

Sunday Double Negatives
It didn’t take Sherlock Holmes to predict that last week would be dominated by Debt Ceiling negotiations and Nvidia results, and sure enough it came to pass. NVDA added Chevron’s entire market cap in 30 minutes after its results, and held the after-market spike the next day. EBITDA estimates were raised by 50%-100% by analysts, underlining the staggering ability of the market/buyside to get in front of positive earnings dynamics. Even then, NVDA surprised to…