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2023’s champion, Nvidia (NVDA), is leaping to yet another never-before-seen price, as its bargain p/e ratio of 65 continues to attract hordes of buyers. They sure better hope AI is as monstrous a deal as they’re making it out to be, or there’s going to be a glut like no one has ever seen.

The semiconductor index (SMH) is following along, naturally, although it is shy of its own lifetime high. There’s a gap beckoning to be filled.

It isn’t that surprising we’re seeing across-the-board green today since the tiny bit of selling we saw over a few days represented nothing more than burning off some excess profits. The horizontal line is still quite intact, and it’s going to take a big narrative change (CPI shocker, a bunch of earnings disappointments, etc.) to really change the direction of stocks overall.

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