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  • NVIDIA’s revenue +3.6x YoY to $26.0B in Q1, as net income +5.3x to $14.9B

NVIDIA’s revenue +3.6x YoY to $26.0B in Q1, as net income +5.3x to $14.9B

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Top stories today:

  1. NVIDIA’s revenue +3.6x YoY to $26.0B in Q1, net income at $14.9B
  2. Groq in talks to raise $300M at potential $3B+ valuation
  3. Pro-crypto FIT21 bill passes in House by 279-136

0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. NVIDIA’s revenue +3.6x YoY to $26.0B in Q1, as net income +5.3x to $14.9B

  • Guidance of $28.0B (2% margin of error) for Q2.

    • QoQ growth would slow to a still impressive 8%, from 18% this quarter.

  • 10:1 stock split announced.

  • Stock +7% in the pre-market to $2.5T market cap.

    • #3 largest company in the world.

  • The big question: until when can NVIDIA enjoy monopoly-like profit margins? AMD, Intel, Microsoft, Google, Meta, and Apple are all developing AI chips as we speak.

2. Groq in talks to raise $300M at potential $3B+ valuation

Groq is seen today as the fastest and cheapest way to run open source models like Llama 3, due to its LPU chips, designed specifically for AI inference:

  • Morgan Stanley has been hired.

  • Previously raised $367M+ from Tiger, D1, and others at $1B+.

  • Access thousands of tokens across Ethereum, Base, Arbitrum, and 7+ chains directly from your smartphone.

  • The Uniswap Wallet App was built with security in mind, with built-in features like recovery phrase backup and Face ID requirements, keeping your funds safe at all times.

  • Claim your free username when you onboard, which lets you easily send and receive funds without having to deal with a lengthy wallet address.


4. Pro-crypto FIT21 bill passes in House by 279-136


  • Senate approval TBD, as no counterpart bill is available.

  • The CFTC would be the leading regulator of digital assets under this bill, which would more clearly define what makes a crypto a security or a commodity.

  • Biden opposes bill but did not say he would veto it.

5. South Korea announces $19B package for chips industry

  • Plan was $7B just 2 weeks ago.

  • Samsung and SK Hynix the major beneficiaries.

6. TSMC continues leading foundry market with 62% market share, as broad sales -5% QoQ, +12% YoY

7. Interesting videos, posts, and memes

8. Other headlines


  • OpenAI strikes 5-year, $250M deal with News Corp.

    • Leaked docs reveal aggressive strategy towards employees.

  • DeepL, generative AI for translation, raises $300M at $2B.

  • TikTok launches AI-powered “Symphony Creative Studio” for ads.

  • Scarlett Johansson’s voice wasn’t used for ChatGPT’s Sky voice: OpenAI.

  • Adept, which raised at $1B+, in talks with potential buyers, including Meta.

  • AI disclosure required in campaign ads: FCC chair.

  • Amazon’s Alexa to be upgraded with AI, monthly subscription fee.

  • LLM technology will never lead to superintelligence: Meta AI chief.

  • Cara automates B2B prospecting, copywriting and cold outreach.*


Tech earnings


  • SpaceX launches 1st spy satellites.

  • Meta creates 4-person Advisory Group for guidance on AI, metaverse products.

  • Linktree reaches 50M users, rolling out social commerce program.

  • Athyna: Hire high-quality, affordable remote talent.*

  • Swissnex in San Francisco invites you to a pitch night with eight of the most promising Swiss startups!*


Tech & law

  • Ticketmaster may be sued over antitrust by DOJ, who seeks breakup.

  • WhatsApp vulnerability allows governments to see who you chat with.


  • Limula raises $6.8M for cell, gene therapy manufacturing automation.

  • Exercise improves neurogenesis via restoration of microglia.

  • Pfizer announces another $1.5B in cost cuts.



  • MetaMask may add Bitcoin support in June.

  • SBF being transferred from NY to new prison, likely in CA.


U.S. politics


  • UK general elections called early by Sunak on Jul. 4.

  • Hamas video show capture of female Israeli soldiers.

  • Blinken wants Biden to lift restrictions on how Ukraine uses U.S. arms.

  • China launches “punishment” war drills around Taiwan.

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