My Quick Comments on NVDA earnings,BTC ETFs and Fed Path

NVIDIA Reported after the bell this morning

All eyes were on $NVIDIA Corp(NVDA)$ that reported quarterly results after the close of the US market today.

The company reported quarterly earnings of $0.81 per share which beat analyst’s consensus estimates of $0.75 by 8 percent. Quarterly sales were $35.1 billion which also beat analyst’s consensus estimates of $33.125 billion. This represents a 94 percent increase in sales above $18.120 billion for the same period last year. For the next quarter, Nvidia projects $37.5 billion in revenue at the midpoint. That compares with the $37.1 billion FactSet consensus but obviously was not high enough for some lofty expectations by some. Nvidia shares slipped 1.5% in afterhours trading having closed down 0.8% at $145.89 in normal market trading. The tech darling had hit an intraday high on 8 November of $149.77 and is up 195% YTD.

Other Stocks reporting this week

Retailers $Wal-Mart(WMT)$ and $Lowe's(LOW)$s both beat estimates earlier in the week and while Walmart jumped 5.2%, Loew’s fell 5.5%. $Target(TGT)$ fell a massive 21.4% after reporting earnings of $1.85 versus expectations of $2.30. $TJX Companies(TJX)$ closed unchanged after its result. Also reporting after the close this morning was $Palo Alto Networks(PANW)$ which beat consensus but fell 5.4% on forward guidance.

Options on Bitcoin ETF

Options were launched on $iShares Bitcoin Trust(IBIT)$ on Tuesday. First day trading volume was a staggering 354,000 contracts with 82% being call options as $Bitcoin(BTC.USD.HKCC)$ $Bitcoin(BTC.USD.CC)$ continues its rally. The Blackrock managed ETF was launched (along with rival Bitcoin ETF’s) in January this year and it now has a market value of $44.6 billion.

Don’t fight the Fed

The probability of a Fed rate cut on December 18th has fallen from 82.5% last week to 52% today according to the CME FedWatch Tool after Feb Chair Jerome Powell’s speech last Friday in which he stated that with the economy still growing, the job market solid and inflation still above the 2% target, the Fed can deliberate carefully on rate cuts.

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