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- 👉 Nvidia's Blackwell Revenue Hit $24B
👉 Week in Review — Too Long; Didn’t Read:
Key Earnings Announcements:
Nvidia’s quarterly Blackwell revenue hit $24B (up +118%).
Salesforce’s new Agentforce product hit $100M in annual recurring revenue.
Costco’s e-commerce deliveries spiked by +31%.
Investor Events & Global Affairs:
Trump doubled tariffs on Steel from 25% to 50%.
Palantir secured a $795M federal contract (IRS, Social Security, and immigrations systems).
e.l.f. Beauty acquired Hailey Bieber’s Rhode for $1B.
Major Economic Events:
The U.S. economy (GDP) contracted by -0.2% in the first quarter of 2025.
The Personal Consumption Expenditures (PCE) price index rose by only +0.1% during April.
Consumer Sentiment remains lowest on record.
Happy Sunday.
Before we get started, we wanted to offer a warm welcome to the +1,064 new subscribers who joined us this week!
In case you’re new around here, I’m Austin Hankwitz — I’ve been publishing earnings analysis on publicly-traded companies for over half a decade. My podcast, Rich Habits, has hit #1 on Spotify’s Business Podcast chart four times since it’s inception only two years ago.
At the start of 2023, I began my journey of building a $2M Dividend Growth Portfolio from scratch. This twice-weekly newsletter is how I keep you all updated on my progress.
For me, early retirement means $2M invested. For you, it might mean something else. Regardless of your early-retirement number — I hope these weekly synopses of my portfolio progress + what’s been happening in the markets helps you on your own journey.
Every Sunday I publish the internet’s best summary of what happened in the markets the week prior — earnings analysis, acquisition announcements, economic data, world news, and more.
If staying abreast to market-moving headlines is important to you, consider upgrading your subscription. Not only is it cheaper than your Netflix subscription, but chances are you’ll make some money along the way.
👉 Portfolio Updates (YTD Performance):
The stock-specific section of my portfolio remains decisively in the green YTD, despite the S&P 500’s rocky start. As you can see, my high-octane growth stock names continue to carry the team — up +18.6% YTD. On the flip side, my “Long Technology” subsection (Big Tech) remains in the red — recently brought lower this week by Salesforce.
My “Monthly Income” subsection (shown above) continues to spit out those tax-efficient distributions. This subsection of the portfolio sits at ~$45K, and I plan to continue to grow this toward $100K or more by the end of the year. Assuming I’m able to achieve that, this subsection of my portfolio (given the weightings shown above) will pay me ~$1,575 per month in passive income.
That’s my mortgage payment! I love NEOS Funds.
Above is my Bitcoin and (very small) Ethereum positions. As you all know, I plan to cash in on this Bitcoin position over the coming months as we hopefully trend above $120-145K per coin. I plan to reallocate these profits across my portfolio accordingly.
Below is my actual Ethereum position. As you all might remember, I unfortunately bought the top a few months back ($4K per ETH) and spent $75K doing it.
I’m still down -$25K on this trade all-time (shows a profit because I moved platforms), but I’m optimistic I won’t be down for much longer. The goal is to sell this ETH position for a five-figure profit then redeploy those funds back into the “Monthly Income” subsection of the portfolio — resulting in another ~$1,500 / month in passive income being generated!
Want to see every position inside my stock and crypto portfolio?
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👉 Key Earnings Announcements:
Nvidia’s quarterly Blackwell revenue hit $24B (up +118%), Salesforce’s Agentforce hit $100M in ARR, and Costco’s e-commerce deliveries spiked by +31%.
Nvida (NVDA)
Key Metrics
Revenue: $44.1 billion, an increase of +69% YoY
Operating Income: $21.6 billion, an increase of +28% YoY
Profits: $18.8 billion, an increase of +26% YoY
Earnings Release Callout
“Our breakthrough Blackwell NVL72 AI supercomputer — a ‘thinking machine’ designed for reasoning— is now in full-scale production across system makers and cloud service providers. Global demand for NVIDIA’s AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate. Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and NVIDIA stands at the center of this profound transformation.”
My Takeaway
NVDA on FastGraphs.com
Nvidia shares were in the green following their earnings report, and I agree with the market’s reaction to its results. Continued strength across the AI industry (infrastructure investments) coupled with the company’s highly successful new product ramp has unfortunately been overshadowed in the near-term by a volatile tariff environment and recently increased China export restrictions.
For the last several weeks, even the most optimistic investors had to question exactly how much exposure Nvidia had to China and whether or not it could absorb the shock of abrupt shipping stoppage.
Wednesday’s report answers much of the market’s concerns, as Nvidia appears to be growing despite its China issues. I would go as far to assume Nvidia will soon offer a new Chinese-tailored design variant over the coming months — the China market is simply too large and strategically important for the industry’s leading solution supplier to be absent.
During the quarter, the company’s $41.1B in revenue came in +$1.1B ahead of its guidance and $700M better than Wall Street’s expectations. Blackwell contributed nearly 70% of Data Center compute revenue ($24B, compared to $11B last quarter). Following the April 9th export restrictions, Nvidia was forced to write-off $2.5B of unfulfilled orders on their H20 shipments to China. Additionally, the company took a $4.5B charge-off to write down the inventory and purchase obligations ties to the orders, pressuring gross margins tremendously.
For their second quarter, NVDA guided to $45B in revenue, not including an $8B estimated missed revenue opportunity. Their gross margin guidance aggressively rebounded by +11% given their wise decision to take the charge-off in a single lump sum last quarter. Microsoft, Amazon, Google, and Meta reaffirmed their expectation to spend ~$350B this year on AI infrastructure, with much of that going to Nvidia.
I continue to believe Nvidia is undervalued as we look forward to AI Agents, humanoid robots, and autonomous driving. Long NVDA.
Salesforce (CRM)
Key Metrics
Revenue: $9.8 billion, an increase of +7% YoY
Operating Income: $95.0 million, compared to $121.0 million last year
Profits: $1.5 billion, flat YoY
Earnings Release Callout
“We delivered strong Q1 results and are raising our guidance by $400 million to $41.3 billion at the high end of the range. We’ve built a deeply unified enterprise AI platform—with agents, data, apps, and a metadata platform—that is unmatched in the industry. With Agentforce, Data Cloud, our Customer 360 apps, Tableau, and Slack all built on one trusted, unified foundation, companies of every size can build a digital labor force—boosting productivity, reducing costs, and accelerating growth.
And, with our agreement to acquire Informatica, we will bring together the industry’s leading AI CRM and AI-powered MDM and ETL platform to create the most complete, intelligent AI and data platform for the enterprise."
My Takeaway
CRM on FastGraphs.com
Total revenue of $9.8B was +$78M above Wall Street’s expectations, while their operating margin of 32.3% was -0.2% below expectations. Looking toward Q2, their current remaining performance obligations grew by +10% — $10.2B in total revenue guidance ($200M ahead of Wall Street’s expectations).
The company also raised their full year guidance by +$500M to $41.3B, and is firmly above Wall Street’s $40.8B expectations. On the surface, this seems incredible. Behind the scenes, however, it seems like this raise was due to an FX reversal.
Salesforce closed 8,000 Agentforce deals (of which, 4,000 were paid), up from 5,000 (with 3,000 paid) during last quarter and only 200 in Q3 2024. According to management, 30% of Agentforce bookings and 50% of Data Cloud bookings came from existing customers looking to increase their consumption. Management also noted double-digit new bookings growth in small and mid-market businesses, stronger than expected.
A key area to watch includes the company’s deceleration in Sales Cloud and Service Cloud. Management attributed this deceleration to a tougher leap year comparison across clouds in the company’s largest markets. Long-term, Agentforce has the opportunity to help accelerate core and multi-cloud adoption. However, current customers are not purchasing more clouds.
The company is currently trading at 17X forward free cash flow expectations, compared to a 35X multiple by its Peers — this is a 50% discount! I remain a long-term fan and shareholder of the company, and believe they can return to double-digit growth over time while expanding margins from the low 30s to the low 40s.
Long CRM.
Costco (COST)
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