Two mega AI deals show Nvidia's value arbitrage strategy

On September 22nd, NVIDIA and OpenAI announced a letter of intent (LOI) to deploy at least 10 GW of NVIDIA systems for OpenAI’s AI infrastructure, with NVIDIA intending to invest up to $100 billion in OpenAI over time. Two weeks later, it was reported that xAI (~60% owned by

Consumer spending remains strong despite waning consumer confidence

This chart below shows how total real personal consumption in the US continues to rise: Contrast this with waning consumer confidence, as shown by U of M's consumer index, which shows sentiment falling from 101 in 2019, to 50 in Q3 2025 So why the disconnect here? Wouldn&