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- Berkshire Breaks the Trillion Barrier
Good Morning!
Happy Thursday! One more day until Friday:
👉Berkshire joins the $1 trillion club
👉Nvidia earnings are in
👉 Hindenburg shorts SMCI
BERKSHIRE: $1 Trillion Company
Warren Buffett’s Berkshire Hathaway hit a $1 trillion market cap on Wednesday, becoming the first non-tech U.S. company to reach this milestone. Shares have surged over 28% in 2024, outpacing the S&P 500’s 18% gain. The stock climbed 0.8% to $696,502, pushing the market cap to $1 trillion just before Buffett’s 94th birthday.
Source: CNBC
Berkshire’s focus on old-economy businesses like BNSF Railway, Geico, and Dairy Queen sets it apart from other trillion-dollar companies. Analyst Cathy Seifert credits this achievement to the firm’s financial strength. Despite recent stock sell-offs, including Apple, Buffett’s cash reserve stands at a record $277 billion, signaling caution in today’s market.
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EARNINGS: Nvidia
Nvidia shares dropped in U.S. premarket trading on Thursday as of 8:00 am EST. Despite reporting a 122% year-over-year revenue increase to over $30 billion for the July quarter—marking four consecutive quarters of triple-digit growth—investor expectations were sky-high.
Source: Fox
The company’s fiscal third-quarter revenue guidance of $32.5 billion implies an 80% increase year-on-year but signals a slowdown. Nvidia's gross margins are expected to be in the mid-70% range, slightly below analysts' expectations of 76.4%. The stock’s dip follows a 150% rise this year, driven by AI demand, and it also impacted other semiconductor stocks globally.
HINDENBURG: Shorts SMCI
Shares of Super Micro Computer dropped 19% on Wednesday after the company announced a delay in filing its annual report with the SEC. Super Micro, which supplies servers for AI and major tech companies like Nvidia, AMD, and Intel, has seen its stock rise over 47% this year.
Source: SMCI
However, investors were rattled after Hindenburg Research revealed a short position, accusing the company of accounting manipulation—claims JPMorgan analysts say are hard to verify. Despite this, analysts believe Super Micro needs to improve communication, governance, and transparency as it grows rapidly in the AI sector.
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📊 Existing Home Sales
Source: CNBC
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Source: @wallstbets
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