The rally rages on.

In what is becoming somewhat old news in 2025, stocks have entered a new week of trading, hovering at record highs. Markets are rallying around the Fed potentially cutting interest rates in September to jumpstart a cooling economy.

A Bank of America global fund manager survey found 91% of those polled indicated US stocks are overvalued. This group suggests investors rotate into less-loved sectors such as Utilities and Energy.

Some on the Street are also speculating that a hot Consumer Price Index (CPI) reading on Tuesday would reignite stagflationary fears. What will happen in September is still anybody’s guess, with a slowing job market, the potential tariff effect on inflation, and a president keen on lower rates.

“This is not a unique time where we can only look at the data, the administration and their impact on various facets of the economy has to be considered,” Tom Essaye, founder of Sevens Report, said on Opening Bid.

• Nvidia (NVDA) and Advanced Micro Devices (AMD) have agreed to give the US government 15% of their chips revenue from China. Both agreed to the financial arrangement as a condition for obtaining export licenses to China from the Trump administration. AMD didn’t return Yahoo Finance’s request for comment.

• The BofA survey reveals that the “Magnificent Seven” long trade remains one of the most crowded in the markets. But with the likes of Nvidia and AMD seemingly kissing the ring of President Trump, are investors underpricing key risks in Big Tech? It’s a thought they should probably start having right now.

• Bitcoin (BTC-USD) prices rallied close to $123,000 overnight. Some of the gains have been given back this morning, but not all. The move is noteworthy as bitcoin had been stuck in a tight trading range since the early part of July. There doesn’t appear to be a clear catalyst for the pop today, though a Sunday post on X from bitcoin evangelist Michael Saylor may have stoked the bulls. It suggests he will continue to be a buyer — perhaps no surprise, but the crypto market likes to be coddled. “If you don’t stop buying Bitcoin, you won’t stop making Money,” Saylor wrote.

Shares of C3.ai (AI) plunged 24% this morning. The stock is now off by 60% from its 52-week high.

And the rout is 100% warranted.

Late Friday, the company said it sees preliminary first fiscal quarter revenue of $70.2 million to $70.4 million, about 33% below the midpoint of its prior guidance of $100 million to $109 million. The revenue represents a 19% year-over-year drop.