Why Nvidia’s bull market rages on: Opening Bid top takeaway

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Nvidia’s (NVDA) ho-hum quarter and outlook last night is sending ripples throughout various sectors and individual stocks this morning.

The market wanted a perfect earnings day from Nvidia, but the AI chip darling came up slightly short — just not short enough to unsettle the legion of Nvidia bulls on Wall Street.

“Demand signals remain rock solid with Hopper and Blackwell sold out across the board,” Jefferies analyst Blayne Curtis said. “Blackwell Ultra ramp well underway alleviating concerns of supply chain issues going forward.”

The day after Nvidia earnings is like the day after the Super Bowl for us at Yahoo Finance. Lots of analysis going around!

There’s a ton to unpack from this Nvidia report and from CEO Jensen Huang’s interview on our show last night.

First, to those bears worrying about slowing AI demand, we didn’t see it in the report. That’s even with the data center sales miss. Here’s how Jensen summed up the demand backdrop:

“We obviously had a record quarter without China, and we just guided another record quarter without China. … It’s incredible growth. If you look at the AI native companies, last year, they did $2 billion altogether, their first year of AI revenues. The second year of AI revenues, $20 billion, [a] tenfold increase in one year. And that’s just the tip of the iceberg.”

Next, Nvidia hasn’t included any sales for its China H20 chip in its current quarter outlook. The Street was looking for an estimate of at least $2 billion. Jensen made it a point to dissect the potential of the China market.

“[For] every American technology company, China is important to have. … It’s the second largest computing market in the world. I’m just delighted that President Trump sees the wisdom of American leadership at this time where AI is taking off. It’s vital that America wins the AI race.”

And lastly, with the ink not even dry on Intel’s (INTC) deal to give a 10% stake to the US government, Jensen downplayed more deals like this happening in the industry.

“And it hasn’t really come up [with the president] … It’s about re-industrializing the United States because we need to have manufacturing here. We need to be able to manufacture critical technology here,” he said.

“It’s a wonderful vision, and we should get all behind it, and Nvidia is all behind it.”

Computer and printer giant HP Inc. (HPQ) had a quarter that left me thinking about old tech plays navigating the new tariff normal.



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