The presenter analyzes macro data for the week of September 8th to September 12th. It's highlighted that Oracle reported strong after-market earnings, leading to a 27% increase in stock value. The speaker mentions that IT spending and AI spending visibility remain strong, as affirmed by data from IDC, which forecasts global General AI spending to reach $1.3 trillion by 2029. There is a discussion about companies already benefiting from AI, exemplified by Google's elimination of 35% of managers overseeing small teams. He refers to the leading AI companies are based in the US. Focus then shifts to Nvidia, trading at 26.6 times forward earnings, which the analyst considers reasonable. A target price of 200 is inferred based on the expectation that NVDA is the scarcest company in AI compared to similar consumer companies such as Costco and Walmart with higher price multiples.