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David Crowther & Luke Kawa

Nvidia sheds gains after FT reports that China may limit access to H200 chips despite Trump’s announcement yesterday

There’s no easy fix to Nvidia’s China problem.

The world’s most valuable publicly traded company had extended Monday’s gains during after-hours trading yesterday on the heels of US President Donald Trump’s Truth Social post indicating that the chip designer could begin to sell its H200 chips to China, with 25% of the proceeds going to the US government.

However, the company is reversing those gains this morning, with Nvidia dipping into the red relative to yesterday’s close at its lows, after the Financial Times reported that “regulators in Beijing have been discussing ways to permit limited access to the H200,” according to two people familiar with the matter.

Per the FT, buyers would likely need to go through a lengthy approvals process to get their hands on the H200s — Nvidia’s most advanced chip in its Hopper line, which has since been replaced by the Blackwell generation — and would need to provide an explanation as to why domestic Chinese chips couldn’t perform the tasks at hand.

This feels like déjà vu all over again for Nvidia.

Export restrictions put in place in mid-April during the height of US-China trade tensions prevented the chip designer from sending its H20 chip, a nerfed version of its premium Hopper offering, to China. After that export ban was lifted months later, demand from China “never materialized,” Nvidia CFO Colette Kress said following the company’s Q3 earnings report. Reports suggested that China banned its leading technology giants from purchasing these semiconductors, instead pushing them toward domestic alternatives.

The difference between the H20 and the H200 is one zero (and a lot of computing power). Zero is also the amount of interest that Chinese policymakers would prefer their leading tech companies to have in Nvidia’s chips.

China’s seemingly measured response to its renewed ability to access these chips suggests that the heady thoughts of a $10 billion to $15 billion boost to Nvidia revenues, which Bloomberg Intelligence analysts had anticipated following Monday’s announcement, may need to be tempered.

A bipartisan group of senators doesn’t want China to have access to advanced US chips. Chinese leadership seemingly doesn’t want their tech champions to rely on them. President Donald Trump and Nvidia CEO Jensen Huang, on the other hand, don’t mind if they do.

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Matt Phillips

Enphase drops as guidance and results fail to impress investors

Enphase Energy fell in after-hours trading Tuesday as uninspiring Q2 guidance overshadowed better-than-expected numbers in its Q1 earnings report. The maker of solar power and battery equipment reported:

  • Sales of $282.9 million vs. the $282.3 million FactSet expectation.

  • Non-GAAP diluted earnings per share of $0.47 vs. the $0.43 consensus estimate.

  • Q2 guidance for revenue between $280 million and $310 million ($295 million at the midpoint) vs. the $294.9 million forecast.

Enphase was a sometimes popular retail trade of the Covid era, when federal tax credits and low interest rates led to a burst of activity for rooftop solar installation. Between the end of 2019 and 2022, the shares rose more than 1,000%.

But as interest rates rose — driven, in part, by both Fed hikes and worries the increases wouldn’t be enough to quell price growth — and Republicans stripped out key tax credits and subsidies for the solar sector from the federal budget, the shares tanked. They’ve lost nearly 90% of their value since peaking in December 2022, and have emerged as a favorite of short sellers. Roughly 20% of the company’s public float is now in the hands of bearish traders.

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Matt Phillips

Bloom Energy surges after reporting huge Q1 revenue beat, big guidance hike

Fuel cell maker and momentum trading favorite Bloom Energy surged late Tuesday after reporting Q1 earnings and revenue that trounced Wall Street expectations while ratcheting guidance higher. Here are the numbers:

  • Q1 adjusted earnings per share of $0.44 vs. the $0.12 expected by analysts, according to FactSet.

  • Revenue of $751.1 million vs. the $539.9 million consensus forecast.

  • Full-year EPS guidance of between $1.85 and $2.25 vs. previous guidance of between $1.33 and $1.48 and Wall Street expectations for $1.42.

Bloom Energy shares have been ripping in 2026. They’ve doubled this year, and were up sharply in April after the company announced that it was expanding a deal to supply its fuel cells to Oracle’s data centers. (Oracle also received warrants in April to buy Bloom stock as part of a previous deal.)

The rise of the stock — it’s up more than 1,200% over the last 12 months — has been driven by a simultaneous rise in market sentiment and expectations for business results. Analysts have lifted their full-year 2026 earnings expectations for Bloom by about 30% since the start of the year.

But even accounting for those improving fundamentals, the stock is still quite highly priced by conventional metrics, trading at a multiple of almost 120x earnings over the next 12 months and about 17x expected sales.

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Matt Phillips

Seagate soars on strong quarterly numbers, guidance far above expectations

Seagate Technology Holdings ripped late Tuesday after the maker of hard disk drives, relatively cheap data storage devices, reported better-than-expected quarterly numbers and guidance in its earnings report. Seagate reported:

  • Revenue of $3.11 billion vs. the $2.96 billion expectation from Wall Street analysts, per FactSet.

  • Adjusted earnings per share of $4.10 vs. the $3.51 anticipated on the Street.

  • EPS guidance of between $4.80 and $5.20 (midpoint $5.00) for the current quarter — which ends in June — vs. the $3.99 expectation.

  • Sales guidance of between $3.35 billion and $3.55 billion ($3.45 midpoint) for the current quarter vs. Wall Street’s expectation for $3.16 billion.

The sudden explosion of Seagate shares — and those of its disk-making rival, Western Digital — has been one of the more surprising outgrowths of the AI boom.

A little over a year ago, on April 8, 2025, Seagate shares had been essentially flat for over a decade. (They ended that day up 0.1% since the end of 2014.) Since then, they’re up roughly 800%, as the reality of seemingly endless AI-related demand for data storage has become plain.

Perhaps most impressive is that the pace of the gains is quickening. If the after-hours gains hold, Seagate is on track for April to be its the best month since October 2011.

Luke Kawa
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Robinhood sinks after Q1 results trail estimates

Outside of event contracts, revenues were weak across the board.

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Stocks fall as the AI trade slumps

Chip stocks dropped on a report that OpenAI missed key revenue and user targets, while oil climbed amid stalled peace talks.

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