TMTB Morning Wrap

Good morning. Futures flat. Asia slightly weaker overnight: TPX +0.02%, NKY +0.14%, Hang Seng -1.29%, HSCEI -1.62%, SHCOMP -0.37%, Shenzhen -0.52%, Taiwan TAIEX -0.43%, Korea KOSPI -0.27%.

BTC -1%. Yields flattish. Pretty slow morning today as we begin to get near the holiday season. Fed tomorrow. UBS Media & Comm Conference Day 2 today.

Let’s get to it…

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NVDA: China set to limit access to Nvidia’s H200 chips despite Trump export approval

Sell-side roughly saying `$25B opportunity with each $10B about 25c to EPS, although maybe a tad less if 25% tax is right. (recall Jensen previously indicated a ~$50B current total annual opportunity in China, a # which likely grows over time). As a reference, H200 compared to H20 offers ~6x faster performance (1,979 TFLOPS FP16/FP8 vs. 296 TFLOPS FP16) & ~50% more memory (141GB HBM3e vs. 96GB) at over 2x the ASP.