat to the AI chatter to start the week.

Chip supercycle

Jensen Huang just buried the debate over whether AI spending has peaked.

Speaking Monday at GTC 2026 in California, he told a packed audience that Nvidia has visibility into at least $1 trillion in demand through next year.

The number he shared last year just for Blackwell and Vera Rubin was $500 billion.

If the largest company in the world is seeing demand double effectively overnight, it’s hard to bet against the broader trend.

Huang went even further.

“In fact, we are going to be short,” Huang said. “I am certain computing demand will be much higher than that.”

He brushed off the bear case for the AI trade — that hyperscaler spending would fall off — in front of a live audience of 30,000 guests.

Those comments landed alongside material product updates. Nvidia’s next-gen Vera Rubin platform is on track to ship in the second half of the year.

The broader AI trade, though, continues to falter.

The Magnificent 7 have together shed more than $2 trillion in market cap since peaking last year and now hover about 14% below record highs.

Big Tech, notably, has seen a far sharper drawdown than the rest of the S&P 500.

That said, zooming out tells an alternative story.

These seven stocks — Nvidia, Meta, Amazon, Apple, Microsoft, Tesla, Alphabet — have more than tripled their combined market cap over the last three years.

Even with the recent weakness, they still command $20 trillion in combined value.

Shares of Nvidia tend to sell off after keynote speeches from its CEO. Sky-high expectations often front-run the events and markets sell the news.

That pattern is worth watching in the coming trading days.

The AI buildout isn't slowing. It's accelerating.

And Huang just gave the market a number to prove it.

Buy, sell, and swap 80+ cryptocurrencies in your retirement account and pay less taxes. 

Double your dry powder by maxing 2025 & 2026 contributions now to earn up to a $2,000 bonus.

Don’t miss this rare Tax Season window. Maximize your crypto retirement.

🚗 Uber and Nvidia plan to roll out robotaxis soon. The two companies announced they will deploy a fleet of autonomous vehicles to the ride-hailing app across 28 cities globally by 2028. (Reuters)

🎯 Meta stock climbed on reports it will cut 20% of staff. Wall Street cheered the potential layoffs to its 79,000 employees as a way to offset surging AI infrastructure costs. (CNBC)

🛢 Scott Bessent said the US is allowing Iranian oil tankers through the Strait of Hormuz. That will allow global supply to continue flowing. The Treasury Secretary also said oil prices should fall "much lower" than $80 once the war ends. (CNBC)

🗓 March 17, 1980: The Fed and a group of US banks scrambled to contain the fallout from crashing silver prices and the Hunt Brothers’ failed attempt to corner the silver market.

📩 Want to get in front of 200,000+ investors who get this newsletter and the 350,000 professionals who can access it on Bloomberg Terminals? Reply to this email and tell us why we should work together.