Nvidia's Blowout Quarter; Investors Gauge Jackson Hole

**SPEAKER_1** (0:02)
Bloomberg Audio Studios, podcasts, radio, news.

**Nathan Hager** (0:10)
Good morning, I'm Nathan Hager.

**John Tucker** (0:12)
And I'm John Tucker. Here are the stories we're following today.

**Nathan Hager** (0:15)
John, we begin this morning with earnings from Nvidia. The chip maker at the heart of the artificial intelligence boom gave a bullish sales outlook into fiscal 2028
And that's easing concerns that AI spending is poised to lose momentum. We get more from Bloomberg tech host, Ed Ludlow.

**Ed Ludlow** (0:31)
Nvidia never does this. They do not give full fiscal year outlooks. And so saying growth will be 70% for revenue in fiscal 2028 was not just astonishing to take that step. But when you compare it to Wall Street estimates going into this earnings print, the street was seeing 45% growth in fiscal 2028 Add to that the commentary from Jensen Wong and Colette Kress, who I spoke to on the phone, the CFO, that basically demand is running at 100% or there are lots of parts of Nvidia's business where demand is doubling right now. The reason they're guiding growth of 70% is that's what they can supply. The main constraint is still memory. And so what they can get their hands on, that results in 70% top line growth. This is Ed Ludlow for Bloomberg News in San Francisco.

**Nathan Hager** (1:17)
All right, Ed, thank you. And shares of Nvidia in the pre-market are jumping. They're up more than 7.5%.

**John Tucker** (1:23)
Yeah, and Nathan, Nvidia is not the only tech stock on the move. Shares of Salesforce, they are up almost 11% in early trading. The software company delivering an outlook for strong revenue expansion. It's also deepening its partnership with Anthropic, and that is reassuring investors it can compete successfully in the era of AI.

**Nathan Hager** (1:43)
John, shares of CrowdStrike are soaring pre-market as well, up eight and two-thirds percent. The security software firm projected revenue for the full year that exceeded analyst estimates. They say that is evidence the cybersecurity industry is continuing to benefit from AI fuel demand.

**John Tucker** (1:58)
And the attention now moves from tech earnings to the economy. We are just a day away from Kevin Warsh's first speech at Jackson Hole as Fed Chair. It's going to be highly anticipated around the world, and Bloomberg's Tom Kean is heading our coverage at Jackson Hole.

**Tom Keen** (2:14)
I think what we are going to see more than anything is the international sense of the meetings. Always in attendance are other global central bankers, Lagarde, Ueda, Bailey, Tiff Macklem of Canada, all of a sudden very, very important. So there is the international component at Jackson Hole, always there. And again, we are going to go out and buy the split rail fence. Chairman Warsh will wave at the Rocky Mountain, the Grand Tetons, I should say. But far more will be the anticipation of the speech, maybe like I've never seen before. And the anticipation is, are we going to get something or not? I'll be honest, I'm in the camp where Chairman Warsh will play this very close to the vest. It will be a very safe speech as he awaits data coming up to get to the next Fed meeting.

**John Tucker** (3:02)
Join Tom Keen tomorrow for a special edition of Bloomberg Surveillance, live from the Jackson Hole Economic Symposium. You'll be with Lisa Abramowitz and Michael McKee, speaking with Fed experts on the path forward, starting tomorrow, 9 a.m. Wall Street time, on Bloomberg Radio, Bloomberg Television, and the Bloomberg Business Hub.

**Nathan Hager** (3:20)
And while Fed Chairman Warsh prepares to give that speech, John Fed Governor Lisa Cook is once again fighting to keep her job, denying unproven mortgage fraud allegations that President Trump has repeated. In a letter to the White House, Cook's attorney, Abbe Lowell, calls the allegations, quote, unfounded and untrue.
This latest back and forth comes a couple months after the president narrowly lost his initial bid at the Supreme Court to oust Governor Cook.

**John Tucker** (3:45)
Let's get the latest from the Middle East right now. Iran's military says it's reached a revenue sharing agreement with Oman on the Strait of Hormuz. That statement from the Islamic Revolutionary Guard Corps goes further than what the two countries' foreign ministers are saying, that they've discussed an interim framework for resuming shipments through the waterway. Meanwhile, President Trump is repeating his claims that the strait is open and the mines are gone. Bloomberg Middle East correspondent Abir Abu Omar has more from Dubai.

**Abir Abu Omar** (4:14)
President Trump and the United States have made those claims multiple times before, but we have from multiple different fronts saying that that's not entirely true. One is the IRGC saying that the only parties that are involved or know about where those explosives are in the waterway are officials in Iran. We of course had the head of the IMO last week saying that no ships are making their way in the Strait of Hormuz in a natural way and that the explosives are still pretty much there. You've got European officials voicing their concern that those explosives are there.