NVIDIA, COREWEAVE AND MORE

NVIDIA down another whopping $18+ as we write this. WE HAVE NO CLUE HOW THIS FINISHES TODAY but we know about the influence in the markets and NVIDIA pretty much has driven the bus. There is going to potentially be another problem. Those that pay attention to us know we have asked how their massive amounts of circular financing had become so acceptable. We have been amazed how the acceptable used to be unacceptable. We have actually called the company NVIDIA SAVINGS & LOAN or the NVIDIA BANK or NVIDIA PRIVATE EQUITY COMPANY. How can a company create an entity, fund it with billions, have a private equity company fund it also with billions OF DEBT and then have the entity buy NVDA chips?

Knowing love and hate are close emotions in life as well as Wall Street, will Wall Street not be so acceptive of such moves going forward? Funding others to buy your products? Will that continue? It’s just a good question to ask and also a good question to ask, what companies are involved. By no accident, CRWV is back down a juicy $8+ today. By no accident, NBIS is down $30+ this morning. Follow the money losers and follow the receivers.

The biggest bull market will be in the lawyers lining up with the class action lawsuits.

This continues to be the most news driven environment x bazillion that we have had to deal with on a daily basis. For those that may have shares, there is a big breakout 6/25/25 at around $153-154. The stock is already in no man’s land, stretched and extended beyond the beyond so any better news can have it bounce but the odds are this man, the most influential man in technology, will be out. (Update…he is out)

As far as negative sympathy moves, as we said, CRWV is down $8+ after yesterday’s move. We see a NBIS down $30+. On the positive side, AMD seems to be a name benefitting with AVGO also but less so. Nevertheless, trust is low.

And then this:

COREWEAVE announces earnings (more losses) before yesterday’s open. The stock had a very good day.

At 5:49 pm…after the close yesterday, this comes out: “Coreweave seeks to raise $4 billion in investment grade loan offering.” We hear trying to do this at 7-8% even though their bonds have been yielding over 16% recently.

A highly indebted company, reports earnings before the open and waits until after the close…the same day to report another debt offering. What kind of corporate decision making and governance is going on there? Shareholders should be pissed. We will leave it at that.
Away from this noise…yields up with ten year back above 5%. Not sure good news. Do not take your eyes off bond yields. Crypto goes even more bearish and an avoid. GOLD yonked again because the chalk is fed going to raise and maybe 1/2 point. That strengthens the dollar which hits gold.

The broad boring market (boring is not a bad word) has been better. Some retail also better. Medical/healthcare has been strong and then a smattering of other things.

The S&P etfs will be down because of tech influence. Tech etfs very much not happy.

Let us repeat, NVDIA in no man’s land. Bad news doesnt have to send a stock down but in this case, it is. But…certainly can bounce if it wants. We have been asked by many whether NVDA should be bought because of how far down it has gone…our answer is a big, fat, juicy…we don’t know. We do know we do not like uncertainty.

This market had already been crazy but since last Wednesday, just absolutely wild.

Gary Kaltbaum
President, Kaltbaum Capital ManagementHost Of Nationally Syndicated Investors Edge Radio Show
Fox News Business Contributor

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