Saxo Market Call Market largely shrugs off blowout Nvidia report. Not a great look.
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Feb 26, 2026 Ruben Dalfovo, Saxo equity strategist focused on tech and AI, breaks down Nvidia’s blowout report and why markets barely budged. He debates the shift from training to cheaper inference, customer concentration and competitive risks, and how AI affects SaaS, Snowflake, Salesforce and semiconductor cycle dynamics. Geopolitics and FX risks also get a focused mention.
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Nvidia Shift From Training To Inference
- Nvidia's earnings show AI demand shifting from training to inference, making revenue steadier and more linear.
- Ruben Dalfovo notes inference is daily use (chat answers, fraud checks) and lowering inference costs widens adoption and visibility.
Investors Want Broader Nvidia Customer Base
- Market wants less customer concentration and broader demand beyond hyperscalers to trust long-term Nvidia growth.
- Ruben warns competition (AMD deals with Meta/OpenAI) could nibble share even if Nvidia keeps pricing power with leading-edge tech.
Snowflake As An AI Data Layer Beneficiary
- Snowflake benefited from AI as a data layer play with stronger-than-expected product revenue and agentic platform adoption.
- Ruben finds the negative market reaction odd given rising data workloads and a large new customer deal supporting growth.