Nvidia Delivers Spectacular Earnings Report

Summary

• Last Wednesday, Nvidia announced that its second-quarter sales rose by a whopping 122.4% to $30.04 billion vs. $13.51 billion in the same quarter last year.
• Last Friday, the Commerce Department announced that the Fed’s favorite inflation indicator, namely the Personal Consumption Expenditure (PCE) index, rose just 0.2% in July and 2.5% in the past 12 months.
• Now that inflation has effectively been tamed, the Fed is belatedly turning its attention to the job market, since the unemployment rate has risen from 3.4% to 4.3% in the past 15 months.
• I should add that the U.S. power grid added 21% in new electricity generating capacity in the first six months of this year via solar, wind and nuclear power.