MARKET CALL: Dow At 70,000 By 2029

"Through the roof." That's how Nvidia's CEO Jensen Huang described AI infrastructure spending in his excellent interview with Scott Wapner on CNBC this past Friday, February 6. Huang described the current landscape as a "once-in-a-generation infrastructure buildout," specifically highlighting that demand for Nvidia's Blackwell chips and the upcoming Vera Rubin platform is "sky-high." He emphasized that the shift from experimental AI to AI as a fundamental utility has reached a definitive inflection point for every major industry.

Investors were clearly comforted by Huang's comforting words. Earlier in the week, they trashed the stocks of the four hyperscalers (AMZN, GOOGL, META, and MSFT) after the companies announced plans to increase spending collectively by more than 60% from historic 2025 levels to a whopping $700 billion this year.