Saxo Market Call Nvidia's earnings greeted with mild sell-off. What now?
14 snips
Aug 28, 2025 Join Peter Garnry, CEO of Gesda Capital and former head of equity strategy at Saxo Bank, as he shares insights on Nvidia's recent earnings and its growth outlook amidst market volatility. He discusses the challenges posed by competition and capital expenditure in AI. The conversation also touches on investment opportunities in Crowdstrike and Snowflake, alongside a deep dive into geopolitical trade tensions and their effects on the market. Peter reflects on Warren Buffett's timeless investment strategies and the evolving landscape for active management.
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Launching An Active Concentrated Fund
- Peter left Saxo to launch Gesda Capital as an active, concentrated equity strategy for semi-professional and professional investors.
- He expects to be operational in October and will act as investment advisor to an alternative investment fund.
Signs NVIDIA Growth Is Cooling
- NVIDIA's quarter showed slower data-center growth and a third straight quarter of declining quarter-on-quarter growth rates.
- This slowdown suggests analyst revenue expectations (≈35% one-year forward) may be too high given recent ~5% quarter-on growth.
China's Chip Push Threatens Nvidia Share
- China’s domestic chip ramp and efficiency gains are narrowing the competitive gap with older NVIDIA chips.
- Geopolitical decoupling means China will push its own suppliers, reducing NVIDIA's addressable market there.
