Quarterly Outlook
Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally
Jacob Falkencrone
Global Head of Investment Strategy
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Why Nvidia earnings are so important
Dan Squires
Head of Sales - UK
Summary: As Nvidia prepares to announce its earnings, the market is paying close attention. Expectations are high, with options markets reflecting significant volatility. Peter Garnry, Saxo’s Chief Investment Strategist, anticipates that Nvidia will likely exceed consensus estimates for the quarter but also notes potential risks. A revenue miss, given Nvidia’s high valuation, could lead to market fluctuations.
Nvidia’s Earnings: High Expectations
Nvidia earnings on Wednesday is by far the most important event in global equities. Analysts expect FY25 Q2 (ending 31 July) revenue to hit $28.7bn up 113% YoY and EBITDA of $18.9bn compared to $7.4bn a year ago.
Given the underlying momentum in the AI industry and the results we have seen from other companies in the AI ecosystem, we lean in direction of Nvidia beating consensus and lifting guidance for fiscal Q3 surpassing estimates.
Demand is still driven by its Hopper chips H100 and H200. Besides revenue guidance the market will anxiously look for an update of its Grace Blackwell 200 chip (GB200) which was scheduled for launch in Q4 2024, but has been postponed to Q1 2025 due to a design flaw.
Our view is that the AI wave will continue until the next GB200 investment has run its course as Google, Meta, and Microsoft will take another bet on compute power to see what it can create in terms of models and new AI applications.
Quarterly Outlook
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Quarterly Outlook
Q3 Macro Outlook: Less chaos, and hopefully a bit more clarity
John J. Hardy
Global Head of Macro Strategy
After the chaos of Q2, the quarter ahead should get a bit more clarity on how Trump 2.0 is impacting... -
Quarterly Outlook
Equity outlook: The high cost of global fragmentation for US portfolios
Charu Chanana
Chief Investment Strategist
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Quarterly Outlook
Commodity Outlook: Commodities rally despite global uncertainty
Ole Hansen
Head of Commodity Strategy
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Quarterly Outlook
Upending the global order at blinding speed
John J. Hardy
Global Head of Macro Strategy
We are witnessing a once-in-a-lifetime shredding of the global order. As the new order takes shape, ... -
Quarterly Outlook
Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever
Jacob Falkencrone
Global Head of Investment Strategy
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Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
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Quarterly Outlook
Equity Outlook: The ride just got rougher
Charu Chanana
Chief Investment Strategist
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Quarterly Outlook
China Outlook: The choice between retaliation or de-escalation
Charu Chanana
Chief Investment Strategist
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Quarterly Outlook
Commodity Outlook: A bumpy road ahead calls for diversification
Ole Hansen
Head of Commodity Strategy