Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Monday, February 10th, and I'm your host, Kim Khan. Our top story so far. Gold topped $2,900 per ounce as it hit another record with cash moving to safety.

Spot gold hit an intraday high of more than 2910 before easing back. It finished 1.9% higher last week, the medal's 6 consecutive weekly gain.

ING says tariff concerns that risk higher inflation and slower economic growth are spurring demand

for safe haven assets like gold.

Gold is up nearly 10% year-to-date.

Anzi Research notes that the potential for gold getting caught up and tit-for-tat tariffs is causing a dislocation in the physical market.

Gold in the Bank of England vault is trading at a discount to the wider market.

This has seen week-long queues to withdraw the medal, they said.

In today's trading, stocks are higher, with the NASDAQ doing the best among the major averages, up 1%. The AI

trade is getting jiggy, with super microcomputer rallying again. The stock is up 45% in the past

five trading sessions, including today, and the company reports earnings on Tuesday.

And Avidia was added to Evercourse's tactical outperform list ahead of earnings at the end of the

month.

Analysts Mark Lepassis says concerns over Deepseek lowering aggregate demand are not true,

and that its lower cost is evolutionary rather than revolutionary.

In addition, the lower cost in compute is likely to

result in the increased demand for tokens, which should result in larger parameter models

and an acceleration of multimodal tokens. In the bond market, rates are little changed,

as traders wait for Fed Chief Jay Powell's appearance on Capitol Tuesday. He returns Wednesday,

along with the CPI numbers.

While everyone is trying to gauge when the next Fed rate cut will come, Torsten Slok, Chief

...