Markets Are Up, Down, Up, Down Thanks to NVDA & the Fed

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Much like a discerning parent listening to their kid’s favorite Bo Burnham joke, Wall Street is trying to figure out if the AI trade has gone too far. Goldman Sachs thinks as much as $19T has already been priced into AI-related stocks, meaning that the industry’s stock prices are already about as high as they can realistically go. Investors apparently agreed, as they started selling AI stocks like crazy.

But then… Nvidia dropped a generational earnings report that shook the world (and portfolios). Jensen Huang’s company expects to do $65B in quarterly sales, which is almost $3 billion more than even the MOST optimistic analyst predictions. NVDA rebounded, and the whole sector rode its coattails… for about an hour 😅

THEN, the entire market reversed course and tanked (experts still don’t fully understand why), erasing gains from NVDA’s earnings.

That is, until this morning, when NY Fed President Williams made comments implying that a December rate cut by the Fed would actually be on the table (here’s why rate cuts are good for the market). Now the major indexes are UP today.

Meanwhile, people are still trying to DAY TRADE this mess? Oi vey. Someone close the markets for the weekend, please.

The past week has been a mess for Bitcoin. Scratch that, the past MONTH has been a mess. The orange coin hasn’t been able to hold the $120K, $100K, or even $90K line. As of today, BTC’s price has fallen as low as $81K.

And the crazy thing is that it’s not really showing signs of stopping. It might take a huge catalyst like a December rate cut to even push Bitcoin higher at this point (we aren’t financial pros, do your own research).

Institutional players have bought big into Bitcoin and crypto as a whole with Digital Asset Treasury (DAT) companies like Strategy, Bitcoin ETFs, and stablecoins in the banking industry, but none of that has been enough to keep Bitcoin’s momentum going.

Some people are calling for market manipulation, others think BTC’s typical 4-year cycle got disrupted, and still others think Bitcoin is useless (same people who thought it was in a bubble at $4K… come on, people).

This episode of The Best One Yet breaks down Nvidia’s make-or-break earnings blowout, Budweiser’s $700M bet on a boxed wine beloved by Gen Z, and Zillow’s revelation that most US homes quietly lost value this year.

📻 Tune in to:

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That’s all for today. Write us and let us know your thoughts on the market, the newsletter, or the weather—we’d just love to hear from you.

Till next time,
— Brandon and Blake