AMZN +4.0% on AWS GPU deal; NVDA drops 4.6% on the same news

The 10-year Treasury yield settled at 4.67% Thursday, and the VIX closed at 14.5 — a composed macro backdrop for a session that produced real stock-level divergence. The day's defining trade was a split reaction to a single deal.

The AWS GPU deal that split the tape

$AMZN rose 4.0% after Amazon announced a large-scale GPU expansion through AWS, extending its cloud infrastructure buildout. $NVDA, the chip supplier at the center of that same deal, fell 4.6%. The read is straightforward: the market priced Amazon as the entity capturing value from locked-in compute capacity, while Nvidia absorbed selling pressure after Thursday's 8.7% post-earnings run. Stifel holds a $315 target on NVDA; the stock closed near $220.

Salesforce Q2 — update

We covered Salesforce's Q2 beat and raised guidance on Wednesday. The additional detail now on the table: net earnings grew 87% in the quarter, driven by revenue growth and investment gains. The headline firms up what was already a clear beat. No revision to the narrative.

$COIN down 6.3% on Q2 revenue decline

Coinbase reported Q2 results showing a top-line decline, with total crypto market capitalization contracting as inflation and geopolitical tensions weighed on trading volumes. Goldman Sachs raised its price target for $COIN despite the slump, citing diversification into non-trading revenue. CEO Brian Armstrong's public forecast of Bitcoin reaching $400,000 by 2030 generated press but moved no institutional needle on the day.

The rest of the tape

$GEV fell 4.4% on the day GE Vernova confirmed the hire of Rivian CFO Claire McDonough for its own CFO seat at a $5 million cash sign-on. Rivian dropped 6% on the departure; GEV fell alongside it — investors appear skeptical of the premium paid or the timing of the handover. $AMAT declined 4.3%; no company-specific catalyst emerged, and the move reads as sympathy pressure in the chip equipment complex during the broader semiconductor pullback. $DLR dropped 3.5% despite announcing the ZUR4 data center expansion in Switzerland — 15 megawatts, AI-workload targeted, completion planned for 2028. The expansion announcement did not offset selling. $NEM fell 3.3%, closing at $127.98. Newmont has outperformed gold peers year-to-date but retreated more steeply than the broader market Friday; no discrete trigger was identified.

AMD insider — update

Two days after we flagged a $7.9 million prearranged share sale by an AMD executive, a second transaction has cleared: AMD's CFO sold $7.1 million in shares under a separate pre-arranged plan. Two prearranged insider sales from the same company inside 48 hours are worth tracking even when the plans are scheduled well in advance.

What we set aside

One annual-meeting equity-plan filing did not clear the substance gate. Five disclosures referenced events more than 36 hours old and were held back. Six tickers — BRK.B, CEG, PM, PSX, TMO, WMB — produced no substantive news in the window.

The desk is watching Monday's session for follow-through on the NVDA pullback and whether weekend crypto developments shift the market's read on COIN's Q2 decline.