10:30 a.m. Atlanta Fed GDPNow fourth quarter update.

Stock markets are slowly beginning to bounce back from Monday's AI stock-driven selloff, as investors recover from their shock over the "Sputnik moment," the discovery that China has an AI startup that can build large language models much,

Nvidia stock price rally led a 2% rally on Nasdaq. The recovery in AI darling Nvidia shares came a day after the stock saw a sharp 17% drop, erasing about $593 billion from its market value in the biggest single-session loss for any company on Wall Street.

One of the biggest beneficiaries of this trend is Nvidia (NASDAQ: NVDA), which pioneered the graphics processing units (GPUs) that have become the gold standard for running AI systems. However, reports emerged recently that suggested a Chinese start-up had cracked the code for developing strong AI systems while using inferior chips and novel training processes.

Since the start of 2023, Nvidia's (NASDAQ: NVDA) stock has gained an astronomical 906% as of the time of writing. While this is common investor thinking, it's caused many (including myself) to miss a large chunk of Nvidia's rise.