Markets
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David Crowther

Nvidia’s blowout earnings and guidance are lifting the entire AI supply chain

You might expect a company that recently reached a $5 trillion market cap (the first in history to do so) to be a relatively mature enterprise; slowing down, with a fat cash cow at its core, multiple divisions pulling in billions of dollars, and a few exciting nascent bets on the future. You probably wouldn’t expect them to post a reacceleration in revenue growth.

But that’s exactly what Nvidia posted across its Q3 earnings yesterday, with its reported $51.22 billion in data center revenue giving a huge lift to risk sentiment.

With revenue and adjusted earnings per share beating by ~3%, and guidance that was even rosier, Jensen Huang and co. have given a shot in the arm to America’s entire AI complex. Aside from Nvidia itself, here are a few of the winners this morning:

  • Companies directly in the semiconductor supply chain are catching a bid, with giants like Broadcom and AMD making the most notable moves in early trading, up 2.8% and 4.4%, respectively, as of 5 a.m. ET.

  • Upstart data center players are making even bigger gains, with IREN and Cipher Digital up between 8% and 10%.

  • Palantir is up 3.4%, aided by a mention from Nvidia’s CFO, who said that the company was “supercharging the incredibly popular Ontology platform with NVIDIA CUDA-X libraries and AI models for the first time,” having previously run the software on CPUs.

  • The neoclouds are also soaring: CoreWeave is up more than 9%, as its business model is tightly wound with Nvidia’s own. Future demand to rent the ~250,000 Nvidia GPUs that CoreWeave owns feels more assured than ever. Nebius, which offers a full-stack solution for this “surge demand” for AI compute, is gaining as well, up about 7%.

  • A number of stocks in the “powering the AI boom” theme are also springboarding from the chip designer’s results. Behind-the-meter energy play Bloom Energy is up more than 5%, while nuclear-geared stocks such as Constellation Energy, Oklo, and NuScale have all caught a bid in premarket trading — with gains of 2.7%, 4.4%, and 7%, respectively, as of 4:40 a.m. ET.

  • In the AI server space, Super Micro Computer is the standout, up nearly 6%. Data storage names like Western Digital and Seagate Technology Holdings are also trading modestly higher, paring some of their initial rise to be 2.5% and 3.4% higher, respectively, at the time of writing.

  • Other speculative stocks and risk assets have also turned green since the results. Bitcoin reclaimed the $92,000 milestone and quantum stocks were up modestly, while equity markets in Europe and Asia traded higher and S&P 500 futures climbed 1%.

On the earnings call, Huang said that “AI is going everywhere, doing everything, all at once” — that is certainly the case in premarket trading.

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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.

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Paige Oamek

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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