Rekt Mkts: Nvidia rips while crypto stays firm

Well that was a pretty clear answer from Nvidia...except my memory names did not get the memo lol. US tech ripped yday and crypto remains firm, but Korea has gone the other way this morning. I still think the broad tape is holding up, altho the split under the surface matters more than another green index close.

SPX gained 0.7% yday and NDQ added 1.4%, while futures are basically flat to slightly softer this morning. The 5Y finished near 4.40%, up roughly 1.5bps, the 10Y around 4.67%, up 1bp, and the 30Y near 5.19%, up about 0.5bps. WTI is down around 0.7% near $82.90 today, while gold is up 1.2% near $4,666. Warsh at Jackson Hole is the next proper macro test. The mkt bought the Nvidia result but rates are still firm and gold is still pushing, so I would not call this a clean all-clear.

Nvidia jumped 8.7% after results and dragged the Nasdaq higher, but the memory read-through was much less exciting. Hynix ADR gained 2.3% yday while MU slipped 0.3% and SNDK lost 1%. Korea then reversed today, with KOSPI down 1.8%, Hynix off 4.5% and Samsung down 3.4%. That is not the clean follow-through I was looking for and I haven't quite got a handle on what specifically the market wanted to see...given the way memory has been trading it feels like there's once again a big seller of it.

Still firm, but not all one trade. BTC is around $79.8k and up 0.5% over 24 hours although it did breach the 81k level overnight, ETH is basically flat near $2,500, while SOL is leading again, up 4.3% near $106.70. HYPE is up 3% around $84.30 as it continues to reach new HTC. The latest daily onchain activity once again points back towards Robinhood Chain: tokenised asset value on the chain reached roughly $41.9m across 202 assets, with a sharp increase in RWA flows earlier this week. The PA is properly split tho. PONS is up 11.8% near $0.138, while CASHCAT is down 11.6% and STONKBROKER is off 23%. PONS remains one of my largest positions, and even though I've taken some profits the revenues suggest that it is likely to continue to head higher. It generated a whopping $391k in protocol revenue in the last 24H as its market share climbed to 86%. Its revenue momentum over the last 7 days is now 210% while its MCAP/Rev multiple has actually declined to 1.5x from highs of 2.2x...despite an increase in price...personally I would not be surprised to see this much higher very quickly. Good luck today.