Happy Sunday. Big event this week is NVDA earnings on Wednesday although we’d argue the print is less important for the overall market then previous prints as focus has been shifting away from semis and towards Trump winners, non-tech cyclicals, and other sectors like software over the past couple months. Still, given its the largest market cap in the world and its potential to affect other semis (which have been weighing down the QQQs), everyone’s eyes will be on it.
We’ll talk briefly on the high-level, move onto some misc tech thoughts, and then wrap up with NVDA preview/bogeys.
QQQs finished the week -3.4% / Spooz -2.1% while Semis continued to underperform falling 8% on the week. QQQs are only 1% above where we were pre-election while semis sit 4-5% below those levels. Some enthusiasm has come out of the sails of Trump’s win and its impact on the markets where an initial focus on deregulation and tax cuts has given way to a more balanced take and focus on tariffs/deficits/risi…