⚔️ Alibaba steps into Nvidia’s arena

Good evening. New data showed that inflation is running above the Fed’s 2% target in July, with the core PCE index up 2.9% year over year. Nvidia also faced some bad news out of China. By the way, markets are closed on Monday, so we’ll catch up again on Tuesday.

⬆︎⬇︎ 1-day change
Market data: today’s market close

WINNERS

⬆︎12.90% Alibaba

🔔 Earnings report - The real money is in the cloud. Alibaba’s core e-commerce performance lagged a little, excitement centered on its cloud business, which surged 26% on the back of AI demand. It’s also reportedly testing a new AI chip designed to replace Nvidia’s H20 in inference tasks. While it doesn’t match Nvidia’s high-end training chips, it marks a step toward self-reliance. [Read more]

⬆︎10.59% Affirm

🔔 Earnings report - Terrific quarter from the buy now pay later company. Its loan volume jumped 44%, fueled by partnerships with Amazon, Shopify, and Apple, while its new Affirm Card is quickly gaining traction with in-store spend and cardholders nearly doubling to 2.3 million. [Read more]

⬆︎5.34% Celsius

The fast-growing energy drink maker just deepened its partnership with PepsiCo, which is putting another $585 million into the company and raising its stake to about 11%. As part of the deal, Celsius will take over the Rockstar Energy brand in the U.S. and Canada, while its Alani Nu line will move into PepsiCo’s massive distribution system. [Read more]

⬆︎⬇︎ 1-day change
Market data: today’s market close

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LOSERS

⬇︎3.30% Nvidia
⬇︎3.53% AMD
⬇︎3.65% Broadcom

Alibaba’s cloud unit is pushing ahead with its own AI chip, and chipmakers have been warned. It could help fill the void left by Nvidia’s H20 chip that has yet to resume sales in China, helping them reduce reliance on U.S. technology. [Read more]

⬇︎3.65% Caterpillar

Warning from the heavy machinery maker: tariffs will cost as much as $1.8 billion in 2025. It’s a much bigger toll on its profits than it expected just weeks ago. Caterpillar said it will give more detail in its next earnings report. [Read more]

⬇︎7.72% Duolingo

A new player just entered the language-learning game: Google. It’s rolling out AI-powered practice tools and real-time translation in Google Translate. The features support over 70 languages and make learning more accessible and interactive. Duolingo now faces the challenge of standing out against a tech giant with far deeper resources. [Read more]

⬇︎18.60% Marvell

🔔 Earnings report - Can Marvell hit its longer-term targets in AI and data centers? Revenue jumped 58% for the chipmaker and profit swung back into the positive after a loss last year. However, sales from its data center unit came in just below forecasts, and management warned that growth in the coming quarter would be “lumpy” as cloud customers time out their orders. [Read more]

⬆︎⬇︎ 1-day change
Market data: today’s market close

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