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👉 Nvidia Earnings & The BTC Conference
Abercrombie & Fitch, Okta, Salesforce
Austin Hankwitz
27 May
Welcome to your new week.
Quick reminder to read the portfolio updates that were shared on Friday!
Nine changes were made. Click here!
Let’s dive right into everything you need to know this week!
Key Earnings Announcements:
CostCo, Dell, Dick’s, Marvell, NVIDIA, and Salesforce highlight this week.
Tuesday (5/27): AutoZone, Box, Okta, Pinduoduo, Scotiabank
Wednesday (5/28): C3.ai, Dick’s Sporting Goods, Macy’s, Nvidia, Nutanix, Salesforce, Veeva
Thursday (5/29): Best Buy, Costco, Dell, Elastic, Foot Locker, Gap Inc., Kohl’s, Marvell, Ulta Beauty, Zscaler
Friday (5/30): Canopy Growth, Cresco Labs, Shoe Carnival, UP Fintech, Yatra
What We’re Watching:
NVIDIA (NVDA)
NVIDIA reports earnings Wednesday after the bell. Shares are down -2.2% YTD as Wall Street looks to this report as a bellwether for AI infrastructure spending. Last quarter, data center revenue soared +409% YoY to $18.4B, driven by surging demand for H100 GPUs and cloud AI deployments. With expectations high, investors are watching for continued hyperscaler strength, export risk updates, and signs of margin durability.
NVIDIA is also preparing to launch a China-compliant Blackwell-based AI chip to navigate U.S. export restrictions, while Oracle has reportedly agreed to purchase 400,000 GB200 chips in a $40B deal to power OpenAI’s compute needs — a massive endorsement of long-term demand. I’ll be listening closely for commentary on Blackwell ramp, enterprise AI adoption, and how NVIDIA plans to scale supply through 2025.
"We're entering the next industrial revolution – companies everywhere are becoming AI factories."
NVIDIA Corp. (NVDA) Stock Performance, 5-Year Chart, Seeking Alpha
Salesforce (CRM)
Source: Salesforce Earnings Deck
Salesforce also reports earnings Wednesday after the bell. Shares are up +7.54% over the past month as the company continues its push to integrate AI across its platform and drive margin expansion. Last quarter, Salesforce delivered record operating margins of 30.5% and raised its full-year guidance — but investors will be watching closely to see if growth can reaccelerate as macro pressures weigh on enterprise IT spending.
AI adoption and cost discipline will be central themes during this earnings call. I'll be listening for updates on Data Cloud traction, demand for Einstein Copilot, and how Salesforce plans to navigate increased competition from Microsoft and Oracle in the enterprise AI arms race. Last but not least — Salesforce just announced an $8B acquisition of a data management company named Informatica this morning. Expect plenty of questions surroundings this major move!
"We are at the beginning of a massive opportunity for our customers to connect with their customers in a whole new way with AI. As the world’s #1 AI CRM, we’re incredibly well positioned to help companies realize the promise of AI over the next decade."
Salesforce, Inc. (CRM) Stock Performance, 5-Year Chart, Seeking Alpha
Investor Events / Global Affairs:
Trump pushed back the EU Tariff Deadline after a leadership call this weekend, the Bitcoin Conference returns, Southwest Airlines will officially begin their changes this week, and the Russia / Ukraine war continues to roll on.
Trump Pushes Back EU Tariff Deadline
President Trump has delayed the imposition of 50% tariffs on EU goods, granting a reprieve until July 9 after a weekend call with European Commission President Ursula von der Leyen. The move resets the deadline back to the original 90-day trade window Trump announced in April, offering both sides more time to hash out a deal. While markets welcomed the delay, tensions remain high as key issues like value-added taxes (VAT), digital regulations, and China policy continue to divide the U.S. and EU.
“We just have to stay calm, and from the European side, we just have to negotiate – we have to remember from the European side that our market is big, that we do matter in economic terms to the U.S. quite a lot, not just vice versa,” he added. “So these negotiations should be negotiations among equals. The European Union is not a region which can be scared into just throwing in the towel.”
JD Vance and Trump Family to Speak at Bitcoin Conference 2025
Here we go…. Bitcoin is hovering around new all-time highs and the Bitcoin Conference officially begins today. We’ve seen this before, and we’re VERY curious to see if the Bitcoin Conference once again serves as a local “top” for BTC.
Speakers will include JD Vance, Donald Trump Jr, Eric Trump, Michael Saylor, David Sacks, Vlad Tenev, Bo Hines, Senator Cynthia Lummis, Congressman Byron Donalds, Senator Jim Justice, Senator Bill Hagerty, House Majority Whip Tom Emmer, and MANY more notable names in the crypto space.
It’s also worth noting that Trump Media (DJT) has denied a Financial Times article in which they say that DJT will be buying $3B worth of cryptocurrencies for its balance sheet. We’ve seen a lot of people continuing to spread this news without knowing that the company has denied the claims.
Either way — let’s see what happens this week!
Southwest Airlines’ Changes Officially Begin This Week
Sources: Scott Olson / Getty Images
Starting Wednesday, Southwest Airlines will begin charging passengers $35 for the first checked bag and $45 for the second, ending its long-standing “two bags fly free” policy. This move marks a significant shift in the airline’s business model, aligning it more closely with major competitors like Delta and United, as it also introduces basic-economy fares and plans to implement assigned seating in 2026. Exceptions to the baggage fees include travelers with top-tier Rapid Rewards status, Business Select fares, and holders of Southwest co-branded credit cards.
The decision follows pressure from activist investor Elliott Management, which pushed for revenue-boosting changes after gaining seats on the airline's board. Southwest expects more passengers to carry on luggage and is installing larger overhead bins and mobile bag-tag printers to accommodate this shift. Despite backlash on social media, the airline claims the announcement has not impacted bookings.
Southwest Airlines (LUV) Stock Performance, 5-Year Chart, Seeking Alpha
“We are very encouraged by the results from the initiatives we implemented in the first quarter. Just to name and highlight a few, we amended our agreement with Chase. We implemented enhancements to our Rapid Rewards program including introducing dynamic reward pricing and we launched Expedia with results exceeding our expectations thus far. We also seamlessly implemented our turn time initiative in more stations and we now have removed five minutes of turn time from scheduled in 19 stations, while leading the industry in on time performance. And importantly, we executed on unit costs and our overall cost reduction plan.”
Russia / Ukraine Progress is Looking Dicey
Source: Thomas Peter / Reuters
President Trump is weighing new sanctions on Russia this week as frustration grows over Putin’s intensified attacks on Ukraine and stalled peace talks. While the measures likely won’t target banks, options under discussion include backing a 30-day cease-fire Ukraine supports but Moscow continues to reject. The shift marks a sharp turn in Trump’s stance toward Putin — and signals a potential breakdown in US-led negotiations if no progress is made soon.
Trump doesn’t seem to be fond of either side’s leadership right now, and it’s frustrating him that negotiations have been much more difficult than originally anticipated. We’re expecting to hear more updates about the war every week moving forward.
“I’m not happy with what Putin’s doing. He’s killing a lot of people. And I don’t know what the hell happened to Putin. I’ve known him a long time, always gotten along with him, but he’s sending rockets into cities and killing people, and I don’t like it at all.”
Major Economic Events:
Durable Goods Orders, FOMC Minutes, PCE and the first revision of Q1 GDP are in the spotlight this week.
Tuesday (5/27): Consumer Confidence, Durable-Goods Minus Transportation, Durable-Goods Orders, Minneapolis Fed President Neel Kashkari Speech in Tokyo, New York Fed President John Williams Speech in Tokyo, S&P CoreLogic Case-Shiller Home Price Index (20 Cities)
Wednesday (5/28): Minneapolis Fed President Neel Kashkari Speech in Tokyo, Minutes of Fed’s May FOMC Meeting
Thursday (5/29): Chicago Fed President Austan Goolsbee Speech, Dallas Fed President Lorie Logan Speech, Fed Governor Adriana Kugler Speech, GDP (First Revision), Initial Jobless Claims, Pending Home Sales, Richmond Fed President Tom Barkin Speech, San Francisco Fed President Mary Daly Speech
Friday (5/30): Advanced Retail Inventories, Advanced U.S. Trade Balance in Goods, Advanced Wholesale Inventories, Chicago Business Barometer (PMI), Consumer Sentiment (Final), Consumer Spending, Core PCE (Year-Over-Year), Core PCE Index, PCE (Year-Over-Year), PCE Index, Personal Income, San Francisco Fed President Mary Daly Speech
What We’re Watching:
Durable Goods Orders
U.S. durable goods orders jumped +7.5% in March — the strongest monthly increase since July 2020, despite a downward revision from the initial 9.2% estimate. The surge signals continued strength in manufacturing demand, well above the long-term monthly average of just +0.35%. Markets will be watching to see if this momentum holds amid broader economic cooling.
This morning’s release was projected to show all of those gains wiped away, with expectations of -7.8% for durable goods. Instead, results came in at -6.3% — largely tumbling due to low aircraft demand.
“The decline offset much of the 7.6% rise of March, which came as U.S. firms stockpiled imports to get ahead of some of the impact from the Trump administration’s April trade announcements. Despite being the first fall after three monthly increases, April’s measure was a little better than the 7.8% drop expected by economists polled by The Wall Street Journal. Transportation equipment orders dived 17.1% on month, dragged by a 51.5% decline in nondefense aircraft and parts. Excluding transportation, total durable goods orders edged up 0.2% in April.”
U.S. GDP (First Revision)
The U.S. economy shrank by -0.3% in Q1 2025, sharply reversing from 2.4% growth last quarter and missing expectations for modest expansion. A +41% spike in imports — driven by tariff-driven stockpiling — dragged heavily on GDP, while consumer spending slowed to its weakest pace in nearly two years. Despite the downturn, fixed investment surged +7.8%, offering a silver lining amid an otherwise shaky start to the year.
Economists expect this GDP revision to lead to the same number — a -0.3% decline.
"A period of stagnation now likely lies ahead if the current set of tariffs is maintained, with recession the most likely outcome if the additional reciprocal tariffs are imposed in full in July.”
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Cover image source: BTC Conference official site
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