Morning Bid: Nvidia 'beats' as expected, but fallout limited

A look at the day ahead in U.S. and global markets from Mike Dolan

After all that, Nvidia (NVDA.O), opens new tab beat expectations - which has become "expected" - and the stock retreated about 5%. This is still August, after all.

To be fair, the negative market reception to the artificial intelligence pacesetter's quarterly results overnight was typical of the reaction to other ostensible "beats" in the sector in this earnings season. These stocks are expensive, have come a long way in a short space of time and the bar to impress is now sky high.

And while the hoopla around the $3.1 trillion-valued Nvidia's earnings this week reflects long-standing concerns about over-concentration of the market on the fortunes of a handful of companies, the wider disturbance has been limited.

There were some clouds on the horizon of the megacap chip designer, but the main concern was simply that the "beat" wasn't as big as it has been recently. For all the reasonable concerns, this was far from a fatal blow to the AI theme.

Spin out to other related readouts and the sky still looks pretty clear. Salesforce (CRM.N), opens new tab beat Wall Street expectations on revenue and profit too amid higher spending on its enterprise cloud products - sending its shares up 3% in extended trading.

Super Micro Computer (SMCI.O), opens new tab did tumble almost 20% on Wednesday - but that was after the AI server maker said it would delay the filing of its annual report a day after Hindenburg Research disclosed a short position in the company.

And away from the Big Tech and AI world, the market value of billionaire Warren Buffett's Berkshire Hathaway (BRKa.N), opens new tab surpassed $1 trillion for the first time with a modest 1% gain in its class B stocks.

The upshot ahead of Thursday's bell? U.S. stock futures , were steady to higher after the indexes ebbed marginally in ...
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