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The market’s verdict on Warsh’s Jackson Hole speech? Hawkish — but not catastrophic. The 2Y Treasury yield jumped from roughly 4.23% to 4.30%, signaling higher rate expectations. Yet Nasdaq didn’t collapse. Why? NVIDIA just showed that AI demand remains incredibly strong: $96.2B quarterly revenue, +106% YoY. Data Center revenue: $89B, +117% YoY. The message is becoming clearer: AI fundamentals are strong. But AI valuations are now under stress. This isn’t necessarily an “AI winter.”