Welcome to Markets Desk, your midday read on what's moving markets and the world behind them.
Nvidia and Broadcom are both printing trillion-dollar valuations, but the question on the Street is where the ceiling is from here. Nvidia is guiding toward seventy percent revenue growth next year, anchored by Blackwell scaling and Vera Rubin CPU shipments rolling out, while Broadcom continues carving its own lane in custom silicon for hyperscalers. The divergence in their growth stories is sharpening fast.
Shifting to energy, Saudi Arabia's East-West Pipeline is now under attack, and that changes the calculus for global oil supply in a meaningful way. This overland route was designed as precisely the kind of bypass that traders rely on when the Strait of Hormuz comes under pressure. With both Hormuz and Bab el-Mandeb already stressed, losing confidence in this third corridor tightens the escape routes considerably, and crude markets are taking notice.
And on the portfolio side, Bill Ackman has trimmed a significant big tech position to rotate into two AI-focused contenders, a move that signals where Pershing Square sees the next leg of AI monetization playing out. Amazon remains a core holding, but the reallocation suggests Ackman believes the pure-play AI infrastructure names carry more upside from current levels.
That's the tape. Markets Desk, signing off the floor.
