Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. 00:00:00 Bloomberg Surveillance 00:05:00 Lori Calvasina, RBC 00:18:49 Patrick McHenry, Former Republican Congressman 00:25:23 Morning Movers 00:27:12 On Our Radar 00:33:16 Angelo Zino, CFRA 00:42:13 Skylar Montgomery-Koning, Barclays 00:52:33 Bob Michele, JPMorgan 01:07:29 Charles Myers, Si ...

GENIUS Act is letting Ethereum ‘have its moment,’ Bernstein says https://t.co/mtO8QdEL6e ...

Market Overview - The cryptocurrency market experienced a significant downturn from July 15 to 16, with Bitcoin's price dropping from a historical high of $123,100 to $116,300, marking a daily decline of over 5% [1] - Major cryptocurrencies such as Ethereum, Solana, and Dogecoin also saw declines ranging from 4% to 8% [1] - The crash resulted in a surge of liquidations, with 135,800 individuals affected and a total liquidation amount of $493 million (approximately 3.54 billion RMB), with nearly 80% of losses coming from long positions [1] Bitcoin Market Dynamics - On-chain data indicates that Bitcoin's exchange supply has fallen to a historical low of 14.5%, while the number of whale addresses holding over 1,000 BTC has increased to 2,135, suggesting sustained confidence among long-term holders [3] - The recent price correction is viewed as a standard adjustment following a market overheating, with the next key support level for Bitcoin identified at $114,000, a price point that previously triggered significant short covering [3] - Over the past three months, Bitcoin has seen an increase of over 40% due to institutional inflows, with a notable single-day surge of 6.8% on July 14 [3] Market Influences - The release of the U.S. June CPI data coincided with the market crash, leading investors to preemptively withdraw from risk assets. The CPI rose by 2.7% year-on-year, exceeding market expectations [4] - Concerns about potential inflation rebound have led to fears that the Federal Reserve may delay interest rate cuts, with analysts noting that cryptocurrencies are particularly sensitive to interest rate changes [4] Regulatory Environment - Matrixport has warned of tightening U.S. regulatory policies, with the SEC potentially expanding its enforcement on "tokenized securities," which could lead to prolonged volatility in risk assets [5] - Despite the challenges, some institutions maintain confidence in Bitcoin's price trajectory, with Bernstein reiterating a year-end target of $150,000 for Bitcoin, emphasizing that the current cycle is institutionally driven, contrasting with the retail-driven bubble of 2017 [5]

🚨 NEW: Bernstein analysts expect a "long and exhausting" crypto bull market extending into 2026, driven by institutional adoption and maintain their $200,000 $BTC target by early 2026. https://t.co/3nStjx6PZO ...

Core Viewpoint - Boeing's stock is experiencing a positive trend driven by improved analyst ratings, financial performance, and a strong order backlog, indicating renewed investor confidence [1][2][3][13]. Financial Performance - Boeing reported an 18% year-over-year revenue increase in Q1 2025, totaling $19.5 billion, and a core (non-GAAP) loss per share of $0.49, significantly better than the expected $1.39 loss [4]. - Operating cash flow showed improvement, with a negative $1.6 billion compared to $3.362 billion used in the same quarter last year, suggesting effective cost management [5]. Order Backlog and Deliveries - Boeing's total backlog reached $545 billion as of March 2025, providing several years of production visibility [6]. - First-quarter commercial aircraft deliveries rose 57% year-over-year to 130 aircraft, indicating the company's ability to convert backlog into revenue [7]. Analyst Sentiment - Analysts are increasingly optimistic about Boeing's prospects, with Bank of America upgrading the stock to a Buy and setting a price target of $260 [2][3]. - Bernstein's analyst maintained a Buy rating, identifying Boeing as a "top idea," which can influence investment decisions positively [3]. Legal and Strategic Developments - The U.S. Department of Justice dismissed a criminal charge related to the 737 MAX crashes, alleviating a significant legal risk [8]. - Boeing plans to sell parts of its Digital Aviation Solutions business for approximately $10.55 billion, expected to close by the end of 2025, enhancing cash position and focus on core operations [9]. Challenges Ahead - Boeing faces ongoing challenges, including FAA regulatory oversight affecting production rates and competition from Airbus in the Chinese market [10][11]. - Consistent execution across complex operations is crucial, as setbacks could lead to increased costs and deferred revenue [11].

Group 1: Market Performance - Coinbase Global (COIN) and First Solar (FSLR) stocks surged over 20% following the announcement of a U.S. trade deal with China [1][2] - Coinbase's stock price increased significantly as it was added to the S&P 500, coinciding with Bitcoin's price rising above $100,000 [2] - First Solar's stock excitement is linked to potential tax credits of up to $10 billion from legislative changes in the Inflation Reduction Act [2] Group 2: Company Outlook - Coinbase anticipates short-term volatility in the crypto market but expects stability later in Q2 and into Q3 due to Bitcoin's post-halving cycle and clearer U.S. crypto regulations [5] - Coinbase's total sales are projected to increase by 10% in fiscal 2025 and by another 5% in FY26, reaching $7.65 billion, while annual earnings are expected to drop to $3.97 per share in FY25 before rebounding to $7.08 in FY26 [6] - First Solar expects a 15% increase in total sales this year, with a further 13% spike in FY26 to $5.46 billion, and EPS is projected to rise by 23% in FY25 and 49% in FY26 to $22.16 per share [9] Group 3: Analyst Sentiment - Analysts at J.P. Morgan noted that the new tax credit proposal aligns with bullish expectations for solar stocks like First Solar, contributing to the stock rally [11] - Wolfe Research upgraded First Solar to outperform, while Bernstein analysts predict Coinbase could see $16 billion in capital inflows following its S&P 500 addition [12] - Both Coinbase and First Solar currently hold a Zacks Rank 3 (Hold), with potential for upward earnings estimate revisions and buy ratings in the near future [13]

Core Viewpoint - Michael Burry's top holding, Alibaba, has received a significant price target increase from Wall Street, driven by its potential in artificial intelligence [1][5][6] Group 1: Stock Performance - Alibaba's stock has experienced increased volatility, closing at $132.43 on March 28, down 2.36%, but remains one of the best-performing stocks year-to-date with over 55% gains [2] - The stock broke key levels around $104.40 and $109.10, leading to gains of over 20%, and is currently consolidating within a strong uptrend [5] Group 2: Analyst Upgrades - Mizuho Securities raised its price target for Alibaba from $140 to $170, a 20% increase, maintaining an 'Outperform' rating and naming it a top pick in the Asia internet sector [5][10] - Citi and Benchmark also maintain bullish ratings with price targets of $170 and $190 respectively, citing Alibaba's advancements in AI and growth in e-commerce and cloud computing [10][11] Group 3: AI and Growth Potential - Mizuho's analyst highlighted Alibaba's strong positioning in the AI landscape as a key driver for the upgrade, particularly after the announcement of its new AI model, QwQ-32B [6][7] - The company is expected to scale AI models toward artificial general intelligence (AGI) and provide end-user solutions across various industries, which are seen as bullish catalysts [7][8] Group 4: Financial Outlook - Mizuho increased its fiscal year 2026 cloud revenue growth forecast from 13% to 17% year-over-year, reflecting a stronger product roadmap and improving sentiment around enterprise IT spending in China [9] - Alibaba's fundamentals are strong, with expectations of double-digit growth in e-commerce as retail sales recover in the Chinese economy [12] Group 5: Corporate Stability - Investor confidence is returning as Alibaba's leadership has solidified its corporate strategy, reversing previous plans to spin off key businesses, which enhances long-term optimism [13]

Core Viewpoint - Nvidia is positioned as a leading player in the AI sector, with significant growth potential in data center revenue projected to reach $1 trillion by 2028, as highlighted during the GPU Technology Conference (GTC) [1][4]. Product Developments - Nvidia introduced next-generation Blackwell Ultra and Vera Rubin AI chips, expected to launch between 2025 and 2027, showcasing advancements in AI capabilities from perception to generative and agentic AI [2]. - The company also unveiled new products including Isaac GR00T N1 for humanoid robots, Cosmos AI for video-based AI training, and Halos for autonomous driving safety [2]. Stock Performance - Despite positive developments, Nvidia's stock price faced challenges, closing at $115.43, down 3.4%, with a key resistance level at $120 [3]. Analyst Ratings and Price Targets - Following the GTC, Wall Street analysts expressed bullish sentiments towards Nvidia, reaffirming their positive ratings [4]. - Bank of America maintained a 'Buy' rating with a $200 price target, citing strong demand and a significant performance boost from upcoming products [5]. - Bernstein reiterated an 'Outperform' rating with a $185 price target, noting Nvidia's sustained AI dominance and competitive edge [6]. - JPMorgan reaffirmed an 'Overweight' rating with a $170 price target, emphasizing the upcoming Blackwell Ultra chipset's performance improvements [9]. - Stifel maintained a 'Buy' rating with a $180 price target, highlighting Nvidia's advancements in AI architectures and networking [10].

Core Viewpoint - Nvidia demonstrated strong financial performance by exceeding revenue and earnings-per-share forecasts, indicating continued growth despite initial market volatility in 2025 [1][3]. Financial Performance - Nvidia reported revenue of $39.33 billion and adjusted EPS of $0.89, surpassing Wall Street expectations of $38.05 billion and $0.84 EPS [1]. - The revenue increased by $4 billion from the previous report of $35.08 billion, and net income rose to $22.09 billion, nearly $10 billion higher than the $12.29 billion reported a year earlier [4]. Sector Performance - Data center revenue, crucial due to the AI boom, grew by 93% year-over-year to $35.6 billion [5]. - The gaming unit's sales fell short of expectations at $2.5 billion, compared to the anticipated $3.04 billion, but Nvidia announced new graphics units for consumers, suggesting potential future growth [5]. Analyst Sentiment - Major stock analysis firms, including UBS, Bernstein, Morgan Stanley, and JPMorgan, issued new price targets and maintained "buy" ratings following Nvidia's earnings report [6]. - Price targets from analysts range from $162 to $185, reflecting strong confidence in Nvidia's future performance [7]. Market Context - The report period ended on January 26, 2025, meaning recent geopolitical developments and market disruptions may not yet be reflected in Nvidia's business performance [9]. - Factors such as tightened export restrictions to China and potential trade war implications could impact Nvidia's operations in the future [10][11].