Nvidia, the asset manager, had a massive Q2 thanks to CoreWeave’s rally

Nvidia made over $26 billion in net income in its second quarter, putting it third among S&P 500 companies as of their most recent quarterly filing and trailing only Alphabet and Microsoft.

However, if you zeroed in on just Nvidia’s de facto “asset management” arm — which is included under “net other income” — that division would be one of the 50 most profitable companies in the benchmark US index, ahead of the likes of IBM and Caterpillar and just barely trailing McDonald’s.

“Net other income for the second quarter was $2.2 billion, primarily driven by gains in a publicly-held equity security,” according to the CFO commentary accompanying the second-quarter results.

Hmmmm. “A publicly-held equity security”...

To translate: that’s Nvidia’s position in CoreWeave! The AI darling, which offers access to Nvidia’s GPUs, rose 175% during Nvidia’s fiscal Q2.

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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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