What Matters Today: Nvidia Earnings, Hedge Fund Positioning, and Google I/O Announcements

This report highlights tactical bearishness on Nvidia ahead of its earnings due to stretched positioning, and notes a significant hedge fund rotation from US semiconductors into Asian equities.

Key Takeaways

• 1.Nvidia (NVDA) earnings focus is on guidance and gross margins rather than just a revenue beat, with positioning currently stretched (9/10 score).
• 2.Hedge funds are actively rotating away from US Tech and Semiconductors into Asian markets, notably China, Japan, Hong Kong, and Taiwan.
• 3.Google’s I/O 2025 event highlighted the massive scaling of Gemini AI and the rollout of agentic search and shopping experiences.

Table of Contents

• 1) NVDA Tonight
• 2) HFs Selling US Semis and Buying Asia
• 3) Relevant Announcements from Google's I/O

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