🧭 The Weekly Scoop

Hey Insider - I hope you have a phenomenal Labor Day weekend!

Remember, there will be no scoops next week and during the weeks of the 9th and 16th, as I’ll be traveling for my honeymoon. Don’t hesitate to email [email protected] if you need anything.

Here’s what you need to know this week.…

Amid a pretty slow news week, everyone was focused on Nvidia. If you haven’t heard about this company, it’s the poster child for the artificial intelligence boom. It’s the fastest-growing tech giant in the world because it is the dominant producer of processor chips used in AI technology. Investors have been pouring money into this company, and its revenue and profits have exploded from AI demand. The growth of its stock has turned most of its employees and thousands of everyday investors into millionaires.

This week, it posted its quarterly financial update. The company more than doubled its sales and profits from last year, and we’re talking about tens of billions. Despite this, the stock price fell. It’s a signal of where the stock market is right now. Expectations are really high for AI, so much so that one of the biggest companies in the world doubling its sales and profits in under a year isn’t fast enough. The numbers actually exceeded the average of all Wall Street analyst projections, which is usually what people refer to as “beating” expectations. Nvidia just didn’t beat the already-high expectations by an unspoken extra margin.

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