TOGETHER WITH

Here’s what’s on the agenda today…

Nvidia has two really, really big mystery clients, Q2 GDP beats expectations, and AriZona just made Rizzberry real.

Enjoy the next 4 minutes and 29 seconds of blue-chip news and commentary.

Keep on snapping necks and cashing checks,

– tyler

PS, loving The Water Coolest? Forward it to someone who has no idea who the Rizzler is. If you CC me ([email protected]), I’ll send you both something.

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Some of the world’s greatest mysteries remain unsolved…

What happened to Malaysia Airlines Flight 370?

Who killed JFK?

What are the two companies that account for a concerningly large chunk of Nvidia’s GPU sales?

According to Wednesday’s earnings report, Jensen Huang is putting most of his eggs in two baskets. Just two clients made up 39% of Nvidia’s $NVDA ( ▼ 3.49% ) revenue in the quarter that ended in July. And no one knows what companies they are…

That’s a big f*cking deal when you consider that NVDA’s top two clients accounted for closer to 25% of sales during the same period last year. They call that concentration risk.

And Wu-Tang Financial has some advice for Jensen: “You need to diversify yo clients…”

But before you try to figure out which two of the six remaining Mag 7 are contestants 1 and 2, allow me to rain on your parade… it’s probably not any of them. Jensen sticks to the G code (after all, snitches get stitches), but he did give us a clue about the two mystery whales: they’re “direct customers.”

Direct customers of Nvidia are manufacturers like Foxconn. Turns out Google, Meta, Amazon, etc. don’t want the blood of child laborers on their hands.

That’s not the only red flag that has investors’ Spidey senses tingling…

I probably don’t need to remind you that the most powerful economic engine in the history of the world (besides Taylor Swift’s Eras Tour) reported earnings Wednesday after the close. And despite a top and bottom line beat, the company missed expectations for its data center segment (friendly reminder: that’s the AI one).

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+ Happy S&P 500 6,500 to those who celebrate. The index closed above 6,500 for the first time ever yesterday. Friendly reminder: the S&P nearly fell below 5,000 in the aftermath of Liberation Day.

+ Like Uncle Rico with a gas station b*ner pill, the American consumer has still got it…

An updated print of Q2 GDP indicated that the US economy grew by 3.3%. Assuming it’s correct (read: not calculated by the economists responsible for jobs data), not only did the number beat the initial read (3.0%) but bested the expectations of the smartest guys in the room (3.1%).

And once again, the American consumer put the team on their back *”U-S-A” chant erupts*. Consumer spending rose by 1.6% (vs. an initial read of 1.4%).

Of course, the haters (so, your aunt who threatened to move to Canada in November and ISIS) will say “old balls data… gross.”

+ Tell me it’s the Thursday before the last long weekend of summer, without telling me…

The NY Post ran a months-old story about an autonomous trash can created by a defense contractor… and I don’t want it, I need it. After all, who amongst us hasn’t forgotten trash day?

+ “Ladies and gentlemen, we got him.” - the AriZona Iced Tea company after bagging a deal with the Rizzler

Today in things we don’t deserve: AriZZona Rizzberry Iced tea.

In case you’ve been living under a rock, a 9-year-old from the Costco Guys cinematic universe has taken the internet by storm. And now he’s getting a deal with the company that has defeated inflation (AriZona Iced Tea) to create a drink that started as an April Fool’s Joke (yes, it will cost 99 cents). And someone needs to check in on AJ and Big Justice…

+ Imagine having to go home to your kids, look them in the face and tell them “I am not just bad at my job, I am in the top 1%…”

News broke yesterday that Nike $NKE ( ▼ 0.83% ) is planning to lay off ~1% of its corporate workforce in the US… presumably so Phil Knight can offset the R&D costs of Kevlar-infused, carbon fiber jerseys for the Oregon Ducks’ football team.

+ This may come as a shock, but Lisa Cook is suing to block POTUS's attempt to fire her from her position as a Fed governor. In her defense, I don’t blame her for wanting to stick around to hang out in the new $2.5B Central Bank HQ. The lawsuit claims that the alleged mortgage fraud might be little more than a clerical error.

+ US stocks “rose across the board on Thursday as Wall Street weighed signs of a resilient economy and the move by Federal Reserve governor Lisa Cook to sue President Trump, while the dust settled on Nvidia's (NVDA) earnings.” (Yahoo! Finance)

+ The 10-year yield “was lower on Thursday as investors looked ahead to a key inflation gauge and monitored President Donald Trump's continued attempts to control the Federal Reserve.” (CNBC)

+ Oil “settled higher on Thursday, bouncing off early losses after the White House said U.S. President Donald Trump was not happy when he learned that Russia attacked Ukraine with missiles and drones overnight.” (Reuters)

+ The “smart” money (prediction markets) thinks there’s a 40% YouTuber Lord Miles completes a 40-day water fast. (Polymarket)

⏪ Yesterday…

+ Abercrombie & Fitch, Williams-Sonoma, Royal Bank of Canada, Kohl's, and J.M. Smuckers reported before the bell

+ Nvidia, Crowdstrike, Snowflake, HP, Veeva, Pure Storage, NetApp, Trip.com, Bill.com, and Five Below reported after the bell

+ The US will begin to apply a 50% duty rate on certain Indian imports unless an extension or deal is worked out

⏩ Today we’re keeping an eye on…

+ Best Buy, Dollar General, Toronto Dominion Bank, Dick's, Burlington Stores, and Li Auto report this AM

+ Dell, Marvell, Affirm, Ulta Beauty, SentinelOne, IREN, Webull, Autodesk, Elastic NV, The Gap, and Ambarella report after the bell

+ Intel CFO David Zinsner will participate in a fireside chat at the Deutsche Bank Technology Conference

Yesterday, I asked, “Do you use Airplane Mode?”

44.8% of you said “Yup, always.“

Here’s what some of you guys had to say…

Here’s today’s question…

Speaking of AriZona Ice Tea’s Rizzberry being priced at 99 cents…

Oh, and one more thing…

Sent from my Amazon Fire Phone. Please excuse any mistakes and typos.

Does this look like the face of a guy you should take financial advice from?

No, it’s the face of an individual who is financially irresponsible/dumb enough to be talked into spending money on a family photo shoot that he could have just done with his iPhone. So, act accordingly...

This is not financial advice. Nothing in this newsletter is an investment recommendation. All content is created for entertainment, educational, or informational purposes only. Do your own research, or do yourself a favor and hire a professional.