Well, it’s finally here. After weeks of waiting, we can collectively anticipate the NVDA announcement of their quarterly earnings after the close today. It’s hard to believe that, only a few years ago, this is the same company that lost almost 70% of its value in a steady grind down.
Whereas, more recently, the same stock doubled in price in a matter of weeks.
Over the past month, it’s basically been marking time, waiting for whatever-it-is that happens after today’s close, but the stock is presently the most expensive in the world and exceptionally influential to all the indexes. Never before has one individual stock been so heavily weighted by the big U.S. cash indexes. Even compared to a giant like Netflix, Nvidia is almost NINE TIMES more impactful.
My portfolio of two longs and twenty-one shorts is fairly quiet today. A new, small position, Cracker Barrel, is taking it on the chin a little now that the giant-black-eyeglasses CEO of the company has surrendered and will bring back their good ol’ fashion, down-home, garsh-darn, dag-nab-it logo.
The stock had actually blasted to almost $64 on the news but is slowly working its way lower, probably because some folks are remembering the sort of prison food slop the company pushes as down home cookin’.
On a happier note, Abercrombie & Fitch (ANF) reported this morning. I was asleep at 4:30 in the morning when they did, and that’s a good thing, because the stock instantly blasted about 15% above its close. Since then, it has taken a hard turn south. Good!
Maybe their wares are starting to lose their edge.
By far my largest position, which I wrote about early yesterday, is the Chinese fund FXI, which is behaving As God Intended ™.
It might be relatively quiet today as everyone sits on their hands and waits for NVDA. I honestly have no preconceived notions about what the stock is going to do. If it blasts higher, I wouldn’t be the least bit surprised. If it crumbles – – ok, well, yeah, I will be surprised but also delighted, since it will be a desperately needed shock to the system. But, seriously, with all the trillions sloshing around with respect to AI, I daresay NVDA is going to pop to lifetime highs.
In any case, as I stated last night, I am not engaged in any truly aggressive positions, but I will be watching with intent interest once the company deigns to tell us how things are going.
