How We Plan To Position For Q2 Earnings

You’re probably well aware that last quarter, Nvidia guided fiscal Q2 at $11 billion, which is 53% higher than analyst expectations of $7.2 billion. The stock was up 25% after hours, adding $200 billion to its market cap in the matter of a day. During the earnings call, the stock went from being up 15% after hours to being up 25% after hours when the CFO confirmed H2 would also be strong with visibility on supply.

In addition to covering Nvidia’s AI angle many times since 2018, the I/O Fund holds an outsized Nvidia position at 17% allocation. Going into this year, we broke all of our portfolio management rules by holding a position that was over 10%. From there, we’ve talked consistently about a H2 2023 Semi Rebound to our premium members in webinars and analysis. I was also interviewed by Tier 1 media in August of 2022, and January of 2023 about this very high conviction. As you know, Nvidia would later beat in May.