More Tales From Nvidia: Promises, Promises (Issue #243!)

Avatar photo Doug Kass on August 27, 2026

Interesting that Nvidia ($NVDA) apparently has not given revenue guidance a year out in ages, but now all the sudden they give an annual +70% revenue growth number right in front of a theoretical Anthropic IPO filing?

Hmmm..

It’s especially interesting in light of the fact that based on results (inclusive of the DSO spike and declining gross margins), the stock was trading off before they gave this year-out forecast (we covered as posted), which really they have no idea, because nobody ever does. Their own history of blowing up tells you that. 

I actually think the whole thing is something of a rig job between Nvidia and Anthropic, because apparently Anthropic is seemingly timing their IPO filing on the back of the Nvidia quarter as Nvidia needs Anthropic to be a public company to raise the money and help keep the shell game going.   

Even Nvidia cannot finance the whole thing on their own and buy all of their own revenue, although they sure seem to be trying.

Post Script: Also in regard to the get Anthropic public, 70% growth forecast for next year, how does industry CAPEX grow +70%? Balance sheets are shot, cash flows are negative, there seems to be no capacity for memory, and no more power capacity and states are now turning down data center requests as well. And then there are all the other industry issues that remain, including the move to open source and lack of underlying economics.

PPS:

More later as I have a lot of my plate today.

Position: Short NVDA (VS)

Select Premarket Movers

Avatar photo Doug Kass on August 27, 2026

Upside:

-OKTA +18% (earnings, guidance)
-CRM +9.9% (earnings, guidance)
-MBUU +9.9% (earnings, guidance)
-CRWD +9.3% (earnings, guidance)
-VEEV +8.4% (earnings, guidance)
-TENB +7.4% (to be added to S&P600 SmallCap 600 Index)
-CHRN +7.1% (plans 50 MW AI compute deployment with Microsoft in North America)
-DG +6.7% (earnings, guidance)
-NVDA +6.4% (earnings, guidance; reportedly in discussions to purchase Hugging Face for over $13B)
-NBIS +6.1% (Nvidia CFO notes Nebius to be the first to deploy its first rack-scale LPU system)
-NTNX +6.0% (earnings, guidance)
-SNDK +4.6% (Kioxia confirms plans over $31B Japan flash memory JV investment through 2032)
-BWXT +3.1% (confirms selected to deploy 20-MWe BANR microreactor at Fort Campbell for US Army Janus program)

Downside:

-BBW -15% (earnings, guidance)
-WEN -14% (reportedly Nelson Peltz (Trian) doesn’t currently have plans to make bid, but keeping options open about his stake)
-HPQ -12% (earnings, guidance)
-LUCK -12% (earnings, guidance)
-BBY -7.3% (earnings, guidance)
-DLTR -7.3% (earnings, guidance)
-HQY -5.2% (earnings, guidance)
-CELH -4.9% (Deutsche Bank Cuts CELH to Hold from Buy, price target: $35)
-MRNA -3.1% (files to sell $2B convertible senior unsecured notes due 2032 in private placement)
-TITN -2.1% (earnings, guidance)

Position: None

Treasury Actions, Fed Speaker and Economic Calendar

Avatar photo Doug Kass on August 27, 2026

TREASURY ACTIONS:

11:00 AM: Treasury announces a 3 and 6 month bill auction and a 13 and 52 Week Bill Auction 

11:30 AM; Treasury hosts a $100B 4 and a $90B 8 Week Bill Auction 

1:00 PM: Treasury hosts a $44B 7-Year Note Auction

FED SPEAKER:  

Morning: Federal Reserve Bank of Chicago President Austan Goolsbee (Non-Voter) Podcast Appearance — Rapid Response. (Interview to publish across podcast platforms early Thursday morning)

ECONOMIC CALENDAR:

Position: None

Today’s Trades

Avatar photo Doug Kass on August 27, 2026

Dougie Kass

Added to shorts in premarket:  NVDA $224.57 and CRWV $92.32 at 610AM and 600AM

Position: Short NVDA (VS), CRWV (VS)