B[Wells Fargo joins JPMorgan Chase in taking a cautious view on the future performance of U.S. stocks] On September 2, Wells Fargo became the second bank this week to become cautious about U.S. stocks. Wells Fargo is warning about the outlook for U.S. stocks in September as the market enters one of its worst months in history and midterm elections add uncertainty to artificial intelligence trading. A team of Wells Fargo analysts led by chief equity strategist Ohsung Kwon said that investors are increasingly worried about whether the AI investment boom can be sustained, and the market will show a "generally cautious" sentiment after entering September. The team expects that concerns surrounding capital expenditures for AI infrastructure construction will reach a high point. However, they noted that after the sell-off in mid-August, sentiment indicators were still more positive than negative. Kwon's team isn't the only institution to shift to a more cautious stance this week. JPMorgan Chase & Co. on Monday also adjusted its view on stocks in the coming weeks to "tactically cautious." Previously, Federal Reserve Chairman Kevin Warsh made hawkish remarks, prompting the market to increase bets on raising interest rates this year.
The reason why Wells Fargo analysts have turned cautious is mainly because they are worried about excessive investment in the AI field and the possibility of more suspensions of data center construction in the United States as the mid-term elections approach. "AI demand will continue to accelerate, but the economy and capital will be constraints," Kwon wrote in a note to clients on Tuesday. "We believe the AI capex cycle may enter its later stages in 2027 if economic growth is insufficient to support further investment. Growth is expected to peak next quarter," he said. At the same time, Wells Fargo analysts expect the trend of suspending data center projects to continue to heat up, with more project suspensions likely in the future as the midterm elections approach. A[NVIDIA launches next-generation high-bandwidth memory technology NVIDIA NVHBM to provide higher memory performance and efficiency for XPU] August 31, as AI agents and trillion-parameter workloads become increasingly mainstream, the performance of AI infrastructure depends not only on computing power, but also on how computing, memory, storage, network and software are co-designed as a unified system. To help hyperscale enterprises and AI innovators build a new generation of semi-customized AI infrastructure, NVIDIA launched NVIDIA NVHBM technology, further expanding the NVIDIA NVLink Fusion technology solution. NVHBM is a next-generation high-bandwidth memory technology that delivers higher memory performance and efficiency to the XPU. The technology will be validated and available from leading memory partners, making this advanced memory capability available to NVLink Fusion customers. By integrating the memory controller into the 3D HBM stack rather than on the XPU, NVHBM can achieve up to 30% memory bandwidth improvement compared to standard HBM4E, reduce HBM power consumption by 15%, and free up up to 25% area for the XPU compute die. A[Venture Capital Pass: 136 financings in the primary market this week, AI infrastructure and other subdivisions are active] "Science and Technology Innovation Board Daily" reported on the 30th, according to Venture Capital Pass data, a total of 136 investment and financing events occurred within the domestic statistical caliber this week (8.22-8.28), and the total disclosed financing was approximately 16.15 billion yuan. Judging from the number of investment events, advanced manufacturing, medical health, artificial intelligence, integrated circuits and other fields are more active; among the subdivided tracks, AI infrastructure, AI industry applications, medical equipment, etc. are more popular among investors. In terms of total financing, advanced manufacturing disclosed the largest amount of financing, approximately 6.625 billion yuan. Xpeng Robotics completed a first-round financing of over US$900 million led by IDG Capital, with participation from Gaorong Venture Partners, Tencent, and Alibaba, making it the largest investment event disclosed this week.
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