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Market participants now treat Nvidia as a more meaningful signal for broader market direction than inflation data, according to Nomura.
It puts a single stock above the economic series central banks use to calibrate monetary policy, in terms of how much investors care about the outcome.
What the shift reveals The case for NVDA as a sentiment engine starts with uncertainty. What Nvidia reports and guides each quarter carries implications that traders find genuinely hard to read in advance.
Inflation data, by contrast, has become more predictable terrain for most market participants.
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