1. The S&P 500's 2025 year-end target is raised to 7,000 due to sustained AI-driven earnings growth and clearer Fed rate cut expectations; 2. Anticipated Fed rate cuts have pushed 10-year Treasury yields toward 3.5-4.0%, supporting a 23x P/E ratio; 3. A 2026 S&P 500 target of 7,700 is introduced, based on a 23x multiple of projected 2027 earnings of $335.

1. Nvidia Corporation reported a $2 billion beat to consensus revenue estimates in Q3, with YoY growth of nearly 94% to over $35 billion in revenue; 2. Current forecasts indicate revenue will exceed $50 billion in one year, with growth exceeding 40% over the next five quarters; 3. Despite the $2 billion top-line beat, Q3 margins were relatively in line with guidance, with management forecasting a nearly 2-point sequential contraction in Q4.

1. Chip stocks globally have lost over $420 billion in value after ASML lowered its 2025 forecasts and revealed lower orders than expected. 2. ASML's CEO mentioned that while AI development remains robust, other market segments are taking longer to recover. 3. ASML's revenue from China is expected to drop significantly due to U.S. and Dutch export restrictions.

➀ Several companies, including Intel, MediaTek, and STMicroelectronics, project a modest 1% revenue growth for Q3 2024. ➁ The semiconductor market saw an 18% increase in the first half of 2024, driving robust growth for the full year. ➂ Forecasts for 2024 range from 14.4% to 20.7%, with a deceleration expected in 2025, ranging from 11.0% to 15.6%.

1. NVIDIA CEO Jensen Huang predicts the AI market will evolve into a $50 trillion AI automation sector. 2. The company's new Blackwell GPU architecture is expected to play a significant role in this growth. 3. NVIDIA's dominance in the AI chip market, with an estimated 98% share, positions it well for this future.