Chart of the day: US100 (29.05.2025)

The US100 contract returned to dynamic gains following Nvidia’s (NVDA.US) solid results, which demonstrate that demand for AI remains strong. The company eased concerns about margin declines and presented promising revenue forecasts despite expected sales losses in China.

The earnings report also featured geopolitical highlights. Nvidia CEO Jensen Huang praised the US president for his “bold vision” to rebuild American industry, while appealing for lower export controls on AI chips to China. Huang argued that AI development in China is inevitable, and deliberately reducing Nvidia’s exposure to the Chinese market could undermine the US’s existing leadership in the technology sector.

Nvidia’s results, compared to a ruling blocking part of the tariffs introduced by Trump, are generating optimism for semiconductor companies worldwide. The sector leads gains primarily on the Hong Kong stock exchange, while in Europe, companies like ASML (+3%) stand out.

Key data from the Q1 2025 report:

• Revenue: $44.1 billion (+69% YoY, consensus $43.3 billion)

  • Data Centers: $39.1 billion (+73% YoY, consensus $39.2 billion)

  • Gaming and AI PC: $3.8 billion (+42% YoY)

• EPS (Non-GAAP): $0.81 (+11% vs. consensus $0.73)

• Gross Margin (Non-GAAP): 61.0% (adjusted 71.3%)

Key forecasts for Q2 2025:

• Revenue: $45 billion (±2%, consensus $45.9 billion)

• Gross Margin (Non-GAAP): ~72.0% (±0.5%)

The US100 has been trading near overbought levels for almost two weeks despite ongoing regulatory and economic uncertainty. The contract is approaching a key buffer zone of 22,000–22,300, where the Nasdaq has repeatedly broken historical highs. Source: xStation5