Fund Manager Survey Flashes Major Warning + AI Trade Rides On Nvidia Earnings
Plus, Goldman Sachs to lead SpaceX IPO, earnings, stock of the day, and more
Happy Wednesday! Nvidia takes center stage after the market close today with the entire AI trade hanging in the balance. From hyperscaler spending and margins, to growing competition, today’s earnings report will have ripple effects across tech and beyond. Discover the key themes investors will be watching closely.
Bank of America’s closely watched Global Fund Manager Survey just flashed a major sell warning after a historic one-month jump on record. Read on to see the most crowded trade that suddenly has Wall Street on edge.
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TOP STORY
AI Trade Faces Make-Or-Break Moment – Nvidia Earnings Will Tell
Nvidia reports after the market close today and will likely decide the next move for the entire AI trade. With semiconductor stocks now viewed as the most crowded trade on Wall Street, investors are watching closely for signs that Nvidia can continue to fuel the AI boom.
From margins and next-gen chips, to hyperscaler spending and mounting competition, the stakes have rarely been higher. Read on to see the five critical areas Wall Street believes could make or break the AI rally.
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Yesterday: U.S. indexes closed lower Tuesday, with the S&P 500 posting its third straight losing session as surging Treasury yields pressured equities following the market’s sharp rebound (15%) off the March lows. The 30-year Treasury yield briefly climbed above 5.19% for its highest level in nearly 19 years, while the benchmark 10-year yield rose to its highest level since January 2025 (4.68%), raising concerns that higher borrowing costs will weigh on consumer spending and economic growth. All eyes now turn to Nvidia which will report earnings after the market close today. So far, the earnings season has been a huge bright spot for the market as roughly 90% of companies have reported results, with earnings growth (26%) tracking significantly above expectations (12%).
On Our Radar: Analysts will be paying attention to remarks from Fed Governor Michael Barr and the release of the Fed’s May FOMC meeting minutes for fresh clues on the central bank’s outlook for interest rates and the broader economy. On the earnings front, all eyes will be on Walmart (WMT) and Deere & Company (DE), which will report before the market opens tomorrow.
MARKET HEATMAP
Despite indexes tumbling for the third day in a row, shares of Marvell (MRVL), SanDisk (SNDK) and Astera Labs (ALAB) were flying high, while DoorDash (DASH), Akamai (AKAM), Chewy (CHWY) and Rocket Lab (RKLB) were among the day’s top laggards. But those weren’t the only companies making big moves. Here’s a look at some of the biggest winners and losers on Tuesday.
See how the market is moving with our interactive heatmap. Filter by market cap, or click on any box to explore specific sectors or assets in more detail.
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FIVE ZINGERS
AI Pipeline: Amazon just increased its exposure to a rising AI chip play already backed by AMD. Read more to see why investors believe this company sits at the center of the next AI buildout wave.
Full Throttle: Goldman Sachs is reportedly leading SpaceX’s long-awaited IPO push, signaling that Wall Street is preparing for what could become the biggest public offering ever. But behind the massive valuation targets and investor frenzy, a growing controversy is beginning to surface that could complicate Musk’s big debut.
Monetization Machine: While Wall Street stays fixated on who is winning the AI race, Google may already be pulling ahead where it matters most: turning AI into real revenue. Read more to see why one strategist believes Alphabet’s full-stack AI approach could be leaving rivals scrambling to catch up.
DIY Slowdown: Home Depot just posted better-than-expected earnings, however, shares remained flat on the day. Read on to see where shares are headed next and why the warning from management matters more than the headline numbers.
Stock Of The Day: Corning just suffered a sharp selloff after heavy insider selling spooked investors, but the stock may be approaching a critical turning point. Read on to see what levels traders are watching and where shares are likely headed next.
SPECIAL OFFER
These AI and Semiconductor Stocks Are Waiting on NVIDIA
Right now, traders are crowding into the same AI names: NVDA, AMD, SMCI, and GOOGL. At the same time, volatility has quietly collapsed underneath the surface while semiconductor momentum continues driving this market higher. Chris Capre is hosting a live session immediately after NVIDIA earnings today to break down what the reaction means for AI stocks, semis, volatility, and short-term momentum trades. He’ll also show the exact setups and positioning signals he’s watching once the numbers hit.
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