Prof G Markets Nvidia’s Record $46.7B Quarter, Trump’s 50% Tariff on India & Can Tax Credits Bring Hollywood Back?
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Aug 28, 2025 
Gil Luria, Head of Technology Research at D.A. Davidson, shares insights on Nvidia's surprising earnings drop despite impressive growth. He discusses regulatory and geopolitical challenges facing Nvidia in the Chinese market, while unpacking Trump's 50% tariff on India and its implications for U.S.-India relations. Lastly, the conversation touches on California's new tax incentives aimed at revitalizing Hollywood, scrutinizing whether they can effectively combat competition from digital platforms.
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NVIDIA's Record Quarter And Market Reaction
- NVIDIA posted a record $46.7B quarter driven by data center revenue growth of 56%.
- The company still missed some analyst expectations, which pressured the stock in after-hours trading.
China H20 Sales Created Guidance Uncertainty
- Guidance of ~$54B omitted expected China H20 sales which made the forecast look light to some investors.
- NVIDIA said H20 sales into China could add $2–$5B if licenses and approvals materialize.
Trackers, Security Concerns, And Frozen Sales
- The H20 story reflected national security friction: US demanded trackers to prevent smuggling while China viewed them as backdoors.
- China froze H20 purchases despite US approval plus a 15% tax, leaving sales in limbo.