Nvidia's Billion-Dollar Quarter & the End of Easy Imports

Money Masters' Market Pulse Week 35

August 29, 2025

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Dear Money Master,

This week has been a rollercoaster across global markets, and we’re here to break it all down. First up: Trump has nuked the de minimis exemption—a little-known trade rule that powered global e-commerce. Now, millions of shipments face new tariffs, and retailers like Lululemon, Etsy, and Temu are scrambling. 🛍️🚫

At the same time, inflation data is in—and it’s not what the Fed was hoping for. Core PCE rose again, keeping the pressure high and rate cuts uncertain heading into September. 📈💸

On the tech side, Nvidia just revealed that two mystery clients account for 39% of its revenue. That’s massive—and a little risky. Investors are buzzing: is it Foxconn? Amazon? A sovereign AI project? 🧠🤫

Meanwhile, generative AI is taking a bite out of the job market, and it’s young workers who are getting hit hardest. Entry-level roles in accounting and customer service are disappearing fast. 🧾📉

We’ve also got huge moves in earnings: PepsiCo’s $585M bet on Celsius, Alibaba’s profit surge, and Affirm’s breakout quarter. Plus, Intel scores $5.7B from the U.S. government as it fights to stay relevant in the global chip race. 💰🚀

📰 Your Daily Financial Digest - August 29th, 2025

🌍 Economics:

  1. Core Inflation Ticks Up to 2.9% in July 📊
    The Fed’s preferred metric, the Core PCE, rose 0.3% month-over-month—driven by a 3.6% jump in services costs. With inflation still above the 2% target, a September rate cut now hinges on softening job market data. Read More

  2. De Minimis Exemption Killed: Global Retail Disrupted 🌐
    Trump’s executive order ends the $800 duty-free import rule, affecting 4M daily shipments. Retailers like Tapestry and Lululemon now face tariffs up to 30%, forcing price hikes and supply chain overhauls. Read More

  3. Wealthier Shoppers Return More—And It’s Costing Retailers 💸
    Higher-income consumers returned 5.3% of purchases this year, more than any other group. Retailers are tightening return policies to offset soaring reverse logistics costs amid rising inflation and tariffs. Read More

💻 Technology:

  1. Nvidia’s Secret Clients Drive 39% of Revenue 🤯
    Two undisclosed buyers made up nearly 40% of Nvidia’s Q2 sales, stoking fears of overreliance on a few major partners. Analysts suspect cloud builders like Dell or Foxconn, but Nvidia’s staying quiet. Read More

  2. YouTube TV Avoids Blackout with Last-Minute Fox Deal 📺
    Fox News, Sports, and Entertainment channels stay on YouTube TV after tense negotiations. The deal ensures subscribers won't miss major NFL and college football games this fall. Read More

  3. Generative AI Cuts Young Workers from the Job Market 🧠
    Stanford data shows AI-driven job loss hitting 22–25-year-olds hardest in roles like accounting and customer service. Employment in these fields is down 13% since 2022, while older workers remain largely unaffected. Read More

💹Earnings:

  1. Nvidia Beats Earnings, Eyes $54B Next Quarter—But Data Center Misses Target 🤖
    EPS and revenue both topped estimates, with Q2 profit soaring 59% YoY to $26.4B. However, data center sales missed for the second quarter straight, partly due to a $4B shortfall from delayed H20 chip sales to China. Read More

  2. PepsiCo Bets Big on Celsius With $585M Investment ⚡
    The soda giant now holds ~11% of Celsius after boosting its stake. It also gains distribution rights for Alani Nu, targeting the booming female wellness market. Celsius stock jumped 11% on the news. Read More

  3. Alibaba’s Profit Soars 78% Despite Revenue Miss 📦
    Q1 profit beat expectations at 43.1B yuan, aided by cloud growth and investment gains. But core e-commerce revenue missed targets amid rising competition in China’s fast-delivery wars. Read More

  4. Affirm Reports Surprise Profit, Stock Pops 15% 💳
    The BNPL leader posted $69M in net income and 33% revenue growth as GMV surged to $10.4B. Management highlighted partnerships and operational efficiency as key growth drivers. Read More

  5. DuPont Sells Kevlar Unit for $1.8B as Restructuring Continues 🧪
    The sale of its Aramids business to Arclin includes Kevlar and Nomex brands. DuPont will receive $1.2B in cash and retain a $325M stake as it focuses on core operations. Read More

  6. Intel Gets $5.7B in U.S. Government Investment 💰
    Intel received a major capital boost to expand domestic chip production. The White House also took a 10% stake in the company, a rare move aimed at revitalizing U.S. semiconductor leadership. Read More

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