The market climbed Tuesday after software stocks started to rebound. Everyone chilled out a bit, because Nvidia earnings are on the way!!

Tomorrow night, it’s the most anticipated earnings report of the season, and arguably of the entire AI era so far. The chipmaker has beaten analyst estimates for 13 consecutive quarters, and consensus is calling for revenue and earnings up roughly 68-72% from last year.

The real question is whether Jensen Huang can convince the market that the AI infrastructure ramp has years of runway left, or whether peak capex fears start creeping into the narrative.

Look for anything mentioning Blackwell chips, Rubin chips and forward guidance that should be through the roof for Q1 FY2027, at $74-75B. Follow along on Stocktwits tomorrow night for live coverage.

In today’s news, software stocks rested easy as a fresh partnership news from Anthropic made the industry feel like everyone is in this together. Updates to Claude are coming for Salesforce, Factset, Docusign, and more.

Tonight, the world awaits for a brand new tariff speech, nearly one year after Liberation day, as President Trump makes remarks on the State of his Union before Congress.

Axon Enterprise AI Demand Drives Record Margins : $AXON surged 15% after reporting $797M in revenue, up 38% year over year, alongside a massive EPS beat of $2.15 vs. $1.60 expected. Software and services revenue grew 40% to $343M, while future contracted bookings jumped 43% to $14.4B, proving the hardware-to-software flywheel is very much spinning. 💿

Cava Group Expansion Momentum Offsets Tariff Fears : $CAVA rose 8% as the market looked past global tariff headwinds to focus on the brand's aggressive unit expansion and surprisingly resilient customer loyalty. A major menu innovation cycle and a new COO appointment steadied confidence in store-level economics. The stock's premium valuation is based on sustained returns with ~18% unit growth targeted for 2026. 🥗

First Solar Tariff Uncertainty Shadows Strong Setup : Despite trading at a deep-value forward P/E of just 10.27 and securing a new $1.5B revolving credit facility, $FSLR dropped 12% as trade policy chaos and sector rotation away from renewables overwhelmed the fundamental story. The December 2027 expiration of key production tax credits remains the overhang the market can't shake. ☀️

Workday Cautious Guidance Sparks AI Concerns : $WDAY fell 8% as subscription revenue guidance spooked investors already nervous about customers consolidating headcount and trimming seats. The return of co-founder Aneel Bhusri as CEO was meant to steady the ship, but without an AI monetization story, the stock has now shed 36.4% year-to-date. 💻

Meta Platforms just handed the AI chip industry its most consequential endorsement outside of Nvidia, committing to deploy up to six gigawatts of Instinct GPUs in a multi-year partnership starting later this year. $AMD surged 6% as the market digested the full weight of the deal: not just the GPU deployment, but warrants granting Meta the right to acquire up to 160 million shares, a 10% stake.

It’s bigger than just a hardware contract. Meta has committed $135B to AI infrastructure in 2026 alone, and last week separately announced a chip deal with $NVDA. The giant is pinning the two against each other, or rather building a dual-supplier architecture rather than ceding its entire compute stack to one vendor. For $AMD, winning a bid as the second pillar of Meta's AI buildout is the clearest market validation yet that its Instinct GPU roadmap has crossed the threshold from "credible alternative" to genuine competitor.

Analyst price targets may change: watch for upgrades as the Street recalibrates the size of the addressable market $AMD ( ▲ 8.77% ) can realistically capture in the accelerated computing ramp.

How do you follow 4,000% valuation growth? By preparing for what’s next. That’s what pre-IPO company Immersed did, reserving the Nasdaq ticker $IMRS.

But the real opportunity for investors is now, before public markets.

Why? Immersed changed the game in extended reality (XR), developing the Meta Quest store’s most popular productivity app. They have more than 1.5M users, including Fortune 500 teams, many who already use it up to 60 hours a week.

But that’s not all. Immersed’s soon-to-be-released XR headset has 2M more pixels than Apple’s Vision Pro for 70% less cost and weight. No wonder they’re projecting $71M in first-year sales.

Immersed is redefining the $250B+ future of work. That’s why 6,000+ investors have already secured pre-IPO shares in Immersed’s growth.

They have partnerships in place with Qualcomm and Samsung. Executives and founders from Palantir, Facebook, Reddit, and Sailpoint invested. You can, too. But there’s no time to waste. Invest in Immersed before the opportunity closes.

Invest in Immersed

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Speaking of deals, an update from one of he largest media transactions ever anticipated dropped after the market closed Tuesday.

$NFLX ( ▲ 2.66% ) climbed even as the streaming giant watched a competitor send forward yet another bid for Warner Bros. Discovery. Paramount Global sent the Warner Bros. board a $31/share bid Tuesday afternoon.

The board said the new offer looks like a "superior proposal" and might stir up Netflix negotiations. Paramount's bid, now valued at roughly $112B including debt, includes a "ticking fee" of $0.25 per share per quarter if the deal drags past September, along with a $7B regulatory breakup fee.

Netflix's existing $27.75-per-share agreement remains the board's recommended option, but the company now faces a four-business-day window to sweeten its terms or risk losing the asset to Paramount CEO David Ellison.

The Warner Bros. board emphasized it hasn't withdrawn support for the Netflix deal, but the Paramount counteroffer, the sixth revision since December, is dragging things out.

Whoever wins the prize of paying a record sum of money would absorb HBO, CNN, and the DC Universe into their media giant portfolio.

Alternative lender Blue Owl Capital $OWL ( ▲ 2.78% ) was plunging 15% in the past five sessions, dragging down other lending investing giants like Blackstone, Apollo, and Ares. The panic started when Blue Owl permanently shut the gates on a $1.6 billion Private Credit fund, OBDC II, preventing investors from withdrawing cash as they face fears of an AI-driven bubble and worsening lending standards.

This liquidity mismatch is triggering "2008-style" red flags across the sector as investors realize their "safe" private credit bets might be harder to exit than they thought. The $1.8T market for private credit has come a long way, especially when the opaque investments are starting to show up in 401k funds after a Trump executive order last year. Private credit used to be a niche nerd investment model, but now it backs everything from data centers to software buyout mergers.

The main critique it that private credit companies buy software firms for 20 times earnings, hoping no one can replace them, but the advent of AI software vibe coding makes it look like that's a bad bet.

In other banking news, JP Morgan Chase CEO Jamie Dimon was sounding the alarm on the social costs of AI.

Per Yahoo Finance Executive Editor Brian Sozzi, Dimon was overheard at an investor cocktail event last night talking about AI models at JPM, and his concerns that the world needs to tread carefully or upset millions of workers in the name of progress.

He imagined if the Citirini research, the Anthropic vibe coding takeover was all true, that there are sectors of our economy that could be replaced with the push of a button.

“I think there are 2 million commercial truckers in the U.S. You could push a button, eliminate all of them, and they make $120,000 on average. Save fuel, save lives, save time, a more efficient system, less disrupted highways, all that beautiful stuff” Dimon said. “Would you do it if you put 2 million people on the street where even if there are jobs available, that next job is $25,000 a year, stocking shelves.”

Dimon said it was a terrible idea, and asked if society at large would even accept such a trade off, “I was talking about the business and government, and they should start thinking today, not when it happens, what would we do to deal with the [AI] issue?”

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Macro: Cushing Crude Oil Inventories (10:30 AM ET), BOND 5Y (1:00 PM ET). 📊

Pre-Market Earnings: $AMRN, $HUT, $UWMC, $GERN, $CRCL, $LOW, $RXRX, $INVZ, $TJX. ☀️

After-Market Earnings: NVDA, $BYND, $CRM, $ZM, $SNOW, $AI, $GSAT, $IONQ, $TTD, $ALT, $TDOC, $JOBY, $SRPT, $PSKY, $IMNN, $WATT, $EBAY, $ADMA, $ROOT, $SDRL, $CPRX.🌙

P.S. You can listen to all of these earnings calls on Stocktwits.

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