WS #7827

The dominant narrative from the previous window (Fed hawkishness, Iran tensions, OpenAI IPO) remains stable, but this window is dominated by two major corporate catalysts: NVIDIA's blockbuster earnings and Intuit's massive layoff announcement. NVIDIA reported record Q1 revenue of $81.6B (beat by $2.8B), EPS $1.87 (beat by $0.11), and issued Q2 guidance of $89.2B-$92.9B (above $86.6B consensus), alongside an $80B buyback authorization and a dividend increase from $0.01 to $0.25. This is a high-significance positive for NVDA and the broader AI/semiconductor complex. Conversely, Intuit beat Q3 estimates but announced a 17% workforce cut (~3,000 jobs) and $300M-$340M in restructuring charges, sending shares down 11% after hours. This counters the positive earnings beat and signals AI-driven disruption in enterprise software. Other notable earnings beats include e.l.f. Beauty (revenue +35% YoY, but FY27 guidance below consensus), EnerSys, StepStone Group, and Star Bulk Carriers. On the geopolitical front, the US charged former Cuban leader Raúl Castro with murder over the 1996 downing of two planes, escalating US-Cuba tensions. Ukrainian drone strikes continue to disrupt Russian oil refining capacity. The Iran situation remains stable with no new escalation in this window. The NVDA earnings are the highest-impact event for the next 1-8 hours, likely driving a tech rally.