Nasdaq shows early weakness as investors digest stretched AI valuations and Nvidia’s upcoming earnings. Mega-cap tech firms’ transition from cash-rich, asset-light models to debt-funded, asset-heavy AI investments (projected $500B by 2026) raises structural concerns. Rising electricity costs and supply constraints compound risks, highlighted by Baidu’s record revenue decline.
Key Levels: Support at 25,273.55 │ Resistance at 25,165.67 / 25,648.30
Investor Takeaway: Bear-to-bull shift possible, but confirmation depends on NY session follow-through; Nvidia earnings remain a key catalyst.