NVIDIA Doubled Its Revenue. This Pullback Is a Textbook Setup.

$96.2B revenue, +106% YoY, a 70% guide for next year — and a Fed-driven pullback into the $212.50 pocket I’ve been waiting for.

Let me be straight with you: I’m not in NVIDIA yet.

I’m stalking it. And I’ve been doing this long enough to know the difference between a stock that’s breaking and a stock that’s handing me the entry I asked for.

Here’s what happened last week, in order. On Tuesday, OpenAI published benchmarks claiming its new in-house chip beats NVIDIA’s Blackwell systems on inference. On Wednesday night, NVIDIA reported a $96 billion quarter — revenue up 106% year over year — and guided the current quarter to $108 billion. On Thursday the stock ripped 8.7% on more than twice its normal volume, the first time it has closed up the day after earnings in five quarters. On Friday, Kevin Warsh gave his first Jackson Hole speech as Fed Chair, the market moved to better-than-even odds of a September rate hike, and NVDA gave back 4.6% on a day the S&P 500 fell a quarter of a percent.

That last part is the whole setup.

NVIDIA isn’t being repriced on its numbers. It’s being pulled back by the Fed — into a pocket I’ve had marked on my chart for weeks.