Nvidia Stock Soars, Debt Ceiling Debacle Drags On and DeSantis Says Yes To Bitcoin [Bulls, Bears & Blockchain 5/25/2023]

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Join us on Twitter spaces for today’s Bulls, Bears & Blockchain show, where we’ll be tackling some of the most pressing topics in the financial world.

Be sure to join the conversation as we discuss:

  • Nvidia stock explodes after ‘guidance for the ages’
  • Debt Ceiling Debacle Continues – The Damage may be done even if a deal is reached
  • DeSantis says no to CBDCs, yes to Bitcoin and so much more!

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Nvidia Stock Soars 27% After Earnings Beat, Revenue Outlook Tops Estimates

Shares of Nvidia (NVDA) surged 27% in trading on Thursday after the chipmaker reported better-than-expected earnings and revenue for the first quarter of 2023.

The company’s revenue of $8.29 billion was up 46% year-over-year, and its earnings per share of $3.46 were up 89% year-over-year. Both figures beat analysts’ expectations.

Nvidia’s strong results were driven by strong demand for its chips from data centers and gaming. The company said that it expects its revenue to grow by 43% in the second quarter of 2023, which would be its fastest growth rate in over a year.

The company’s upbeat outlook sent its stock price soaring on Thursday. Nvidia’s market capitalization is now over $800 billion, making it the most valuable chipmaker in the world.

Nvidia’s CEO Jensen Huang said that the company is benefiting from the “fundamental shift” to accelerated computing. He said that data centers are being “retooled” to use Nvidia’s chips, which are designed for AI and machine learning applications.

Huang said that he expects the demand for Nvidia’s chips to continue to grow in the coming years. He said that the company is “well-positioned” to capitalize on the growth of the AI and machine learning markets.

Nvidia’s strong results and outlook are a positive sign for the chip industry. The company’s success is a testament to the growing demand for AI and machine learning applications. Nvidia is well-positioned to benefit from this trend in the coming years.

Join us today at 5:30 PM EST live on twitter as Marc LoPresti, Jon Najarian and Alex Mascioli break it all down.

“Debt Ceiling Debacle Continues – The Damage may be done even if a deal is reached”

According to JPMorgan economist, there’s a 25% (and rising) chance the US reaches the X-date without a deal.

The cost to protect against a default—via credit default swaps—is at its highest since 2011 while yields on short-term T-bills maturing after the X-date remain elevated.

What constitutes a “Soft Default”? Just ask the folks at Fitch.  
A stark new warning from the Fitch credit rating agency about U.S. debt added fresh urgency Thursday to ongoing debt ceiling negotiations between the White House and congressional Republicans, with only seven days to go before the United States faces an imminent threat of debt default.  Fitch Ratings, one of the big three ratings agencies, announced late Wednesday that it had placed the United States’ triple-A status on “rating watch negative.”

Be sure to join us live tonight at 5:30 PM EST on twitter spaces for another episode of Bulls, Bears & Blockchain featuring our market masters Marc LoPresti, Jon Najarian and Alex Mascioli!

DeSantis promises to protect bitcoin live on twitter spaces

Ron DeSantis Says He Will Protect Bitcoin If Elected President

Florida Governor Ron DeSantis, who launched his presidential campaign on Wednesday, said he would protect Bitcoin if elected.

“I think the current regime, clearly, they have it out for Bitcoin, and if it continues for another four years, they’ll probably end up killing it,” DeSantis said during a Twitter Spaces event with Elon Musk.

DeSantis, a Republican, has expressed support for decentralized cryptocurrencies in the past. He acknowledged the risks in the sector but said that people should be able to make their own decisions.

“I just do not have an itch to have to control everything that people may be doing in this space,” DeSantis said.

DeSantis’ comments come as crypto exchanges such as Coinbase have battled U.S. regulators. Some have warned that regulatory uncertainty in the country could push the industry offshore.

Cathie Wood’s Ark Invest wrote earlier this week that the United States is at risk of losing a leading position in the global crypto ecosystem to countries such as the United Arab Emirates, South Korea, Australia and Switzerland.

DeSantis’ support for Bitcoin could appeal to crypto enthusiasts who are concerned about the current administration’s stance on the cryptocurrency. However, it remains to be seen whether DeSantis would be able to deliver on his promise to protect Bitcoin if elected president.

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