TMTB Morning Wrap

Good morning. Futures +40bps this morning as NVDA up another +3.5% on positive comments from Trump around discussing Blackwell with China’s Xi. Here’s Bloomberg:

“We’ll be speaking about Blackwells,” Trump said Wednesday, ahead of his highly anticipated meeting with Xi later this week. He touted the chip as “super duper” and said Nvidia Chief Executive Officer Jensen Huang recently brought a version of the accelerator to the Oval Office.

The Wall Street Journal reported Tuesday Trump was considering cutting the 20% tariff to as low as 10% on Chinese goods over fentanyl. The Trump-Xi meeting is planned for mid-morning local time Thursday in South Korea, although the exact timing remains fluid, according to a White House official.

Note: 10am in Korea = 9pm est. tonight

Jensen in Korea - “I expect to make an announcement that will truly delight the people of South Korea when I visit the country. President Donald Trump will also be delighted.”

He is having dinner tomorrow night w Samsung Electronics Chairman Lee JY and Hyundai Motor Group Chairman Chung Euisun, followed by a meeting with SK Group Chairman Chey Taewon in Gyeongju on the 31st.

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Asia saw mixed price action on Wednesday: TPX -0.23%, NKY +2.17%, SHCOMP +0.7%, Shenzhen +1.32%, Taiwan TAIEX +1.24%, Korea KOSPI +1.76%,. Memory names strong with Hynix +8% after earnings saying: “amid surging demand for AI memory, the company has already secured full customer demand for its entire DRAM and NAND production for next year”

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We’ll touch on NVDA first with more color from BofA around their CFO meeting, then move onto earnings, and then the usual. Let’s get to it…

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NVDA: BofA says CFO clarifies $500B is over 8 quarters (CY25/CY26) Reiterates Top Pick, Raises PO to $275 After Bullish CFO Meeting