The Wealth Advisor

(Bloomberg) A Fidelity International money manager has sold the vast majority of US Treasuries from funds he oversees on expectations the world’s biggest economy still has room to expand.

Singapore-based George Efstathopoulos, who helps manage about $3 billion of income and growth strategies at Fidelity, sold the bulk of his 10-year and 30-year Treasuries holdings in December. He is now turning to assets that typically do well in times of good economic growth to boost returns.

The AI trade is back in full force after Nvidia's (NVDA) big earnings beat, defying fears that euphoria over the technology may have reached its peak.

Cathie Wood made a wild prediction almost two years ago: Annual economic growth could accelerate to as much as 50%, thanks to breakthroughs in AI.

Morgan Stanley's wealth management sector experienced a shortfall in reaching its pretax profit margin target for the last quarter.

Nvidia has significantly accelerated the momentum of the stock market. In premarket trading, Nvidia's shares surged approximately 14%.