Caroline Hyde

I'm reading our markets wrap on Bloomberg, and they're painting a picture where if NVIDIA earnings are really strong, that will carry the market for the rest of the week and maybe further afield.

It will be good, let's say, for the NASDAQ 100.

But if they are too strong, then we'll go back to the idea that AI is coming for software, as an example.

There is a world where NVIDIA's earnings are too good, and we end up with the same result, which is anxiety about legacy sectors.

Do you kind of buy that argument?

Well, in terms of the day-to-day price movement with how investors are going to react to NVIDIA, I think that's anyone's call.

I do think there's a thread-the-needle type of environment where they have to be just right, this Goldilocks scenario.

But I think the real question is what can slow the disruption or the fear investors have around disruption and

Quite rightly, when the team met this morning, we were like, there are many other earnings going on at the same time.

And, you know, you reflect on this in your notes, right?

Earnings have been strong, generally speaking.

They've met expectations.

But in that environment, sometimes that still isn't enough.

What are you learning in aggregate in this earnings season for tech?

I think that's a signal of fundamental health.

I think we see that in technology as well.

I think we see that with the hyperscalers.

What I've been amazed by, or maybe not amazed by, but I think it's noteworthy, is that despite all the investor jitters around the massive spending that we're seeing, the companies are not slowing down.

Those jitters are not disrupting their plans.

In fact, they increase estimates significantly.