Alphabet $GOOGL kicks off big tech earnings on Tuesday. Earnings preview: 🔹Est. Revenue: $86.2 Bln (+12.4%) 🔹Est. Earnings per share: $1.85 (+19%)

$GOOG Alphabet Q3 FY24: • Revenue +15% Y/Y to $88.3B ($2.0B beat). • Operating margin 32% (+4pp Y/Y). • EPS $2.12 ($0.27 beat). ☁️ Google Cloud: • Revenue +35% Y/Y to $11.4B. • Operating margin 17% (+14pp Y/Y). ▶️ YouTube ads +12% to $8.9B.

$MSFT Microsoft Q1 FY25 (ending in Sept.): ☁️ Azure +34% Y/Y fx neutral (vs. 30% in Q4). • Revenue +16% Y/Y to $65.6B ($1.0B beat). • Gross margin 69% (-2pp Y/Y) • Operating margin 47% (-1pp Y/Y). • EPS $3.30 ($0.19 beat).

Trump effect!

$BTC - MicroStrategy buys another 51,780 BTC for $4.6B - MARA announces $700 million convert to acquire more BTC - Semler Scientific raises $21mm ATM and acquires 215 BTC - Metaplanet issues ¥1.75B debt offering to buy more BTC

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Eurozone shares +1% US shares +1.8% w US core CPI <exp supporting Mar Fed cut assuming jobs slow & Trump not too inflationary US 10 yr yld -14bp to 4.65%..ditto Oil +3.1% to $80.6 Gold +0.7% to $2696.7 Bitcoin $99.8k Iron ore +0.4% to $100.3 ASX futures +1.3% $A 0.623 w $US -0.2%

Microsoft CEO Satya Nadella: “We have more than doubled our overall data center capacity in the last three years and we have added more capacity last year than any other year in our history.” $MSFT $AMZN $GOOG $META $NVDA

All eyes are on the RBA today, where the central bank board is widely expected to cut interest rates for the first time since 2020. Follow live. ab.co/3CU0ww1

$NVDA NVIDIA Q4 FY25 (January quarter). • Revenue +12% Q/Q to $39.3B ($1.2B beat). • Gross margin 73% (-2pp Q/Q). • Operating margin 61% (-1pp Q/Q). • Non-GAAP EPS $0.89 ($0.04 beat). Q1 FY26 guidance: • Revenue $43.0B ($1.0B beat).

Trump’s tariff equation is nonsense, says John Authers. Here’s why 🎥

Trump shifts tone for Fed’s Powell: ‘I have no intention of firing him' trib.al/3ida1jN

Apple $AAPL shipped 600 tons of iPhones ahead of tariffs hit, indicating the seriousness of this issue for tech's most bulletproof stocks. Find out which ones are more likely to be impacted and important commentary in the analysis below. 👇 io-fund.com/broad-market/m…

Donald Trump asked Americans to be "be patient" after the US economy unexpectedly shrank in the first quarter of the year, amid widespread concern over the president's tariffs agenda. ab.co/4cZYnMX

Choose your fighter $MSFT $AAPL $AMZN $GOOG

US Treasury's Bessent says China 'negotiations' to start Saturday without Navarro reut.rs/4iS7n7Y reut.rs/4iS7n7Y

Amazon to Invest Nearly $13 Billion in Data Centers in Australia on.wsj.com/43LBMkm

My mid-year estimates of equity risk premium, by country, are available for download, if you are interested. This is my first update in three decades, where the US equity risk premium reflects a country risk component, after the Moody's ratings downgrade. bit.ly/3GddTJz

This just in: $NVDA is a $4 trillion company.