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Gold dropped $35 to $4,684 despite Trump rejecting Iran's peace deal. Risk-on flows into equities and crypto pulled capital away from the safe haven.

Gold's failure to rally on geopolitical escalation is a bearish signal. The metal is trading as a crowded long, not a hedge — profit-taking dominates.

US CPI Tuesday is the swing factor. Hot print revives real-rate fears and pressures gold further; soft print restores $4,730+.

NVIDIA gained 1.75% to $215.20, within 1.2% of its all-time high. The Philadelphia Semiconductor Index hit a record, lifting the entire sector.

AI capex acceleration is the strongest tailwind in markets right now. Every hyperscaler is spending more than guided, and NVIDIA captures the lion's share of GPU demand.

ATH at $217.80 is the near-term test. Earnings May 28 loom large — any guidance miss after this run could trigger a 10%+ pullback.