The tone on the sidelines of Morgan Stanley’s investment gathering this month was one of pending doom. A week prior, markets were fairly confident we were either at or near peak interest rates. But a monthly inflation surprise, a reset to the minimum wage and hawkish rhetoric unsettled wealth advisers and fund managers about where we’re heading.

One healthy distraction, however, was a debate about Wall Street’s hottest stock, Nvidia, the chipmaker that this month joined the trillion-dollar club.