Saxo Market Call Recently boring Nvidia reports next week. Did we just see German green shoots?
12 snips
Feb 20, 2026 A tour of the US market's growing dispersion and the weird divergence between big indexes and individual stocks. A look at record European inflows and whether regional strength is overdone. Preview of a quiet week for Nvidia and other tech reports after a long run-up. Discussion of FX pivots as the dollar wobbles and a tiny German manufacturing “green shoot” showing up in PMIs.
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Host Tests AI Theme Music
- John Hardy mentions experimenting with AI-generated theme music to avoid copyrighted tracks.
- He plays two candidate tracks and solicits listener feedback via email and Substack.
Private Credit Strain Hits Public Names
- Stress in private credit is spilling into listed PE names and broader credit markets.
- Blue Owl freezing redemptions dented peers like Apollo and Blackstone and raised systemic risk concerns.
Treat NVIDIA Week As A Reassessment Opportunity
- Watch NVIDIA's upcoming earnings as a potential catalyst despite recent price inertia.
- Don't assume unchanged price action; treat the report as a market-information event to reassess positions.
