markets

Luke Kawa11/7/25

Nvidia’s tumble rolls on as CEO Jensen Huang continues to talk about the one thing going wrong for the chip designer

Nvidia is down again in premarket trading as CEO Jensen Huang continues to talk about perhaps the one thing that isn’t going well for the world’s largest publicly traded company: China.

The chip designer has dropped more than 9% in the three days ended Thursday. That’s its biggest such tumble since April 7, the three sessions that followed President Donald Trump’s Rose Garden tariff announcements on April 2.

“Currently, we are not planning to ship anything to China,” Huang said on Friday while in Taiwan, per Reuters.

As it relates to Blackwell chips, this is the equivalent of me saying that I have no plans to ship raw elephant ivory tusks back home to Canada. For starters, I don’t have any, and secondly, it wouldn’t be legal.

And on the H20 side, China simply does not want the nerfed chips; or more precisely, policymakers are not allowing their tech champions to act upon any potential desire to get their hands on those GPUs. As Huang noted, the ball is in China’s court here.

“It’s up to China when they would like Nvidia products to go back to serve the Chinese market. I look forward to them changing their policy,” he said, per Reuters.

It’s not clear that analysts were ever expecting much of a pickup in Nvidia’s China business, even after export restrictions on the H20 were lifted.

Huang also further watered down his stance on the state of the AI race after the Financial Times reported that he said, “China is going to win the AI race,” earlier this week.

Not to get too deep into the sausage-making process of news here, but when an outlet as credible and prestigious as the FT is putting quotes around words and attributing them to the leader of the most valuable publicly traded company in the world, I personally feel fairly confident that those words were actually said.

“That’s not what I said,” Huang said, per Reuters. “What I said was that China has very good AI technology. They have many AI researchers.”

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General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

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J. Edward Moreno7/7/26

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.

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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markets

Paige Oamek6/30/26

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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