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   An AI darling's earnings and the investing week ahead
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               👋 Hi Sarah. Here’s what you need to know for the week ahead and what you might've missed last week.
              </p>
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               All Eyes
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               Nvidia is set to unveil its quarterly results in just a few days, and the AI darling's going to have everyone watching.
              </p>
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                        🔍 The focus this week: A $5 trillion AI darling
                       </p>
                       <p data-block-key="6az05" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        📆 Investors the world over will be clearing their calendars to tune into
                        <b>
                         Nvidia’s
                        </b>
                        earnings on Wednesday. And this time around, investors will be watching closely for a few key things.
                       </p>
                       <p data-block-key="43nnq" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        <b>
                         First, the headline numbers.
                        </b>
                        Last time around, Nvidia broke records by reporting $68 billion in quarterly sales, over 90% of which came from its data center segment. This time, Wall Street’s expecting an even bigger haul – $79 billion, to be precise, almost 80% more than the same period last year. And analysts expect Nvidia’s profit to have more than doubled, too, hitting a cool $43 billion. Naturally, anything short of expectations could rattle the stock. But this $5 trillion poster child of the AI boom has built a habit of delivering: the company has beaten earnings estimates for 13 straight quarters.
                       </p>
                       <p data-block-key="cp9es" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        <b>
                         Second, the company’s margins.
                        </b>
                        Investors will want to know whether Nvidia can keep its gross margin – the share of revenue left after the cost of making its chips – in the mid-70% range. It’s a big question right now, with production of its next-generation Rubin chips set to ramp up later this year. The challenge is this: the cost of key components – from memory chips to advanced packaging materials – has surged in recent months. So investors will want to know how much of that Nvidia can pass along through higher prices, and how much of the squeeze it’ll have to absorb itself.
                       </p>
                       <p data-block-key="bokh0" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        <b>
                         Third, whether Nvidia can ease growing skepticism over Big Tech’s breakneck AI spending spree.
                        </b>
                        The biggest firms driving the boom – Amazon, Alphabet, Meta, Microsoft, and Oracle – are expected to pour a combined $800 billion into AI data centers and related infrastructure this year. And Morgan Stanley thinks that figure could top $1 trillion next year. Problem is, most of these companies still aren’t generating enough AI-related revenue to justify that kind of outlay. And if they’re forced to tighten their purse strings, Nvidia would quickly feel the pinch.
                       </p>
                       <p data-block-key="1h51t" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        <b>
                         Fourth, how Nvidia plans to defend its dominant position in the AI chip market.
                        </b>
                        See, the eye-watering sums flowing into its expensive chips are giving those five big spenders, or
                        <i>
                         hyperscalers
                        </i>
                        , every reason to find cheaper alternatives – and that could create a new headache for Nvidia. Some are buying rival chips from AMD, while others are building their own, like Alphabet’s tensor processing units (TPUs), Amazon’s Trainium, and Microsoft’s Maia 200.
                       </p>
                       <p data-block-key="6g4ji" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        <b>
                         Fifth, progress updates on Nvidia’s upcoming “Vera” CPUs.
                        </b>
                        They’re expected to start shipping in the second half of the year, and the timing’s important. Right now, demand for CPUs is picking up as agentic AI takes off and the focus shifts from training models to actually running them.
                       </p>
                       <p data-block-key="aan1g" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
                        So hopefully Nvidia doesn’t mind being the center of attention this week. Despite its eye-catching growth and captivating market value, this stock has underperformed the
                        <a style="color: #204CE9; color: rgba(32, 76, 233, 1); font-weight: 500; text-decoration: underline;">
                         Philadelphia Semiconductor Index
                        </a>
                        by more than 40 percentage points this year. So Wednesday's quarterly update is a chance for Nvidia to remind everyone why it earned investors’ adoration in the first place. Hit the right notes, and the chipmaker could win back the believers. Miss a few, and the doubters will only get louder.
                       </p>
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                        📅 On the calendar
                       </p>
                       <ul style="padding: 0; margin: 0; list-style-type: disc; margin-left: 19px;">
                        <li data-block-key="gn5an" style="line-height: 1.5; margin-bottom: 8px; color: #283444; color: rgba(40, 52, 68, 1); font-size: 16px; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif;">
                         <b>
                          Monday:
                         </b>
                         China industrial production and retail sales (April).
                         <b>
                          Earnings:
                         </b>
                         Baidu.
                        </li>
                        <li data-block-key="1eh2" style="line-height: 1.5; margin-bottom: 8px; color: #283444; color: rgba(40, 52, 68, 1); font-size: 16px; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif;">
                         <b>
                          Tuesday:
                         </b>
                         Japan economic growth (Q1), UK unemployment (March), eurozone trade balance (March).
                         <b>
                          Earnings:
                         </b>
                         Home Depot.
                        </li>
                        <li data-block-key="700p4" style="line-height: 1.5; margin-bottom: 8px; color: #283444; color: rgba(40, 52, 68, 1); font-size: 16px; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif;">
                         <b>
                          Wednesday:
                         </b>
                         China one- and five-year loan prime rate announcements, UK inflation (April), Federal Reserve meeting minutes.
                         <b>
                          Earnings:
                         </b>
                         Nvidia, Intuit, TJX.
                        </li>
                        <li data-block-key="bdq0u" style="line-height: 1.5; margin-bottom: 8px; color: #283444; color: rgba(40, 52, 68, 1); font-size: 16px; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif;">
                         <b>
                          Thursday:
                         </b>
                         Japan trade balance (April), Japan PMIs (May), eurozone PMIs (May), UK PMIs (May), US PMIs (May), eurozone consumer confidence (May).
                         <b>
                          Earnings:
                         </b>
                         Walmart, Deere.
                        </li>
                        <li data-block-key="aohbn" style="line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-size: 16px; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-bottom: 0;">
                         <b>
                          Friday:
                         </b>
                         Japan inflation (April), UK retail sales (April).
                        </li>
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                       <p class="content-box-header mb-4" style="line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; font-weight: 900; font-size: 16px; margin-bottom: 16px;">
                        👀 What you might’ve missed last week
                       </p>
                       <p data-block-key="6z208" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        🌎
                        <b>
                         The US
                        </b>
                       </p>
                       <p data-block-key="d7npn" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                       </p>
                       <p data-block-key="6bkas" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        US inflation
                        <a style="color: #204CE9; color: rgba(32, 76, 233, 1); font-weight: 500; text-decoration: underline;">
                         rose
                        </a>
                        to 3.8% in April – its highest in almost three years – as disruptions from the war in Iran pushed up the prices of all kinds of things, from gasoline and groceries to flights. Consumers are starting to feel the squeeze: inflation-adjusted wages fell for the first time in three years, and companies from
                        <b>
                         McDonald’s
                        </b>
                        to
                        <b>
                         Under
                        </b>
                        <b>
                         Armour
                        </b>
                        are warning that shoppers are pulling back.
                       </p>
                       <p data-block-key="2ap3g" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        Chipmaker
                        <b>
                         Cerebras
                        </b>
                        – one of several startups trying to loosen
                        <b>
                         Nvidia’s
                        </b>
                        grip on the booming AI market –
                        <a style="color: #204CE9; color: rgba(32, 76, 233, 1); font-weight: 500; text-decoration: underline;">
                         raised
                        </a>
                        $5.6 billion in an IPO that valued the firm at roughly $40 billion. The debut – the biggest so far this year and the biggest
                        <i>
                         ever
                        </i>
                        among US semiconductor companies – was massively oversubscribed, with investor demand coming in at 20 times the number of shares on sale. That offered an early read on the market’s appetite for new AI listings ahead of this year’s most anticipated debuts:
                        <b>
                         OpenAI
                        </b>
                        ,
                        <b>
                         Anthropic
                        </b>
                        , and xAI-parent
                        <b>
                         SpaceX
                        </b>
                        .
                       </p>
                       <p data-block-key="510im" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                       </p>
                       <p data-block-key="6lh8n" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        🌏
                        <b>
                         India
                        </b>
                       </p>
                       <p data-block-key="7l7i6" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                       </p>
                       <p data-block-key="7qhe9" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
                        India’s prime minister
                        <a style="color: #204CE9; color: rgba(32, 76, 233, 1); font-weight: 500; text-decoration: underline;">
                         urged
                        </a>
                        citizens to avoid buying
                        <b>
                         gold
                        </b>
                        for a year as soaring oil prices squeeze the economy. See, India imports huge amounts of both oil and gold, and both are paid for in US dollars. And that’s been widening the country’s trade deficit and weakening its currency, the rupee. It’s far from an ideal situation: when the currency weakens, inflation tends to rise too, since importing pretty much everything else gets pricier. Now, whether shoppers actually cut back on gold is another question entirely – but investors didn’t wait around to find out. Indian gold and jewelry stocks sank swiftly on the news.
                       </p>
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