TMTB EOD Wrap

Good afternoon. QQQs +1.1% mainly on HHs (Hormuz Hopes) as Trump talked up potential for a group of int’l coalition of ships to help reopen the strait. Oil dropped 5%, yields down 3-5bps across the curve, and fed expects didn’t move much.

NVDA’s GTC turned out to be a bit of a nothing burger all things considered — Jensen sounded bullish as usual on demand backdrop. Here is main chart investors focused on which says $1T+ for ‘25-27:

Street Data Center revs about $968B so seems fine and I don’t think there’s too much to read into it one way or the other even though buyside is already north of $1T.

In the optical vs. copper debate, optical names as Jensen didn’t spend as much time on CPO as bulls wanted and sounded relatively balanced saying:

“There’s a lot of conversation about, is NVIDIA going to copper scale-up or optical scale-up?"

"We’re going to do both.

Is copper going to still be important? The answer is yes. Are you going to scale up optical? Yes. Are you going to scale out optical…