Anthropic talked about partnering with companies, not rivaling them, which provided a relief bounce for oversold software stocks. The next stage is about who owns the 'agentic layer' and contextual data.

The deal validates AMD as a true alternative to NVIDIA in data center AI infrastructure. Meta gets more supply options. Warrants to buy AMD shares economically incentivize Meta to support the partnership.

Expects a bullish message from Jensen Huang but doubts another 'mic drop' moment of massive guidance beat. The street has caught up to expectations. NVIDIA stock has underperformed the semiconductor index since August, making a breakout difficult.