Davide Romeo

Nvidia just crushed expectations. Revenue growth accelerated to +73% this quarter, up from +63% last quarter and +56% the quarter before. The trajectory is clear: AI infrastructure spending isn't slowing down, it's entering a new expansion phase. And yet the stock is down 4% today. The guidance alone should tell you everything. Next quarter's revenue is expected to accelerate further to +77%, and that figure excludes any contribution from China. Margins are guided at 75%, confirming that the Blackwell ramp-up headaches are firmly behind them. The inventory scare that wasn't Last quarter, a number of analysts and finance commentators flagged the sharp rise in Nvidia's inventory as a red flag, a potential sign that production was outpacing real demand. Had they read the balance sheet notes more carefully, they would have seen that most of that inventory growth consisted of work-in-progress materials and components being staged for the upcoming Rubin chip launch, e...

The past few weeks have been brutal for tech stocks, especially software companies, which are down 22% year-to-date. I've been watching this closely, and I wanted to share my perspective on what's really happening. It's a Perfect Storm, Not a Fundamental Breakdown Fed Hawkishness : Powell's cautious tone on rate cuts and Kevin Warsh's nomination as the next Fed chair have strengthened the dollar, weighing heavily on US tech stocks, particularly those with significant international revenue exposure. Disappointing Earnings : Microsoft's weak guidance for cloud and productivity software triggered the initial panic. Despite planning to increase AI investments, they forecast slowing growth next quarter. The market didn't like that disconnect. Then SAP's CFO dropped this bomb: "One of the crucial questions about AI is that it completely transforms how companies develop code. So the question remains: will customers then be able to do everything themsel...