Japan Equities Crash, how significant?
Nikkei 225 lost 20% or more within a 3-week period? 1. 1990: -21%, (February 14 - March 7), asset price bubble plunge in Japan. 2. 2008: -23%, (September 26 - October 16) post the Lehman collapse. 3. 2013: -21%, (May 22 - June 13), economic stimulus panic. 4. 2020: -23%, (February 21 - March 13), the COVID pandemic panic of 2020. Source: Lawrence McDonald, Bloomberg
This is the biggest 2-day drop for the Nikkei in history, surpassing Black Monday
Source: www.zerohedge.com, Bloomberg
US earnings: The beat rate is the smallest since 4th quarter of 2022 377 S&P 500 companies (80% of index EPS) have reported, beating consensus by 2%, the smallest since 4Q22.
71%/55%/45% beat on EPS/sales/both Source: BofA, Mike Z.
Bonds have surged higher with the collapse in interest rates and the US Aggregate Bond ETF is now up 7.7% over the past year, outperforming the Treasury Bill ETF ($BIL +5.4%)
Source: Charlie Bilello
Cost of hedging using outright puts nears YTD highs
Source: BofA, Mike Z.
Peter Lynch on Investment Wisdom
Source: Invest in Assets
A worrying divergence...
Source: J-C Parets
Nvidia $NVDA Blackwell delayed by 3 months due to design flaws.
Nvidia informs its biggest customers Microsoft and Meta. Nvidia Corp.’s upcoming artificial intelligence chips will be delayed due to design flaws, The Information reports, citing two unidentified people who help produce the chip and its server hardware. The chips may be delayed by three months or more, which could affect Nvidia’s customers including Meta Platforms Inc., Google LLC and Microsoft Corp. Nvidia this week informed Microsoft about a delay affecting the most advanced AI chip models in the Blackwell series, according to an unidentified Microsoft employee and another person. The delays mean big shipments aren’t expected until the first quarter of 2025, The Information added. Read more: Elliott Says Nvidia Is in A ‘Bubble’ and AI Is ‘Overhyped’: FT A spokesperson for Nvidia wouldn’t comment on its statements to customers about the delay, according to the report, but told The Information that “production is on track to ramp” later this year. Microsoft, Google, Amazon Web Services and Meta declined to comment to the publication, while a TSMC spokesperson didn’t respond to a request for comment. Source: Bloomberg, JaguarAnalytics
