May 25 • 3M

AI-Juiced Nvidia Reclaims the Narrative for Tech

Everything AI-related is rallying after NVDA’s blowout earnings report, leading to a massive bounce for tech stocks...

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Episode details

Good morning contrarians! It is Thursday, May 25.

State of Play

Nvidia (NVDA 0.00%↑) reported blow-out earnings after the close last night, due to surging demand for AI chips. As of 0630 it looks like the tech party is in full swing already:

  • Stock index futures are up, with tech stocks rallying on the back of the NVDA news. The Nasdaq is up almost 2% in the premarket with S&P 500 up 0.7%, but small caps are lagging, down 0.3%;

  • Commodities are mixed with WTI crude oil down 1.5% to trade around $73/barrel, but copper up almost 1%. There is likely a China angle for this. More on that below;

  • Bonds are selling off a bit, with the 2-year yield up 9 basis points to 4.43% and the 10-year up 4bps to 3.76% (yields move inversely to prices).

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