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Luke Kawa1/13/26

Nvidia rebuts claim that it’s requiring full up-front payment from Chinese buyers of its H200 AI chips

An Nvidia spokesperson offered a rebuttal to Reuters on Tuesday, saying the chip designer does not require full payment for H200 chips up front, as the outlet had written in a January 8 report.

President Trump had said on December 8 that Nvidia could ship H200s, its best chip from the Hopper generation, to China. Chinese regulators, however, would need to allow their companies to import these chips, at a time when the nation’s leadership is keenly interested in bolstering domestic alternatives.

Concerns over whether Chinese regulators would permit imports fueled Nvidia’s alleged payment strategy, per Reuters. But Nvidia has now told the outlet that it “would never require customers to pay for products they do not receive.”

Notably, the chip designer isn’t going on the record to contradict any of Reuters’ other recent reporting surrounding its H200 chips, which includes:

Demand for H200s is extremely hot, with Chinese companies having already placed orders for 2 million in 2026.
Nvidia is planning on selling these chips at around $27,000 apiece.
- Put those two together and that’s a $54 billion revenue opportunity.
Nvidia plans to begin sending its H200 GPUs (which it holds in inventory) to China by mid-February.
The world’s most valuable company has asked TSMC to boost production of these chips.

Last week, Bloomberg reported that China plans to allow purchases of H200s “as soon as this quarter.”

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Macy’s rises on Q1 earnings, revenue beat, and raised full-year outlook

Macy’s shares are rising Wednesday morning after the department store giant exceeded Wall Street expectations for Q1 and management lifted the company’s full-year guidance.

Key numbers:

Adjusted earnings per share of $0.13 (compared to analyst estimates of $0.04).
Revenue of $4.7 billion (estimate: $4.6 billion).

Macy’s raised its guidance for the full fiscal year and now projects full-year net sales between $21.5 billion and $21.75 billion, up from the previous range of $21.4 billion to $21.65 billion. Adjusted earnings per share also got an upgrade to between $2.00 and $2.20, compared to the prior view of $1.90 to $2.10.

Macy’s Q1 comparable sales increased 3%, exceeding the company’s guidance. The standout performer was Bloomingdale’s, where comparable sales surged 10.2%, capturing its seventh straight quarter of growth. Meanwhile, beauty and skin care retailer Bluemercury also posted a robust 6.4% comparable sales gain.

The company ended the first quarter of 2026 with cash and cash equivalents of $1.3 billion and had $2.0 billion of available borrowing capacity under its asset-based credit facility. Through its quarterly dividend, Macy’s returned $50 million in cash to shareholders in the first quarter of 2026.

“We’re off to a strong start to the year, exceeding expectations for the fifth consecutive quarter as our Bold New Chapter strategy continues to build momentum,” Tony Spring, chairman and CEO of Macy’s, said in a statement. “Customers are responding — driving comparable sales growth at Macy’s and another standout quarter at Bloomingdale’s, underscoring its leadership in modern luxury.” Spring’s “A Bold New Chapter” turnaround strategy, which was announced back in 2024, relies heavily on luxury expansion and store optimization to attract affluent consumers.

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GameStop pops as Q1 revenue, profit rise and retailer authorizes $2 billion of stock buybacks

GameStop shares popped after hours, as the company authorized a $2 billion stock buyback and posted a blockbuster fiscal first-quarter profit aided by unrealized gains on its options exposure to eBay stock.

Here are the numbers from the retail-trader favorite:

Adjusted EPS of $0.30, up from $0.17 a year earlier and above the $0.16 estimate of… precisely one analyst.
Revenue of $835.3 million, up 14% from a year earlier.
A $2 billion stock-buyback authorization, which is equivalent to about one-fifth of the company’s market cap.
A whopping $268 million unrealized gain because of its options exposure to eBay stock that it bought as it attempted to buy the online retailer. That led to a record quarterly net income of $389.6 million.
The highest first-quarter operating income ever, at $143.3 million – a number not aided by the gain in eBay stock, but rather by higher revenue and improved margins.

Shares rose 7.1% after hours.

The buyback authorization is a particularly interesting development for GameStop, which less than two years ago issued billions of dollars worth of shares as it took advantage of surging stock prices.

Of course, it’s worth noting that the buyback authorization can be used piecemeal fashion for the next three years, so any potential buybacks don’t have to happen anytime soon — or at all.

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GitLab shares soar on earnings and revenue beat

Shares of GitLab soared over 8% in after-hours trading after the company’s quarterly results beat analyst expectations for earnings and revenue.

For FY2027 Q1, the code development and security platform posted:

Revenues of $264.2 million (estimate: $254 million).
Adjusted earnings per share of $0.23 (estimate: $0.21).

In a press release, GitLab CEO Bill Staples wrote, “The agentic era is creating structural tailwinds for GitLab, and Q1 showed it clearly with accelerating platform activity and promising traction from GitLab Duo Agent Platform.”

As AI eats the software development world, platforms for human coders like GitLab are facing some existential threats. Last month, GitLab shares dropped after it announced a restructuring plan, slashing its country footprint by 30%, and today it confirmed that 350 team members would be cut. The company said it expects the restructing to be complete by the end of FY 2027.

Shares of GitLab were down about 15% year to date heading into the report.

markets

Nuclear stocks gain as federal officials approve plan to restart Three Mile Island

US officials have given Constellation Energy the green light to turn the Three Mile Island nuclear power plant back on.

On Monday night, the Federal Energy Regulatory Commission filed a waiver allowing the company to transfer grid rights from a gas-fired power plant outside Philadelphia to Three Mile Island. The company says that due to the waiver, it aims to restart the nuclear power facility by 2027 in order to supply Microsoft data centers with energy.

Additionally, other nuclear stocks like Oklo, GE Vernova, Energy Fuels, and Cameco Corp. traded higher Tuesday afternoon.

This comes after last week’s Energy Department announcement that it would provide weapons-grade plutonium to five energy startups, including Oklo, to be processed into fuel to generate electricity.

Companies have said these weapons stockpiles are a way to get nuclear reactors fueled quickly as the industry scales.

Tasha Matsumoto

S&P 500 closes at record high for sixth consecutive session

Stocks continued their longest win streak in over a year while oil prices ticked up.

Cowboy Riding a Bull - stock illustration

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