Nvidia just delivered a monster quarter … and the market’s trying to figure out what to do with it.
Revenue came in at a jaw-dropping $44.1 billion, up 12% from last quarter and more than double year over year.
Their data center segment alone brought in $39.1 billion, smashing every expectation.
Even with a $4.5 billion hit related to U.S. export restrictions to China, Nvidia still beat on every metric that matters.
Naturally, the stock popped after hours — and it pulled the entire Nasdaq up with it.
But that doesn’t mean everything’s rosy under the surface.
Here’s what to keep in mind.
What Lies Beneath
The Fed released its May meeting minutes yesterday, and let’s just say they didn’t scream “confidence.”
Officials are staring down the double-barreled threat of persistent inflation and rising unemployment.
Raise rates and they risk crashing the labor market.
Cut too soon and inflation comes roaring back.
So, they did what the Fed does best — nothing. Held rates steady and punted the hard decisions down the road.
Now layer on the week’s political circus …
Markets spiked Tuesday after last week’s threat of 50% EU tariffs was replaced — surprise! — by “talks.”
The usual dog-and-pony act.
By Sunday morning, we went from trade war to trade brunch.
It’s like this administration is day-trading headlines, and the market’s reacting like a puppet on a string.
And if it weren’t for Nvidia’s earnings lifting everything, this tape would’ve looked way uglier.
But we’re not done yet.
GDP Drops This Morning
Today at 8:30 a.m. ET, we get the first revision of Q1 GDP, and this is a big one.
The advance estimate showed the economy contracting at a 0.3% annualized rate.
A weak number here confirms that slowdown, and you better believe the market will care.
If that print shows a deeper decline, expect chatter to shift from “rate cut when?” to “uh-oh.”
Frankly, it already feels like summer trading: light volume, thin moves, and a market hypersensitive to every headline.
I hate this type of tape. Not because it’s unpredictable, but because it’s too easy for noise to overwhelm real signals.
Bottom Line
Nvidia’s performance was the real deal.
If you’re in tech, that’s your north star.
But don’t let one earnings report blind you to the big picture.
This market is fragile.
There are still major inflection points ahead.
GDP tomorrow, inflation data next week, and who knows what tweet or policy pivot hits in the meantime.
Stay focused.
Stay patient.
Trade only when the setup is clear and the reward is worth the risk.
Stay street smart,
— Jeff Zananiri
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