NVIDIA Sees a Wild $400B Intraday Swing – What Happened? * NVIDIA opened strong after blockbuster earnings and guidance, adding early gains of 5%+ in premarket. * Mood flipped after the delayed U.S. NFP report showed 119K jobs vs 50K expected, reducing chances of a December Fed rate cut. * Morgan Stanley told clients it no longer expects a December cut, pressuring tech and AI stocks. * Bears highlighted concerns in NVIDIA’s numbers: * Accounts receivable jumped from $23B → $33B * Inventory rising * Heavy dependence on four customers (61% of revenue combined) * Fears of “circular AI deals” between NVIDIA, OpenAI, and hyperscalers * Short seller Michael Burry called parts of the AI ecosystem “fraud, not a flywheel.” * NVIDIA swung nearly $392B in market value, closing down 3% despite strong results. Takeaway: Strong earnings aren’t enough if macro turns against high-valuation AI stocks.