Last night’s most awkward moment of earnings season: $NBIS posted explosive results, but its stock was crushed by 21%.
First, the results: there’s hardly anything to fault—revenue rose 68% quarter over quarter, annualized recurring revenue hit $6.4 billion, GPU rental rates even rose 20%, and customer prepayments could cover 100% of capital expenditures. Six months ago, a report like this would surely have sent the stock limit-up.
The problem came down to two things. First, delivery from its biggest backer, Microsoft, has been pushed back to Q2 2027. No matter how large the orders are, they’re just paper riches until the money comes in. And as luck would have it, Microsoft’s Outlook and Teams both suffered widespread outages last night. Who wouldn’t be nervous seeing their backer in this state?
Second, Jensen Huang is leaving for good. The official line is, "He will no longer hold any position." $NVDA ’s market cap fell below $4 trillion for the first time in two years. The entire neocloud chain got dragged down with it: after dropping 16%, CoreWeave took another hit intraday, and $BTC was left gasping just above 70,000.
Put simply, the market isn’t paying for "growth" right now; it’s paying for "certainty." The fate of the AI infrastructure business isn’t in its own hands—it rests with hyperscalers’ capex schedules.
Nvidia’s November 17 earnings report, with interim CEO Kress at the helm for the first time, will be the day the entire chain gets inspected.
NFA DYOR
#AI #Nebius #英伟达 #美股财报 #Bitcoin
First, the results: there’s hardly anything to fault—revenue rose 68% quarter over quarter, annualized recurring revenue hit $6.4 billion, GPU rental rates even rose 20%, and customer prepayments could cover 100% of capital expenditures. Six months ago, a report like this would surely have sent the stock limit-up.
The problem came down to two things. First, delivery from its biggest backer, Microsoft, has been pushed back to Q2 2027. No matter how large the orders are, they’re just paper riches until the money comes in. And as luck would have it, Microsoft’s Outlook and Teams both suffered widespread outages last night. Who wouldn’t be nervous seeing their backer in this state?
Second, Jensen Huang is leaving for good. The official line is, "He will no longer hold any position." $NVDA ’s market cap fell below $4 trillion for the first time in two years. The entire neocloud chain got dragged down with it: after dropping 16%, CoreWeave took another hit intraday, and $BTC was left gasping just above 70,000.
Put simply, the market isn’t paying for "growth" right now; it’s paying for "certainty." The fate of the AI infrastructure business isn’t in its own hands—it rests with hyperscalers’ capex schedules.
Nvidia’s November 17 earnings report, with interim CEO Kress at the helm for the first time, will be the day the entire chain gets inspected.
NFA DYOR
#AI #Nebius #英伟达 #美股财报 #Bitcoin