Brian Stewart
speaker
910 appearances
18 recordings
2 series
first heard Feb 2025
last heard 10 Apr
Brian Stewart’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 8 in all, peaking in Feb 2026 with 4.
Appearances
And so if you see that turnaround, that might be a good sign that buyers are starting to step into the higher risk assets.
Brian Stewart, I call him our fearless director of news, and he better be fearless in these type of geopolitical and stock market volatility and uncertainty that we find ourselves in. Brian, welcome back to Wall Street Breakfast. And can you start off with some good news? Is there some good news to be had?
And what are the highlights there?
And is that why tech led the sell-off this week, is because of the higher expenses likely coming?
What would you say about Bitcoin specifically, its movement in the crypto space? I'd like to remind the audience of one of my favorite quotes that we heard from John D'Agostino at our investing summit last summer. And he said in talking about cryptocurrency that volatility is not the same thing as risk, which I think would be wise for us all to keep in the back and front of our minds.
What would you say about where Bitcoin is going and how volatile it's been?
And broadly speaking, macro wise, what are you sensing? What are you seeing based on the news that we've had this week, based on the tariffs, based on this geopolitical brouhaha?
Anything else to note for investors or any other data points or things to look for or possible catalysts or possible opposite of catalysts coming up?
Great to be back.
We're professionally bound to talk about NVIDIA at the start. The earnings just came out. The stock is down about 4% after earnings. The earnings themselves were very solid, beating expectations, stronger than expected guidance, but the stock is still down a bit. To be fair, the stock was up a bit beforehand. It was up about 4% the day before its earnings report.
So this is kind of just giving back that free earnings enthusiasm. I think the general feeling is steady as she goes. NVIDIA is about 20%, 25% off of its highs. So the idea is we're not in bubble territory yet for the AI, but there is sort of signs of slowing growth. The NVIDIA data center revenues, that's the area that's very AI focused. That showed 93% growth.
this last quarter, which obviously is very strong, but it's down from 112% growth in the previous quarter. And that number was in the 400% range a year ago. So you're seeing kind of the peak of AI growth passed for NVIDIA. And so the question is sort of where is that growth number going to settle in?
The only thing I note in terms of just general stock performance is that chips are down generally. And this isn't even just in response to NVIDIA earnings. This is over the past week. So we have AMD down 9%. ARM is down 10%. We'd kind of flagged Arm as a good AI bellwether just because it was part of the growth plan that people had put in place. And then Broadcom and Micron are also down.
So I don't think it's a NVIDIA-specific story. I think this is a market referendum on the AI situation in general. So I think that it's kind of TBD about where things are going. I think for the most part, people are happy to just tread water at this point and wait for more data.
Yeah, so next week we have Broadcom coming out on Thursday. We have Marvell as well. So there is going to be some data points in the chip area on the horizon. So those are two key areas to look for for next week. If we broaden the lens a little bit and look for technology in general and not just chips, we have a bunch of cybersecurity companies coming out next week.
I think the biggest of those is going to be CrowdStrike. CrowdStrike is down... was down sharply last year after its highly publicized outage in July, but has crawled back above those levels recently. However, it reached a 52-week high early this month, but it's seen a dip lately.
So I think those earnings are going to be key for CrowdStrike specifically about whether or not it's sort of moved past that outage and is back to sort of regular business as usual.
And then I think just looking at cybersecurity in general, I think that's an interesting place to look for technology in general, but also as we look at the new Trump administration spending priorities, whether or not companies with strong public balance sheet, as you will, strong governmental revenues, whether those companies are worried about cuts coming up.
It's a good time to kind of peek in on Tesla. It's down 19% in the past week. This is part of a general slide. It's down 30% year to date and 42% from its 52-week highs late last year. There's a lot of worry about the Elon Musk distraction. He's busy with Doge. And not only does that take him away from running Tesla, but it's also becoming not a great look in general. There's talk of...
of boycotting Tesla, there's just becoming a very high profile and not particularly well-liked presence at this point. There's also been data this week from a European industry group, the European Automobile Manufacturers Association said Tesla sales in Europe were down 45% in January. That could be a sign of dissatisfaction with Musk specifically.
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