S&P 5005,632.41+0,18%Nasdaq 10019,784.12+0,31%IBEX 3511.840,50 pts+0,42%Apple$227.14+0,21%Microsoft$421.06+0,15%NVIDIA$178.32+0,64%Alphabet$174.88+0,09%Amazon$181.45+0,27%Meta$512.73+0,11%Tesla$241.18-0,38%JPMorgan$248.90+0,22%Inditex€45.12+0,18%Santander€7.84+0,35%Iberdrola€14.62+0,08%BBVA€13.41+0,29%S&P 5005,632.41+0,18%Nasdaq 10019,784.12+0,31%IBEX 3511.840,50 pts+0,42%Apple$227.14+0,21%Microsoft$421.06+0,15%NVIDIA$178.32+0,64%Alphabet$174.88+0,09%Amazon$181.45+0,27%Meta$512.73+0,11%Tesla$241.18-0,38%JPMorgan$248.90+0,22%Inditex€45.12+0,18%Santander€7.84+0,35%Iberdrola€14.62+0,08%BBVA€13.41+0,29%

TOKYO·—MADRID·—NYSE·—

[EUROPE // RESEARCH]

DEEP TECH[US]

a computer screen with a program running on it

NVDA: Microarchitecture and hyperscaler CapEx versus a 31.93x P/E valuation multiple

An institutional analysis of semiconductor foundry capacity, HBM requirements, and Nvidia free cash flow under current market valuation multiples.

KEY TAKEAWAYS

Nvidia reports an FCF of 46.34 billion dollars with an EBIT margin of 65.6%.
Current market valuation discounts a 31.93x P/E multiple and a 31.15x EV/EBITDA.
Gross margin consolidates at 74.1% supported by pricing power in advanced silicon.
Market capitalization reaches 5.05 trillion dollars alongside an ROE of 114.3%.

READ FULL ANALYSIS →

[MARKET PULSE]

Fear & Greed // Macro weather

LIVE

FEAR & GREED INDEX

EXTREME GREED

050100

MACRO WEATHER GAUGE

GLOBAL LIQUIDITYNEUTRAL
VIX 15.5MODERATE 15-25
RATE REGIMECUT

EUROPE & WALL STREET

SAN.MC

Santander

€7,84

ASML

$876.40

ITX.MC

Inditex

€45.12

NVDA

Nvidia

$178.32

AAPL

Apple Inc.

$227.14

SIGNED COLUMNS, CONTRARIAN & OPINION

Theses that break consensus

The Contrarian column has not published yet. Valuation extracts and consensus debates will land here.

CALENDAR // EARNINGS & MACRO

CET

27 AUG
NVDAHIGH
NVIDIA Q2 Earnings
Consensus EPS $1.01 · Rev. $46.1bn
10 SEPT
BCEHIGH
BCE Tipos
Consensus Depósito 2,00%
11 SEPT
IPC EE.UU.HIGH
IPC EE.UU.
Consensus +0,2% m/m · +2,7% a/a
17 SEPT
FedHIGH
FOMC y dot plot
Consensus Fed funds 4,25-4,50%
18 SEPT
ITX.MCMEDIUM
Resultados 1S
Consensus Margen bruto estable

COMPANY DEEP DIVES

Fundamental analysis

JPMJPMorgan Chase

JPM's 15.27x P/E valuation requires scrutinizing the persistence of its 50.4% EBIT margin

P/E: 15.3x
EBIT margin: 50.4%

READ FULL CARD

COPConocoPhillips

NCNO: Remaining performance obligations deceleration and margin pressure from prolonged banking sales cycles

P/E: 17.4x
EBIT margin: 31.5%

READ FULL CARD

13F SMART MONEY

Institutional flow monitor

ASSET	FUND	ACTION	% PORT.
AAPL	Berkshire Hathaway	INCREASE	22.40%
AXP	Berkshire Hathaway	INCREASE	12.10%
KO	Berkshire Hathaway	REDUCTION	6.80%
UNH	Scion Asset Management	NEW POSITION	4.25%
GOOGL	Scion Asset Management	REDUCTION	3.10%
BABA	Scion Asset Management	EXIT	0.00%
GLD	Bridgewater Associates	NEW POSITION	2.85%
IEMG	Bridgewater Associates	INCREASE	5.40%
TLT	Bridgewater Associates	REDUCTION	1.95%
NVDA	Citadel	INCREASE	3.60%
AMZN	Citadel	NEW POSITION	2.15%
SAN.MC	Citadel	EXIT	0.00%

FX & COMMODITIES

LIVE

EUR/USD

1.1667

-0.06%

Brent crude

$85.20

-9.15%

Gold

$4,701.20

+4.09%

[GREEN // TRANSITION & CLIMATE]

Capital, policy and companies moving the energy transition

MACRO & SECTOR[US]
Interest rates versus BJ's Wholesale Club: inventory financing costs under a 4.639% ten-year Treasury yield
Wholesale margin compression highlights how a ten-year Treasury yield at 4.639% increases the working capital costs required to fund accumulated inventories. Pressure on warehouse clubs intensifies when financing costs outpace the velocity of stock turnover on the balance sheet.
Read analysis →

[ENERGY TRANSITION // DATA DASH]

LIVE

426.3 ppm CO₂

Atmospheric concentration

NOAA Mauna Loa

+1.56 °C

Global thermal anomaly

vs. pre-industrial mean

€68.40 / t

CO₂ emission allowances

EU ETS Carbon

[MEDIA DESK // VIDEO BRIEFINGS & COVERAGE]

Institutional coverage from the press room and the terminal.

[AUDIO DESK // CURATED PODCASTS]

Financial podcast radar

42 min

Odd Lots

Market plumbing, liquidity and commodities

Brad Setser on the US's unusual Japanese yen intervention

APPLE YOUTUBE

37 min

The Macro Compass

Liquidity regime, rates and global allocation

On sizing options, the Fed and the JPY

APPLE

91 min

All-In Podcast

Tech, policy and capital markets

Dario defends himself, datacenter panic, AI doomer trap

APPLE YOUTUBE

71 min

Capital Allocators

Endowments, family offices and the investment process

Rebuilding the NYU endowment, with Michelle Knudsen

APPLE

68 min

Bankless

Cryptoassets and decentralized finance

What's next for Bitmine after 5% of ETH, with Tom Lee

APPLE

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