French political shenanigans remain in focus [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

Nvidia once again posted jaw-dropping earnings — $46.7B in Q2 revenue, a 70%+ margin and guidance of $54B for this quarter. All of it without selling chips to China. But behind the spectacular numbers lies a shift: growth is slowing, especially in data center’s. That’s why the stock slid over 3% after hours, even with a $60B buyback on the table.

Meanwhile in China, Cambricon just delivered a 44-fold revenue surge, swinging from loss to profit, backed by giants like Alibaba, ByteDance and DeepSeek. The stock has soared 180% since July, but with a PE of 514, risk is sky-high. SMIC is climbing too.

So, is the chip rally changing hands — from Silicon Valley to Beijing? What does this mean for global AI bets, US-China tensions, and valuations across markets? Could softening yields save the day? Attention shifts to US growth and inflation numbers.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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