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Luke Kawa

Nvidia falls as the chip designer pushes back against “erroneous chatter” of supply constraints

Nvidia is dropping amid a broad pullback in the AI trade as the company’s newsroom moves to address some “erroneous chatter in the media.”

The drop has propelled shares below their 50-day moving average for the first time since early May.

The $4 trillion chip designer doth protest too much, methinks.

To this erroneous chatterer, parsing what’s directly written and omitted, this just sounds like a longer way of saying that all supply constraints are solely concentrated in its current flagship Blackwell chips. That’s understandable! It’s a lot better to be in a situation where everyone wants your newest product faster than you can deliver it than one where you’re producing a lot of something nobody seems to want.

And here’s Nvidia CEO Jensen Huang on the conference call following the release of Q2 earnings last week:

“Right now, the buzz is — I’m sure all of you know about the buzz out there. The buzz is everything’s sold out. H100 is sold out, H200s are sold out.”

So. There’s that. It’s not Huang saying that’s what’s happening, but it’s not him saying that’s not happening.

Nvidia reported a whopping 56% growth in data center revenues in Q2 — but that was still lower than the Street anticipated. We “know” that demand for Nvidia’s chips is massive and exceeds supply. So if you’re not demand constrained, that doesn’t really leave much in the way of alternative explanations for why that particular part of its business came up just short of a very high bar.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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