📊 Nvidia's Explosive Growth Continues

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Happy Sunday!

This week was packed with major headlines across the crypto space.

• On Tuesday, Trump Media & Technology Group announced plans to raise $2.5B to invest in Bitcoin.

• Circle, the issuer of the USDC stablecoin, launched its IPO and is targeting nearly a $6B valuation.

• The next day, a filing revealed GameStop had acquired 4,710 Bitcoins, valued at over $500M.

• Then on Thursday, the SEC officially dropped its lawsuit against Binance and cofounder CZ.

The move closed the book on one of the SEC’s last major crypto enforcement cases.

But despite the momentum, Bitcoin lost ground.

• Rising tensions around US and China trade overshadowed the bullish news, pulling Bitcoin down from its all time high of $111,000 to $104,000.

Some key data bites from this week that you should know:

• Jensen Huang plans to sell $800M of Nvidia stock.

• Elon Musk’s Neuralink raised $600M at a $9B valuation.

• Q1 saw 78% of S&P 500 companies beat estimates.

• Temu’s owner saw Q1 net profit plunge 47% due to tariffs.

• Mark Zuckerberg has now earned $1B in dividends from Meta.

• US iPhones shipped from India jumped 76% in April.

• US Consumer Confidence posted biggest monthly gain in 4 years in May.

• E.l.f Beauty has acquired Hailey Bieber’s skincare brand for $1B.

• Meta AI now has 1B monthly active users.

• Grammarly raised $1B to build AI platform.

• Costco saw sales climb 8% in Q1.

• DoorDash is raising $2B from convertible bond sale after deal spree.

In today’s newsletter:

• 💰 Countries With Most Billionaires

•  🦾 Nvidia’s Q2 Earnings

• 📈 Nvidia’s Data Center Growth

• 💼 Nvidia’s Stock Portfolio

• ☁️ Salesforce’s Shopping Spree

Let’s jump right in.

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The United States remains the world’s top hub for wealth creation.

• It now boasts 867 billionaires, far ahead of China’s 278 and Germany’s 80, per New World Wealth.

• That total is greater than the next nine countries combined.

But it’s not just billionaires, the U.S. also leads in millionaires and centimillionaires.

Together, Americans now make up more than one-third of the world’s ultra-wealthy.

What’s driving this?

• The rise of founders and investors building companies in fast-growing tech sectors.

No company moves markets quite like Nvidia, and all eyes were on its Q1 fiscal 2026 earnings.

• CEO Jensen Huang made the moment feel even bigger, stating, “Global demand for NVIDIA’s AI infrastructure is incredibly strong. Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and NVIDIA stands at the center of this profound transformation.”

Nvidia once again delivered, beating expectations on both earnings and revenue.

• Adjusted earnings came in at $0.96, topping the $0.93 estimate.

• Revenue reached $44.06B, exceeding forecasts of $43.31B.

• Overall revenue grew 69%, while net income rose 31%.

But the quarter wasn’t without challenges.

• Gross margin dropped 17.9 points to 60.5%, weighed down by export restrictions on Nvidia’s H20 chips to China.

• The impact was significant, resulting in $4.5B in charges tied to excess inventory and $2.5B in lost sales.

• Excluding the restrictions, gross margin would have been 71.3%.

Despite the setback, Nvidia saw strong revenue growth across all five of its business segments.

At the center of Nvidia’s explosive growth is its dominant data center business.

• In Q1 alone, data center revenue surged 73% to $39.1B.

• Over the last twelve months, that total has climbed to a staggering $132B.

• Since Q3 2020, Nvidia’s data center revenue has compounded at an astonishing 100%.

The company also unveiled several major developments this quarter.

• It announced plans to build AI supercomputer factories in the US, introduced its new Blackwell Ultra chips designed for advanced AI reasoning, and expanded partnerships and infrastructure projects across the Middle East.

Nvidia isn’t just building chips.

It’s also quietly building a billion dollar stock portfolio.

The AI giant recently filed a 13F, revealing where it’s placing its public market bets.

• The total value? Roughly $1.1B in assets under management.

• And nearly 80% of that is in a single stock: CoreWeave, one of Nvidia’s top cloud partners.

The next biggest stake is ARM Holdings, making up 10.25% of the portfolio.

The rest is in a handful of different names like Applied Digital and Recursion Pharmaceuticals.

Overall, Nvidia’s 13F gives us a glimpse into how it’s supporting and betting on the broader AI ecosystem.

Salesforce is back on the acquisition game.

• This week, it announced plans to acquire data management company Informatica for $8B.

Just a day later, the company reported fiscal Q1 earnings that beat expectations and raised its full-year outlook.

• Adjusted earnings came in at $2.58, while revenue grew 8% to $9.83B.

• For the full year, Salesforce now expects adjusted earnings of $11.30 and revenue of $41.15B, both at the midpoint.

• That’s up from prior guidance of $11.13 and $40.7B, respectively.

The company credits the strong results and raised forecast to its unified enterprise AI platform and its agentic AI product, Agentforce.

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Notable Companies Reporting Earnings Week of June 1st, 2025:

Here’s what I will be watching this week:

• Tuesday: CrowdStrike $CRWD, Dollar General $DG

• Wednesday: MongoDB $MDB

• Thursday: Broadcom $AVGO, Lululemon $LULU

EarningsHub helps me stay on top of earnings, forecasts, and AI-powered call recaps.

It’s free, and perfect if you want to track every major company reporting.

Buys

• John Hickenlooper (D)

  • Company: Liberty Broadband ($LBRDA)

    • Amount Purchased: $250K - $500K

    • Description: Exercised stock option; Strike price $77.68; Expires 12/13/2030

  • Company: Liberty Broadband ($LBRDA)

    • Amount Purchased: $100K - $250K

    • Description: Exercised stock option; Strike price $76.45; Expires 12/11/2030

Sells

• John Hickenlooper (D)

  • Company: Liberty Broadband ($LBRDA)

    • Amount Sold: $250K - $500K

    • Description: Sale of exercised stock option; Strike price $77.68; Expires 12/13/2030

  • Company: Liberty Broadband ($LBRDA)

    • Amount Sold: $100K - $250K

    • Description: Sale of exercised stock option; Strike price $76.45; Expires 12/11/2030

Buys

• Golub Capital BDC Inc ($GBDC)

  • Insider: David Golub (CEO)

    • # of Shares Purchased: 6,059,971

    • $ Amount: $91,687,363

    • SEC Forms: [1]

Sells

• Tesla ($TSLA)

  • Insider: Ira Ehrenpreis (Director)

    • # of Shares Sold: 477,572

    • $ Amount: $170,636,358

    • SEC Forms: [1]

• Snowflake ($SNOW)

  • Insider: Michael Scarpelli (CFO)

    • # of Shares Sold: 400,000

    • $ Amount: $82,142,381

    • SEC Forms: [1]

🤝 Review of the Week