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these levels. Why is that? Treasury bonds, as I just said, are...are already built into the market, there are people's assumptions about inflation. My...my guess is that the probability of this is higher than the other options. Stocks, that's what I should have said. There are always stocks to buy, but asset prices are high .
So, stock prices, however you measure them, you know, are in the top 5 or 10% of all time, but at any given moment, a stock can be a good buy. And this is true all over the world. So when you, you know, look around, no, you shouldn't talk in general terms about stock prices. So, many are criticizing the market structure now, positions behind credit ETFs, etc.
How concerned are you about the proliferation of credit ETFs into individual stocks? Well, credit ETFs themselves are quite small. So I would say not really, but there is what I call market leverage. Leverage of prime brokers, hedge funds , ETFs, arbitrage leverage on treasury bonds. I count some of this twice.
So, the market leverage is quite high. Of course , we manage it client by client, and you've seen disasters where people lost a lot of money, but nothing special happened, they just closed their positions. But when that happens, you...you ...really have a higher chance that someone will quickly destabilize the market, and people are scared of that, so that risk is a little bit overstated.
And I just saw the Fed say it will look into private credit. Again, I'm not worried about it systemically, but there may be some issues that, you know, the Fed needs to pay attention to. Going back to the leverage you're talking about, obviously a big high- profile example of this was last week's situation.
JP Morgan was one of the largest prime brokers for Situational Awareness, an AI-focused hedge fund that is now bankrupt. How much more stress do you see there? there, by the way. The thing is , they...they rolled it all up. Smaller. Smaller form. Um, I think the market handled it very well. But I...I'm talking about leverage: margin debt is at an all-time high right now.
There is a lot of margin debt that you don't see because it's not called margin debt, but something else. So, this is a type of leverage, some hidden , some public. We... we see a lot of it , and it's high. You know, I wouldn't say it's a systemically high level that would lead to a catastrophe, but it's high.
The worst thing is real losses in the market, as was the case in 2008. The issue was not about leverage , but about the amount of losses that should have been recorded on mortgage loans . video next week, and Nvidia will definitely be a major topic, but we have a lot of economic data coming up. Remember: Historically, after a weak week of economic data like this, the following week is usually very busy, and that's exactly what we'll see next.
Next Wednesday, just next Wednesday, Nicole: durable goods , second- quarter GDP, household income and spending—three of the month's six key figures will be released before the market opens, and Nvidia will report after the close. So next Wednesday will be an extremely important day for the entire market .
We are looking forward to it. A very nice positive day against the backdrop of news from all fronts. I think it could be a down week, but Friday could turn out to be a very good one, Nicole. Yes, and on Friday we will get data on consumer sentiment, which has been a bit weaker recently, so next week, as you mentioned, there will be a lot of reports to analyze.
You mentioned Nvidia. I know we still have Dick's, Intuit, CrowdStrike, Salesforce, Workday—a lot of things , even though we're almost through reporting season. The Bitcoin rally is the most impressive. There were many reasons that catalyzed this breakthrough, and the technical aspect also plays an important role.
What do you think about what is happening with cryptocurrencies? Well, cryptocurrency, in this case Bitcoin, is a continuous momentum and interest. And this week, interest has increased. The tone in crypto markets changed when, first, President Trump met with crypto industry leaders at the White House and then called for the passage of the Regulatory Clarity Act.
So I think this has given a boost to cryptocurrencies in general and Bitcoin in particular. I think we are witnessing the continuation of this process. This is helping the market to be higher today. This also pushes it up a bit, but make no mistake, this is a news spike in crypto due to momentum from all these players in the White House and President Trump calling for the Clarity Act.
The second day of a fairly significant rally. Yes, without a doubt, this Clarity Act can be passed. Oh, it's on the agenda for September 15th. We have John Thune working on this. I started hearing a lot about it earlier in the week, and they actually have bipartisan support, and it looked a lot more positive than the first week of August when everyone was rushing to break and some even left early.
They really had no choice, and the agenda was too overloaded . Perhaps this pause gave them the space they needed. This is the best week for Bitcoin in the last 2 years. Bitcoin has risen 23% since the beginning of the week. Is n't that right? So that's pretty impressive, it's already at 77,000 today.
Yesterday's story about Anthropic, towards the end of the day, at the end of my show, I started hearing more about IPOs, and wow, we better get ready, right? Many details are starting to emerge. Yes, the rhetoric is starting to heat up as Anthropic's IPO approaches. Remember, they filed the paperwork a few weeks ago, but were very secretive about when they were going to do it.
Well, now the rhetoric is intensifying in the sense that it will happen sooner than expected. And here is some news. They expect to match or even surpass the scale of SpaceX's record-breaking IPO as the company's plans to go public in AI gather momentum. The software maker is ramping up its metrics in preparation for a potential public announcement.
Nvidia is preparing for an earnings report after a difficult period for the stock. But this report could have implications far beyond Nvidia itself. The numbers are expected to be huge. The real question is whether the forecast is strong enough to convince investors that the AI infrastructure cycle still has years to develop.
Because right now the market is discussing two different stories. One side says that demand for AI remains nearly impossible to satisfy, while the other asks whether investors have already factored in too much future growth, and Nvidia is about to become the arbiter. Exceeding earnings forecasts may not be enough.
Nvidia is expected to report quarterly revenue of approximately $92 billion, which would represent extraordinary year- over-year growth. But here's the problem. Investors are already expecting Nvidia to beat forecasts . This is no longer a surprise . The surprise will be the statement from market leaders that demand is even stronger than expected and that the next generation of AI infrastructure will that's why the earnings report is more important than revenue headlines.
The market wants to know what will happen after this quarter. Jensen's comments about 2027 and 2028 are probably the most important part of the entire report. Nvidia has already benefited from the huge spending of hyperscalers, but investors are now trying to gauge how big the AI market will become in the coming years.
If Jensen Huang continues to describe an environment where demand consistently outstrips supply, it could strengthen the long-term thesis. And if Nvidia's customers continue to expand their infrastructure plans, the company could have a much longer period of growth than the market is currently assuming.
And that's why Nvidia's comments could affect hundreds of other stocks. And it's not just about Nvidia , but also about the companies that provide the infrastructure around Nvidia. At what point do we change the equation? One of the biggest shifts ahead of the earnings report is the shift to where they are open.
What matters to investors is that Rubin is moving from an announced product to actual production and deployment. This is a significant difference. A roadmap may look fantastic on paper, but actual production proves whether a company is capable of implementing its plans. And if Nvidia can successfully transition from Blackwell to Rubin while maintaining strong demand and healthy margins , it could create another strong revenue cycle, which will be especially important before 2027.
AI spending machine. Think about how the AI ecosystem works. Hyperscalers are spending billions on building data centers. These facilities require power, networking, memory, cooling, storage, and a huge amount of computing hardware. Nvidia is right in the middle of this chain, but the demand doesn't necessarily end at hyperscalers.
The next wave may come from corporations. Banks can implement more AI, and pharmaceutical companies can increase their computing workloads. Manufacturers could automate their operations.
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