Nvidia reported its Q2 earnings Wednesday afternoon — almost universally surpassing analysts' expectations.

Here are a few key highlights:

1. Revenue reached $30 billion, up 122% year-over-year, exceeding the anticipated growth of 113%
2. Data center revenue, driven by AI chip demand, surged 154% to $26.3 billion
3. Gaming and AI PC revenue grew 16% to $2.9 billion.

Despite the strong results, NVDA shares fell about 6-7% in after-hours trading.

Talk about “stocks only go up” sentiment! Do investors feel entitled to even better earnings?

At the time of writing, meanwhile, shares are up about 1% in pre-market trading.

That said, Nvidia’s success could spell trouble for Trump.

With NVDA accounting for an outsized 33% of the S&P 500 Index's year-to-date 18% returns, in a very real sense, NVDA drives the entire S&P 500.

And the S&P’s performance is how many people perceive the “market.”

Many voters look at the S&P’s performance, the “market’s” performance, and conflate that with the health of the “economy.”

With just 67 days until Election Day, that could prove to be a dangerous jumble for Trump’s campaign.

If Harris can convince Americans — around 40% do not own stocks, by the way — that the market/economy is thriving…

That’s an intoxicating cocktail for Team Harris to exploit.

It bears repeating today (with emphasis): “It’s the economy, stupid,” as James Carville put it.

The market is stocks.

The economy is what life’s like where you live and what you talk about at the dinner table.

They are two different things.

Let no politician tell you otherwise!

Shifting focus now, let’s take a closer look at how RFK Jr. — and Kamala Harris’ debate sparring partner, Tulsi Gabbard — could seriously disrupt the election…

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Your Rundown for Friday, August 30, 2024...

Trump Taps Gabbard to Replace Vance?

As we mentioned previously, it looks like RFK Jr. might be eyeing a spot in Trump's potential cabinet.

Kennedy’s campaign even hinted at it: His running mate Nicole Shanahan mentioned that RFK Jr. would be a great Health and Human Services Secretary. That's a pretty clear signal.

Joining Kennedy as a member of Trump’s transition team, former Democratic Representative from Hawaii, Tulsi Gabbard, officially endorsed Donald Trump in the 2024 presidential race.

Gabbard, who sought the Democratic presidential nomination in 2020, has been distancing herself from the party ever since, ultimately bowing out entirely in 2022.

On Monday, Gabbard appeared alongside Trump in Detroit, commending Trump's approach to foreign policy, particularly his willingness to engage with adversaries in pursuit of peace.

According to Paradigm’s beltway authority Jim Rickards: “Tulsi Gabbard [is] a patriotic American and an Iraqi war veteran who remains active in the U.S. Army Reserve. She’s a former member of Congress and former presidential candidate.”

In fact, weeks before Trump announced J.D. Vance as his running mate, Jim noted: “Tulsi Gabbard would have been a good choice.”

This move could have cemented Trump's position on national security and foreign affairs, areas where he has consistently emphasized his “America First” approach.

So, what if Trump taps Tulsi Gabbard to replace J.D. Vance?

• Gabbard's military background and eight years of experience in D.C. could appeal to a broad range of voters

• Her former affiliation with the Democratic Party might also help Trump attract independent and moderate voters

• Not hurting matters, Gabbard is 1) a woman and 2) a person of color with Samoan ancestry.

“She’s smart, sharp and witty,” Jim says, “a combination Democrats can’t stand…

“Tulsi quit the Democratic Party out of disgust,” he adds, “but not before she made mincemeat out of Kamala Harris in one of the 2020 presidential debates.”

If Trump were to replace J.D. Vance with Tulsi Gabbard as his running mate, it would be a bold and unexpected move.

Impossible? Surprises are the new normal this election season.

Market Rundown for Friday, Aug. 30, 2024

S&P 500 futures are up 0.50% to 5,635.

Oil’s down a fraction of a percent to $75.82 for a barrel of WTI.

Gold is down 0.15% to $2,556.50 per ounce.

But Bitcoin is up 0.25% — just about $500 under $60k.

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