Hedges Earn Their Keep
When perfect isn't enough for NVDA, labor market data is finally here, and JGBs.
It has been a dense week in markets, the kind where every asset class wants the headline. No preamble. Let’s get to it.
A few points and thoughts are worth sharing on equities (NVDA, positioning), data (labor market, December FOMC), and Japan (JGBs, USDJPY).
A Respite Too Short
“There’s been a lot of talk about an AI bubble… From our vantage point, we see something very different.”—Jensen Huang.
Nvidia released blockbuster results once again, guiding $65 billion for the next quarter, $3 billion above estimates. The company also said that a half-trillion-dollar revenue bonanza due in the coming quarters may be even bigger than anticipated. But by Thursday’s close, what was supposed to be the backstop in the tech selloff had faltered. NVDA -3% on the day.
