Nvidia (NVDA) represents 18% of the S&P 500's (SPX) incoming growth and Micron (MU) represents 14%, says Liz Ann Sonders of Charles Schwab. She points to both stocks as a key signal that growth remains concentrated in the AI trade. Michael Townsend looks ahead to Jackson Hole and how Fed Chair Kevin Warsh will drop hints to the interest rate outlook. In D.C., Congress faces a contentious couple months as voters keep their eyes on midterm elections.