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There is a well-worn pattern in financial markets that repeats itself with almost mathematical precision. At the peak of every bubble, the market stops responding to good news. This is the final stage of the mania, when all the buyers have already bought, and the only thing left is the selling. Today, Nvidia delivered exactly what the market wanted: blowout earnings, a rosy forecast, and a CEO who dismissed any talk of a bubble. And yet, the market sold off anyway. Has it started?
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