underlying

“NVIDIA does not resemble historical accounting frauds because NVIDIA’s underlying business is economically sound, our reporting is complete and transparent, and we care about our reputation for integrity,” the memo said.

But underlying retail sales likely grew at a slower pace, he added.

A major factor, they say, were the huge outflows from bond funds, which forced those funds to sell their underlying bonds.

That trend “speaks to the underlying lack of conviction in the longer-term sustainability of the current AI infrastructure spend cycle,” according to Chronert.

Sosnick told MarketWatch that the wild swings in the stock market this week underscore how fragile investor confidence has become, with Friday’s rally also appearing fleeting as the market’s underlying fundamentals have barely changed.