BEFORE THE OPEN

MARKETS:

• Stock futures rise, focus on Nvidia's Q2 results to assess AI trend

• S&P 500 futures up 0.5%, Nasdaq 100 futures gain 0.7%, Dow futures steady

• Nvidia beats estimates, reports $2.70 EPS on $13.51B revenue.

• Nvidia's Q1 success fueled AI market growth, surpassing $1 trillion valuation

• Nvidia ups Q3 revenue projection by 170% YoY to $16 billion.

• Other semiconductor stocks rise after hours: Taiwan Semi up 3.1%, AMD 4%, Marvell 5.4%

• Market awaits Jerome Powell's Jackson Hole remarks for rate insights

EARNINGS

What we’re watching:

• Thursday: Dollar Tree (DLTR)

• Full earnings calendar here

NEWS BRIEFING

Nvidia Tops Estimates and Says Sales Will Jump 170% this Quarter, as AI Demand Fuels Blowout Forecast

• All eyes on Powell as Fed chair prepares for big speech in Jackson Hole (more)

  • Powell's Jackson Hole speech could deliver the final blow to the market (more)

  • The goal for Fed Chair Powell in Jackson Hole is to 'not rock the boat' (video)

• Republican debate recap: Christie, Pence and Haley pile on Ramaswamy (more)

• Wagner mercenary boss Yevgeny Prigozhin killed in Russia plane crash with nine others (more)

• India celebrates 'victory cry' as Chandrayaan-3 spacecraft lands on the moon (more)

• SEC is voting on new SEC rules for hedge funds (more)

• Huawei is building a secret network for chips, trade group warns (more)

• Goldman, JPMorgan, Morgan Stanley, UBS settle stock-lending suit (more)

• China braces for $38B in losses in troubled Trust sector (more)

• Slide in euro zone service sector sharpens ECB's rates dilemma (more)

• German business activity suffers steepest decline since May 2020 (more)

• Esmark scraps bid for U.S. Steel (more)

• Hollywood writers union says new proposal from studios not enough (more)

• CVS pushes into making cheaper versions of complex drugs with new discount Humira (more)

• Mallinckrodt second bankruptcy would cut $1 billion from opioid settlement (more)

• IBM dumps weather business as transformation continues (more)

• SoftBank-backed Arm uses SoftBank-Backed Raine to help steer IPO (more)

• Internet startup VNG files to become first Vietnam tech firm to go public in US (more)

• YouTube under fire over handling of ads on children’s content (more)

• New home sales rise as low inventory plagues existing home market (more)

• Novo hires Thermo Fisher as second manufacturer for Wegovy weight-loss drug (more)

• Higher interest rates, inflation push Gen Z investors to trade stocks on emotion (more)

• Youngest baby boomers’ pay in the US peaked when they hit 45 (more)

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DEALFLOW

• Yahoo acquires Commonstock to expand community, deepen insights for Yahoo Finance users (more)

• Goldman to join TDR’s Subway bid to rival frontrunner Roark (more)

• Thoma Bravo to close $2.3B ForgeRock deal on DOJ nod (more)

• APA to buy Alinta Western Australian assets for $1.1B(more)

• Thailand's KBank in talks to buy Vietnam lender in up to $1B deal (more)

• US FTC to probe Qualcomm's purchase of Israel's Autotalks (more)

• Ovation Healthcare and 3D Technology merge (more)

• Trading Technologies International to acquire Abel Noser Solutions (more)

• H.I.G. Capital to acquire Ascent Global Logistics (more)

• UL Solutions, a company specializing in applied safety science, acquired Cere, a third-party testing, simulation and certification company (more)

• Trive Capital, a private equity firm, acquired AI defense platform and solutions company Hypergiant Industries, a provider of AI-enabled, cloud-based command and control technologies and deployed solutions (more)

• Xalient, a secure digital identity and network transformation specialist, acquired Integral Partners, a digital identity consulting and advisory firm focused exclusively on IAM (more)

• Howdy.com, a talent sourcing and management provider, acquired GeekHunter, a talent marketplace for companies to hire developers from Brazil (more)

• Rapport Therapeutics, a clinical-stage biotechnology company leveraging the science of receptor-associated proteins (RAPs) for neuromedicines, raised $150M in Series B funding (more)

• Portkey.ai, a provider of generative AI apps building tools that allow businesses to monitor their language model operations (LLMOps), connect to multiple large language models (LLMs) and manage prompts, raised $3M in Seed funding (more)

• SpyCloud, a company specializing in operationalizing identity analytics to automate the protection of digital identities, raised $110M in Growth funding (more)

• Novig, a provider of a commission-free sports betting exchange, raised $6.4M in Seed funding (more)

• Creatively Focused, an educator-driven technology company, raised $3M in Seed funding (more)

• Jellatech, a biotechnology company developing a platform to produce complex proteins, raised $3.5M in Seed funding (more)

• Aircon, a provider of gateway-as-a-service in the air cargo industry, raised $3.3M in Seed funding (more)

• Axiom Space, a provider of human spaceflight services and developer of human-rated space infrastructure, raised $350M in Series C funding (more)

CRYPTO

• Tornado Cash founders charged with laundering more than $1 billion, including millions for North Korea (more)

• Binance.US turns to crypto startup MoonPay after U.S. banks sever ties (more)

• Solana Pay integrates plug-in with Shopify for USDC payments (more)

• Ether staking demand remains unfazed as EigenLayer 100K ETH cap limit rilled within hours (more)

BULLISH BITES | What we’re reading…

📘 Buffett: The Making of an American Capitalist (book)
"Mr. Lowenstein has done a masterly job."--The New York Times

• Warren Buffett’s upbringing, education, and rise through Berkshire Hathaway are chronicled here. Emphasizing pivotal mentors such as Benjamin Graham, as well as his unique value investing strategy, accounting for intangibles like brand and reputation.

📘 How I Made $2,000,000 in the Stock Market (book)

• The story traces Darvas' journey from a dancer with zero financial background to a prolific stock market trader who made millions. He came up with the "Darvas Box" method, blending fundamental analysis with technical trading insights he fine-tuned over the years. This method is still influential and studied today…

DAILY SHARES

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