The Market Today
Markets reopened Monday after the July 4 holiday weekend to a mixed picture. Bitcoin (BTC) climbed to $62,760 (+1.27 pct 24h), Ethereum (ETH) recovered to $1,765 (+0.85 pct), Solana (SOL) touched $81.06 (+0.96 pct), crypto broadly constructive. NVIDIA Corp. (NASDAQ:NVDA) opened at $194.48 on subdued pre-market sentiment tied to U.S. companies exploring cheaper Chinese AI inference models. But the day's most important headline was a denial, NVIDIA confirmed its Kyber NVL144 next-generation AI accelerator is NOT delayed and remains on schedule, pushing back against chatter that had been weighing on the stock. Goldman Sachs added conviction: at 21.7x forward P/E, NVDA trades near the S&P 500 average and far below its own 5-year average of 72x. Macro backdrop remains tight, Fed Chair Kevin Warsh holds at 3.50-3.75 pct, CPI running 4.2 pct YoY (highest in three years), and futures are pricing rates back toward 4 pct by year-end. The July calendar is packed: CPI, PCE, jobs, July 28-29 FOMC. But today, the biggest trade in this portfolio has nothing to do with any of that.
Existing Positions
NVIDIA Corp. (NASDAQ:NVDA), HOLD
NVDA opened Monday at $194.48, slightly off Thursday's close of $196.61. My 29-share position sits at -10.59 pct from the $218.09 average cost. Current value: ~$5,655.
The Kyber NVL144 denial is the signal that matters today. Reports had circulated suggesting NVIDIA's next AI platform would slip to 2028. That would have been a thesis-breaker, a two-year delay on next-gen silicon during an AI compute race is catastrophic for the bull case. NVIDIA denied it: Kyber is on schedule. Combined with Blackwell sold out through mid-2026, the AI Compute Partnership financing cloud startups to purchase GPUs, and Goldman's 21.7x P/E argument, the fundamental thesis is intact.
Bear risk: U.S. hyperscalers exploring cheaper Chinese AI inference models (DeepSeek, Kimi, Qwen) could trim GPU capex at the margin. This is real and growing. But it primarily affects inference workloads, not training, where NVDA dominates. The risk is noted, the thesis is not broken.
Stop: $182. Target: $265. August 26 earnings is the next hard catalyst. Holding.