1. Nvidia's AI Dominance Under Scrutiny

Nvidia, which has enjoyed massive gains fueled by the AI boom, continues to be a focal point for market watchers. Despite delivering strong earnings in August, the stock faced lukewarm reception, reflecting concerns over tech's heavy investment in AI infrastructure. Big players like Microsoft and Alphabet have spent billions on AI data centers, pushing Nvidia's stock up earlier in the year. However, as expectations for AI continue to climb, Nvidia's performance in September will likely hinge on whether investors believe the AI frenzy will deliver long-term gains​.

2. Apple's iPhone 16 Launch and AI Play

Apple is preparing to launch the highly anticipated iPhone 16, featuring its new AI system, Apple Intelligence, which could drive a significant upgrade cycle. The tech giant has seen its stock rebound after a challenging start to the year, and the success of this launch will be critical in generating both consumer excitement and market confidence ahead of the holiday season. Analysts predict that millions of users may upgrade their devices, boosting Apple's revenue outlook.​

3. Alphabet's Legal Battles

Alphabet (Google's parent company) faces significant legal pressure this month as it contends with a second antitrust trial concerning its dominance in the digital advertising market. Investors are watching closely, as the potential forced divestiture of its ad tech could reshape the company's operations. The stock is also contending with the repercussions of a previous ruling, which found Google guilty of monopolizing online search, with talks of a possible breakup on the table​.

4. Broadcom's Earnings Report

Broadcom, a semiconductor powerhouse, is set to report quarterly earnings on September 5. With a stock that has already risen by 46% this year, the report will be a key test of whether the company's momentum can continue. Investors are particularly focused on Broadcom's role in the tech supply chain, especially given the global push towards advanced AI and 5G technologies​.

5. Macro Factors Driving Market Volatility

Markets in September are responding to evolving monetary policies. The Federal Reserve is widely expected to cut interest rates, providing relief to equity markets after a year of tight policy. Meanwhile, global bond markets have shown strength, with yields compressing as investors anticipate central bank rate cuts. However, volatility remains high due to global recession concerns, the Bank of Japan’s interest rate hike, and ongoing geopolitical risks​.