More Tales From Nvidia – H200 Rental Prices Fall and Much More… (Issue #198!)

Avatar photo Doug Kass on May 29, 2026

Two from Thierry:

Relatedly:

Two from Gary Marcus:

And here’s more:

Positions: None.

Upside, Downside Movers in the A.M.

Avatar photo Doug Kass on May 29, 2026

Upside:

-REPL +75% (confirms resubmits RP1 BLA for advanced melanoma in combination with nivolumab)

-DELL +33% (earnings, guidance)

-PD +23% (earnings, guidance)

-ASTC +21% (momentum)

-NTAP +18% (earnings, guidance)

-QURE +17% (higher in sympathy with REPL)

-BRUN +15% (enters 36-mo GPU server rental deal with Thinking Machines Lab)

-SOFI +13% (momentum)

-HPE +11% (higher in sympathy with DELL)

-OKTA +9.3% (earnings, guidance)

-SMCI +9.0% (higher in sympathy with DELL)

-GCO +7.3% (earnings, guidance)

-TEM +6.6% (FDA approves tumor-only label expansion for Tempus xT CDx)

-HPQ +5.1% (higher in sympathy with DELL)

-IFF +3.1% (confirms to sell Food Ingredients business to CVC Capital Partners for ~$4.3B)

-MDB +3.0% (earnings, guidance)

Downside:

-GAP -15% (earnings, guidance)

-S -15% (earnings, guidance)

-AEO -12% (earnings, guidance)

-ASTS -12% (lower in sympathy with Blue Origin)

-IHRT -12% (reportedly early-stage talks over a potential sale of iHeartMedia to SiriusXM, which would create an audio giant, have stalled after the two sides were unable to come to terms)

-ESTC -8.4% (earnings, guidance)

-ADSK -6.7% (earnings, guidance)

-KRMN -6.5% (prices upsized 14M shares at $61.00/shr in secondary offering by holders)

-RDW -6.4% (profit taking)

-IOVA -6.3% (lower following REPL news)

-AMBA -4.0% (earnings, guidance)

-AGIO -3.8% (will not advance tebapivat in LR-MDS; Phase 2b trial misses predefined transfusion-independence threshold)

-PATH -2.8% (earnings, guidance)

Positions: none.

Fed Speakers Through Sunday, Economic Calendar

Avatar photo Doug Kass on May 29, 2026

Fed Speakers

2:00 a.m.: Fed Bank of Minneapolis President Kashkari (Voter) participates in a town hall at Korea University (Audience Q&A expected. No prepared/embargoed text. Media Q&A for reporters in attendance follows event. No livestream); 

6:30 a.m.: Fed Bank of Kansas City President Schmid (Non-Voter) speaks on “The Local and the Global in Monetary Policy” before the Reykjavik Economic Conference 2026, Reykjavik, Iceland (Embargoed text available. Audience Q&A and livestream expected); 

9:10 a.m.: Fed Vice Chair for Supervision Bowman (Voter) speaks on monetary policy before the Reykjavik Economic Conference 2026, Reykjavik, Iceland (Text available. No Q&A. No webcast); 

9:15 a.m.: Fed Bank of Philadelphia President Paulson (Voter) speaks on the economic outlook before the Chamber of Commerce Southern New Jersey, Mount Laurel, NJ (Audience Q&A expected. No media Q&A); 

12:40 p.m.: Fed Bank of San Francisco President Daly (Non-Voter) participates in panel before the 2026 Reagan National Economic Forum, Simi Valley, CA (No prepared remarks. No group media interview.

RSVP for livestream at https://rnefvirtual2026.rsvpify.com/);

May 31: 

8:30 a.m.: Federal Reserve Board Governor Christopher Waller (Voter) participates in “Stablecoins panel before the 32nd Dubrovnik Economic Conference, Orasac, Croatia (No text. Q&A from moderator and audience. Livestream athttps://www.youtube.com/@hrvatskanarodnabankacroati9475);

8:30 p.m.: Former Fed Board Governor Powell gives acceptance remarks before the John F. Kennedy Profile in Courage Award Ceremony, Boston, MA (Text available. No Q&A. Webcast at https://www.youtube.com/watch?v=trl7aatglAw)

Economic Calendar

Positions: None.

All Tech, All The Time

Avatar photo Doug Kass on May 29, 2026

Position: None

Estate Sale

Avatar photo Doug Kass on May 29, 2026

* I am the anti Boca Biff…

I am the executor of a large estate. The estate has been probated for about two months.

The estate has a very large and concentrated equity portfolio. ($NVDA represents over 40% of the account, $FTAI, $EQIX, $IIPR and a bunch of BDCs are the major components of the estate’s stock portfolio.)

I have patiently waited to liquidate the equities.

Yesterday afternoon I liquidated the entire stock portfolio. Not one share of equities remain. Given the elevated level of stock prices I wanted zero (nada, zilch) stock exposure.

Upon settlement I plan to put the proceeds into a money market fund on Monday morning.

This is called an Estate Sale.

Post Script: I recently spoke to Boca Biff for the first time in years. More on Boca Biff’s stock trading early next week.

Position: None