In a single day, Nvidia demonstrated why artificial intelligence is not just a technological trend — it's the force driving market growth, even amidst a chaotic global environment.

Nvidia's stock surged nearly 5% in the session, adding over $300 billion to its market capitalization.

Including after-hours trading, it became the first company to reach a valuation of $5 trillion!

This is the largest single-day jump in value in the history of a listed company, surpassing the GDPs of several countries.

What triggered this surge was a flurry of announcements made by Nvidia in less than 24 hours.

The world's growth depends on a single company!

• Partnership with the U.S. Department of Energy • Construction of 7 AI supercomputers • $1 billion investment in Nokia • New partnership with Palantir • Announcements with Samsung and Hyundai • $500 billion in expected business over the next 6 quarters.

It's worth remembering that numerous other announcements have also occurred in recent weeks/months.

Nokia's stock surged more than 20% after receiving a direct investment of US$1 billion.

The investment gave Nvidia a 2.9% stake in the company and marked the beginning of a strategic partnership to integrate AI into Nokia's network equipment, focusing on 5G-Advanced and 6G.

The goal is to accelerate the critical infrastructure of the new digital age.

The construction of the 7 supercomputers is not just another project.

It demonstrates the US government's effort to lead the global race for supremacy in artificial intelligence—and reveals the scale of the energy demand that this technology requires.

It is no coincidence that I have been emphasizing, within the Ministry of Defense, the importance of having certain specific energy sectors in the US in our portfolio.

The US today has more than 5,400 data centers—more than all other countries combined.

And there are $40 billion being invested in new facilities.

That's a 400% jump since 2022.

The physical infrastructure of the new economy is being built now, at a rapid pace.

Even with 398 S&P stocks falling, the index rose.

It's the weight of Nvidia, Apple, Microsoft, and other megacaps holding the market up.

Without these companies, the performance would be different—and the risk of contagion much greater.

We probably saw a recession being prevented by investments in the sector's infrastructure.

Since April, the S&P has added more than $18 trillion in market value.

This growth is happening amidst fiscal instability in the US, still high interest rates, ongoing wars, and increasing geopolitical tensions.

The explanation? AI and the flow of funds into assets linked to this revolution.

The topic also had a geopolitical dimension: Trump said he will talk to Chinese President Xi Jinping about Nvidia's Blackwell chip.

CEO Jensen Huang himself presented the chip in the Oval Office.

The meeting with Xi, focused on semiconductors, highlights that AI is a matter of state—and Nvidia is at the heart of the global technology race.

Even with political noise, fiscal risk, and a slowdown in traditional sectors, this revolution remains the main driver of the markets.

It concentrates the flow, attracts investments from around the world, and shapes the perception of risk.

For now, this is the theme that is (already) holding back global growth!