Eurozone growth expectations have improved, supported by a strong earnings season. Oil prices rose on renewed Strait of Hormuz tensions, while OPEC output recovered in July. AI investment remained in focus, with Intel raising capital, Nvidia securing funding for AI infrastructure, and regulatory changes supporting additional financing channels. However, this did not support the Nasdaq, which edged lower on Monday. Gold and silver extended their rally from late last week, supported by rebounding gold ETF demand. Enrico Chinello, Next Generation Research, discusses the state of AI infrastructure spending, arguing that it is not a bubble, while stressing that investors should focus more closely on valuations, earnings visibility and monetisation.
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