USEW volume surges as Nvidia, Microsoft AI bets roil market

Cambria US EW ETF (USEW) has seen unusual trading volume, which is 19× higher than its average daily volume.

Among Cambria US EW ETF’s largest holdings with fresh headlines, Nvidia and Microsoft remain in focus as investors weigh heavy AI spending and valuation concerns against strong long‑term demand for data‑center and software infrastructure. Nvidia drew renewed scrutiny after Michael Burry disclosed he has added to his bearish put options on the stock even as the chipmaker deepens its AI supply‑chain dominance through a $2 billion investment and multiyear purchase deal with Lumentum to secure key photonics components. Microsoft faces a mix of legal and strategic headlines, including escalating litigation risk around Elon Musk’s OpenAI lawsuit, a pullback from lower‑value Copilot integrations, and analyst debates over whether its sharp year‑to‑date share decline and massive AI capex now represent a buying opportunity given its large cloud backlog and still‑bullish Wall Street targets. Broadcom also features prominently, supported by a long‑term AI chip and networking partnership with Google and Anthropic that analysts say could add billions in revenue, while Alphabet’s Class A and C shares are in the news as Google Cloud momentum and new Chrome security features bolster the bull case for its AI and cybersecurity positioning.