Tom Giles

And now we bring you the investment perspective.

Martin Norton's here with us, Chief Investment Strategist of Empower, which administers more than $1.6 trillion in assets.

And that's about the same amount that's been wiped off the Nasdaq 100 since the end of October.

Is there room to the downside here?

Or are you thinking there's some sort of relief rally from any data we get from Jensen later?

Well, I don't think you can ever count out a relief rally.

But what I come back to when we look at the price action that we've seen over the past few weeks is that we have taken some froth off the top, but we're not looking at really attractive valuations at this point.

We're still at elevated valuations for a lot of these names.

And what's interesting, and Ed alluded to this, the questions that people are raising in the current environment, I don't think they're necessarily going to be

conclusively answered with Nvidia's report, right?

The depreciation question, the demand question, extending to the rest of the economy.

I think those doubts are with us, which would mean potentially more volatility.

Well, if Jensen can't tell us how long his GPUs are going to last and what the depreciation of them are,

I'm not sure anyone can, but you're so right that that has been, again, an argument about why perhaps the valuations are flush.

But you look at Nvidia, trading about 30 times future earnings.

That's not that elevated.

So is it the rest of the trade, the palantirs or perhaps some of the energy stocks that have risen to extraordinary degrees?

Well, I think you raise a good point.

It's not that elevated, especially if you're focused on that right side of the probability distribution.

If you're looking at a full probability distribution and you come to the conclusion that, I don't know if I share, but some folks are raising, hey, this isn't as transformative as people have suggested it is.