USDC balances held ~$72 billion in July. As Bitcoin and Ethereum continue to rebound . . .
By Month:
Jan 31, 2026: $70.150 billion
Feb 28, 2026: $75,169 billion
Mar 31, 2026: $77.140 billion
Apr 30, 2026: $77.155 billion
May 31, 2026: $75,804 billion
Jun 30, 2026: $73.416 billion
Jul 31, 2026: $71.925 billion
Aug 31, 2026: $73.752 billion
Sep 30, 2026: $74.007 billion
NVIDIA CFO Collette Kress said revenue would grow ("only") 70% in Fiscal Year 2028 due to supply constraint. This means revenue will approach $700+ billion, which is $150 billion above the Street range today.
Earnings Per Share is also going to revised much higher. Before the call, the Street was at $9.03 and $13.09 for calendar 2026 and 2027 respectively. I have been using $10.40 and $16.68.
Valuation on Street was 23.2x calendar 2026 EPS and 16.0x calendar 2027 EPS.
On my numbers PE was 21.6x and 13.5x. On this guidance, EPS is going much higher.
Shares are now trading at $220.00 (+4.6%) after hours.
USDC Market Cap on July 31, 2026: $71.9 billion
Market cap is up $500 million MTD
Atai Life Sciences acquired Beckley Psytech in June 2025 for BPL-003, a proprietary nasal spray version of DMT for use in Treatment Resistant Depression and Alcohol Use Disorder. BPL-003 had positive Phase 2 results and in the process of thinking about dosing regime and Phase 3 trial design. So still years away from commercialization, but clearly on the path to success with increasing support from the Administration (who, by the way, loves David Ricks).
On March 7, 2026, Atai announced that it was exploring strategic options for partnerships for BPL-003. The shares closed at $3.39 then.
PPI should also come in cooler than expected tomorrow, and August's readings for July 2026 could show a continuation of the disinflationary trend as oil prices have come down significantly since the start of the war. However, as we are seeing now, the continued blockage of the Strait of Hormuz is a growing energy shock and global oil stockpiles are being deployed.
SK Group Chairman says even after capacity growth plans, that customers are saying that level of investment is still not enough. These bullish comments are consistent with what Micron has articulated with the growth of their strategic customer agreements.
Hello everybody! NVIDIA's new segment reporting format both provides transparency and removes some clutter. Together, they have the effect of boosting revenue growth CAGR by 10-20% through 2035.
Data Center: Before, we had Compute + Networking. Now, we have customer level data for (a) Traditional Hyperscale and (b) New A.I. Data Centers, and Industrial, etc. Concerns about customer concentration as well as customer financial health are allayed as this segment can grow at a slower modeled pace and allow Hyperscale to restore their respective internal Free Cash Flow generation and repair ROIC. The New A.I. players are in Inference and Applications, which lead directly to revenues. On the Q&A, Jensen had to s-p-e-l-l it out. This segment is growing faster than Hyperscale.
EPS Estimates. Before and after cover page included.
This is for discussion purposes only, and is not financial advice. That said, I am LONG NVIDIA.
Don't sell your shares tomorrow on any manufactured dip. The key to breaking out the new A.I. Data Center category is that it is growing much faster than the Hyperscale segment.
I am comparing my "old" and "new" segment models, and there is much more visibility to growth through 2036.
This demand outlook is matched by TSMC's recent update with acceleration in growth in advanced nodes.
I'll update the subreddit once I am finished updating my model.
YouTube: Basis Points Podcast, May 9, 2026
Time stamp is 40 minutes and 20 seconds
In the 1970s, OPEC raised prices from $3.01 to $5.12 per barrel in 1973, and then $11.65 in January 1974, and then lifted the Embargo on March 18, 1974. Oil prices gradually rose to $15 per barrel by 1978. Then the Iran-Iraq War significantly reduced oil supplies from each nation, which led to prices spiking in 1979 and 1980.