NVIDIA Passing The Baton From Growth To Value | Weekly Roundup
This week we discuss NVIDIA's latest earnings, the ongoing market rotation from growth to value, and the connection between credit spreads and unemployment. We also delve into the health of the consumer, the future Federal Reserve balance sheet, and Bitcoin geopolitics. Enjoy! -- On the Margin Survey: https://on-the-margin.beehiiv.com/forms/5c7fc920-a57a-496b-9708-1d137bd3014b -- Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin Weekly Roundup Charts: https://drive.google.com/file/d/1fUP_rOgvrTDONP2DfYnJyrzgbmWFt0mP/view?usp=drive_link Kansas Fed Paper: https://www.kansascityfed.org/Jackson%20Hole/documents/10443/Anil_Kashyap_Remarks_JH.pdf – Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ – Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: 00:00 Introduction 02:27 NVIDIA Earnings 08:12 Growth Vs Value 11:36 S&P 500 Earnings Growth 14:02 Yield Curve Steepening 17:40 High Yield Spreads 19:58 Credit Spreads, Unemployment & Recession 23:00 The Health Of The Consumer 29:59 Advertisements 31:14 The Future Fed Balance Sheet 37:05 Consequences Of Controlling Volatility 38:57 Central Bank Independence 41:18 Permissionless Ad 41:57 A Weaker US Dollar 44:54 Bitcoin & Geopolitics 53:19 Nobody Makes Money In Perps 56:51 Are Rate Cuts Bearish? 59:29 Will We Ever See Negative Real Rates Again? 01:02:02 Altcoins & Macro -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.