May 21, 2026

Nvidia earnings a damp squib as something else is blotting out the sun.

19 minutes

Today, the prospect of perhaps the most anticipated IPO ever is overwhelming the market's interest in processing Nvidia's latest earnings report, which checked all of the boxes, but no more. Elsewhere, the latest headline risks from the Iran war are pointing in the right direction, but pointing isn't enough - we need a deal to bring more profound relief to bond markets and perhaps as well to keep the USD bull at bay. Important trading day tomorrow ahead of the long Memorial Day weekend in the US. Today's podcast hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

Saxo Head of Commodity Strategy Ole Hansen brings key perspective on the latest US oil and product inventories report.

There is a risk that the age of agentic AI and Ad-supported LLM's could put the interests of the Ad-buyers way ahead of those of the end-users. Worth considering the potential conflicts of interest.

Jeremy Grantham's GMO wrote back in January that if at least two of the "big three" potential IPOs happened this year, it could represent a risk to the broader market.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

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