Hey there weekday warrior. Lots to unpack today… Nvidia did what Nvidia does best, Elon is getting in bed with MBS, and we’re never getting October unemployment data.
Enjoy the next 3 minutes and 41 seconds of blue-chip news and commentary.
Keep on snapping necks and cashing checks,
Well Huang
Can we get a wellness check on Michael Burry?
Once again, Jensen Huang has put the entire global economy on his back like he’s Greg Jennings with Darren Sharper closing in…
Once again, Nvidia $NVDA ( ▼ 0.97% ) lived up to the hype. The GPU maker Intel wants to be when it grows up, easily beat on the top and bottom lines.
And the numbers are staggering… data center sales rose 66% year over year and net income popped 65%. AMD be like, “save some for the rest of us.”
Per usual, Jensen remained humble and was not at all hyperbolic during NVDA’s earnings call: “We’ve entered the virtuous cycle of AI. AI is going everywhere, doing everything, all at once.”
To be fair, he’s got the numbers to back it up…
Nvidia shared its current quarter expectations, and (shocker), they blew away the Street’s estimates. Jensen said the GPU GOAT expects $65B in sales in Q4. Analysts expected a measly $61.66B.
As you’ve probably already guessed, shares popped on the news. And more importantly, Obi Huang Kenobi and Nvidia single-handedly saved the AI trade that was all but dead last week.
+ Tell me we’re in a recession without telling me we’re in a recession
The BLS went all “hard pass” on dropping October unemployment data. October payroll data will be released with November’s report, but unemployment stats won’t be tallied. The BLS, which literally has one job, claims it has no way of collecting the data thanks to the shutdown.
November jobs data will also be delayed until December 16 as the agency tries to catch up on emails. In other words, we’re not getting a rate cut.
+ No one tell Tim Cook, but this is EXACTLY how improving AI is supposed to boost share price…
Alphabet $GOOG ( ▲ 3.34% ) shares popped yesterday thanks to the well-received debut of its new AI model, Gemini 3. Reports are swirling among the nerds analysts that V3.0 is smart enough to meet or exceed current OpenAI and Anthropic models.
+ “Wait, you guys weren’t already using ChatGPT for everything?” - every teacher reading this announcement
OpenAI just announced a custom “ChatGPT for Teachers” designed specifically for K-12 educators. The model will officially launch among ~150k teachers and will be free for all educators in the US through June 2027.
+ After all, why shouldn’t I build massive data centers in Saudi Arabia?
Elon didn’t hear no bell. Yesterday, the cuatro comas CEO of xAI announced a new data center project coming to Saudi Arabia, in partnership with SA’s HUMAIN AI company (read: sovereign wealth fund).
The new 500-megawatt center for xAI will be powered by Nvidia chips. It’s a yuge step up from their current 300-megawatt center in Memphis… because have you ever been to Memphis?
+ Larry Summers resigns from OpenAI board after release of emails with Epstein (CNBC) Fun fact… Larry has decided not to step down as an econ professor at Harvard…
+ Target to spend $5B on store revamp as months-long sales slump deepens (NY Post) “That’s it?” - anyone who’s been to a Target in the past year
+ Major League Baseball Signs New Rights Deals with ESPN, NBCU and Netflix (WSJ) Netflix continues to play “just the tip” with sports adjacent competitions. It’s paying $50M for the Home Run Derby and the “MLB at Field of Dreams” game. ESPN the Ocho called, and it wants its schtick back…
+ US stocks “closed mostly higher on Wednesday as Wall Street recovered some ground from tech-led sell-off, as investors awaited earnings from Nvidia (NVDA) to set the tone for the next leg of the AI trade.” (Yahoo! Finance)
+ The 10-year yield “hovered around 4.1% after the latest Federal Reserve meeting minutes showed a central bank divided on the interest rate outlook.” (CNBC)
+ Oil “fell on Wednesday after reports indicated the U.S. is renewing its push to end Russia’s war in Ukraine and has drafted a framework for it.” (Reuters)
+ Bitcoin “prices have faced fresh selling on Wednesday afternoon as traders remained cautious ahead of key U.S. jobs data and further signals on Federal Reserve policy.” (Investing.com)
+ The “smart” money (prediction markets) thinks there’s a 75% chance Robert Irwin will win Dancing with the Stars. (Kalshi)
⏪ Yesterday…
+ Target, Lowe's, TJX, Wix, Williams-Sonoma, and Global-E reported before the close
+ Nvidia and Palo Alto dropped earnings after the bell
+ The Federal Reserve released the minutes from its last meeting
⏩ Today we’re keeping an eye on…
+ Walmart and ZIM drop earnings before the bell
+ Intuit, Webull, Copart, Veeva, Elastic, The Gap, and Ross Stores report after the close
Yesterday, I asked, “You can get one quick service sandwich shop installed in your house (Richie Rich style). Which one you taking?”
37.1% of you said, “Jersey Mike's.”
Here’s what some of you guys had to say…
Jersey Mike's: “Which one of you said Blimpie's?”
Other: “Primo Hoagies is the GOAT you won't find a better place”
Arby’s: “Not a sandwich shop. Unlimited steak nuggets?!”
Panera: “Wide variety (wife and kids too) and breakfast options.”
Jersey Mike's: “A big slicer would be cool. Also, whomever picked Subway is a total psycho.”
Potbelly: “Best variety of sandwiches, wraps, and salads. Only Milkshake on the list to boot”
Here’s today’s question…
A few ground rules..
This includes EVERY email you ever sent - work and personal… all time
All confidential personal and work info can be redacted
Let’s assume everyone cares - this is going to be all over the news and internet
How much money would you need to release ALL of your emails to the world?
Oh, and one more thing…
What did you think about today's newsletter?
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.