Trending On Livewire: Weekend Edition - Saturday 31st May

Markets keep rallying as Nvidia posts blowout results and investors debate if the growth run continues
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Livewire Markets

Over the last two weekends, I’ve had the privilege of hosting a global equities panel at the ASX Investor Days in Brisbane and Melbourne (don’t miss Sydney this weekend!). Hosting a panel requires an introduction, setting the scene with a recap of what has been happening in markets. Under normal circumstances, you would write one intro and use it across the three weeks. But with the picture changing significantly and at pace, that hasn’t been possible. That’s the world we live in right now.

This week, markets have been rallying again, with the ASX up half a percent, locking in a sixth winning week out of the past seven. Nobody had that on their bingo card as markets cratered just two months ago. The S&P 500 is up more than 1.2% over the past five sessions, up until Thursday night’s close. The catalyst? Delayed tariffs on Europe helped, while the US federal trade court blocking Trump from imposing tariffs under an emergency-powers law also provided a boost – even if the US appeals court later allowed them to remain in place temporarily until the matter is sorted out. If nothing else, it shows people in high places are willing to push back.

And while some things are changing almost daily, others remain constant. Great companies, with strong earnings momentum and world-class products (or services), will almost always do well, regardless of the backdrop. Case in point, Nvidia. Serious questions were raised about its ability to keep delivering, but the latest numbers this week eviscerated those concerns. It’s up 5% over the past five sessions and that train doesn’t look like it's slowing. It’s a timely reminder that great growth companies can keep being great, and my colleague Carl Capolingua wrote an excellent piece this week on how to find them. On that note, we hope you are enjoying the inaugural Growth Series. we’ve got plenty more insights coming next week.

Chris Conway, Managing Editor, Livewire Markets


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Chart of the Week: NVIDIA Unstoppable?

Source: Refinitiv, Morgan Stanley Research, Morgan Stanley Institutional Equities Division (implied volatility and options day from 28 May, 2025)
Source: Refinitiv, Morgan Stanley Research, Morgan Stanley Institutional Equities Division (implied volatility and options day from 28 May, 2025)

NVIDIA just posted another monster quarter, reporting US$44.1 billion in revenue — up 76% from a year ago and ahead of analyst expectations. But what’s next for the stock? According to Morgan Stanley, there’s a 60% chance (based on options market pricing) that NVIDIA shares will top $200 within the next 12 months. That’s not a forecast - it’s what traders are betting on. With demand for data centers, AI systems, and next-gen hardware surging, you could say the GeForce is strong with this one. P.S. NVIDIA’s a standout, no doubt, but is it the best growth opportunity in 2025? For more ideas making waves, explore the Livewire Growth Series.

Vishal Teckchandani, Senior Editor, Livewire Markets


Weekly Poll

NVIDIA just posted blockbuster earnings — and traders are betting it could break $200 in the next 12 months. With AI still fueling growth, how are you positioning your portfolio in tech?

a) NVDA’s my biggest holding (and I’m not going anywhere!)
b) Doubling down on tech broadly
c) Trimming back exposure
e) Staying out — valuations are too hot
f) Watching from the sidelines (for now)

VOTE NOW


LAST WEEKS POLL RESULTS

We asked "It was a big week for markets. Did any of the following cause you to make any portfolio changes or your cash weighting?"

The poll shows 84% stayed the course, while 8% reacted to US bond yields and 4% to Bitcoin’s surge.

SEE RESULTS BREAKDOWN


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