Chief Investment Strategist: “We Are Spending Almost 3% of GDP on AI” as Stocks Tune Out Global Conflict on “Astronomical Investment”

Thomas Richmond

Fri, July 10, 2026 astatine 9:27 AM CDT 4 min read

Quick Read

• NVIDIA's Data Center gross surged 92% to $75 cardinal portion Micron shares soared 248% twelvemonth to date, some validating Pride's AI spending thesis.

• PSEG disclosed 11,800 MW successful information halfway load inquiries yet trades adjacent its 52-week low, portion Honeywell's Building Automation grew 8% connected information halfway demand.

• Pride says the marketplace is desensitized to geopolitical conflict, with the VIX astatine 17 sitting beneath its 12-month mean arsenic AI momentum drives earnings.

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Jason Pride, Chief of Investment Strategy and Research astatine Glenmede, told CNBC connected July 10 that investors person tuned retired the sound from planetary struggle arsenic an bonzer question of artificial quality spending drives firm growth. "This marketplace is getting desensitized to the geopolitical conflict. At the extremity of the day, we are successful a momentum-driven market," Pride said.

Pride believes there's a beardown instauration underneath this momentum driven by important AI investment. "We are spending almost 3% of GDP connected AI build-out per twelvemonth close now, an astronomical investment. And that's going into efficaciously software-like replacement. It's going into hardware, it's going into buildings and infrastructure. It's going into cooling systems," helium said. "That is wherefore we're seeing this spot successful the underlying maturation and underlying profits. I deliberation that's what's supporting this market."

Readers looking to find the winning companies riding this AI build-out question tin excavation into our Free Report: 7 Stocks Powering the AI Boom (That Aren't Chipmakers).

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The Earnings Behind the Thesis

NVIDIA Is Building the Factories of the AI Economy

NVIDIA (NASDAQ:NVDA) reported Q1 FY2027 gross of $81.61 billion, up 85.2% twelvemonth implicit year, with Data Center gross of $75.25 billion, up 92%, and networking up 199% twelvemonth implicit year. Jensen Huang described the infinitesimal arsenic "the largest infrastructure enlargement successful quality history." Guidance calls for $91.0 cardinal successful Q2, and full proviso commitments person reached $119.0 billion. NVIDIA assumed zero H20 Data Center compute gross from China, versus $4.6 cardinal successful the year-ago quarter. Shares are up 8.86% twelvemonth to date, with the adjacent study expected connected August 26, 2026.