NVIDIA posted a beat-and-raise quarter and the market sold it anyway — the Nasdaq fell 1.7% and the chip index cratered 4%. The team breaks down why the AI narrative has shifted from ‘is it real’ to ‘can hyperscalers sustain the spending,’ unpacks a striking software-vs-semiconductors bifurcation, and builds the afternoon playbook around two critical levels: NVDA 185 and SPX 6,850.