Friday's Happy Hour

Wondering about markets, money and the stories everyone will be talking about this weekend? Here's what you'll want to know to sound smart this weekend.

Friday morning edition, August 28.

Nvidia (NVDA) — $227.41 pre-market | WTD: +5.5% vs. Monday open
Nvidia Delivers—Then Raises the Stakes for AI
Nvidia’s blockbuster quarter sent shares sharply higher Thursday, with the company forecasting roughly 70% revenue growth for its next fiscal year. The bigger conversation now is Nvidia’s enormous web of AI investments and partnerships—and whether the AI ecosystem can keep generating returns commensurate with all that capital. 

Affirm (AFRM) — ~$87 pre-market | WTD: +~13%
Affirm’s Growth Story Gets Another Vote of Confidence
Affirm jumped after revenue climbed 33% and gross merchandise volume rose 36% to $14.1 billion, both ahead of expectations. A new international expansion of Shop Pay Installments with Shopify added another catalyst as investors reassessed the growth potential of buy-now-pay-later. 

Gap (GAP) — ~$24 pre-market | WTD: +~21%
Gap’s Turnaround Gets a Boost—But Old Navy Needs Help
Gap surged after beating profit expectations, raising its full-year profit outlook and naming Michael Francis to lead Old Navy. The Gap brand itself posted 10% comparable-sales growth, while Old Navy declined 4%, making the leadership change an important next chapter in the retailer’s turnaround. 

PayPal (PYPL) — ~$52 pre-market | WTD: -~16%
PayPal’s Takeover Premium Disappears
PayPal sank after reports that an Advent International–Stripe consortium abandoned a roughly $53 billion takeover bid. The development puts attention back on PayPal’s underlying turnaround as it battles increasing competition in digital payments. 

Marvell Technology (MRVL) — down ~8% pre-market
Good Earnings Aren’t Enough in the AI Trade Anymore
Marvell met quarterly revenue expectations and raised longer-term forecasts, but shares fell after investors learned its Google custom-chip work may not materially contribute until fiscal 2029. It’s another reminder of this earnings season’s emerging theme: expectations surrounding AI are extraordinarily high. 

Gold — ~$4,650/oz. | WTD: higher
Gold Holds Near Record Territory as Debt Worries Linger
Gold remained around $4,650 Friday morning as investors balanced elevated interest rates against concerns over U.S. deficits, the dollar and geopolitical uncertainty. Fiscal concerns continue to give investors another reason to consider gold beyond the traditional inflation narrative. 

WTI Crude Oil — ~$83/barrel | WTD: lower
Oil Cools Despite Continued Iran Tensions
Crude headed toward its first weekly decline in three weeks even as geopolitical tensions remained elevated. Oil’s ability to retreat despite those risks is encouraging for the inflation outlook, although disruptions around the Strait of Hormuz remain an important wildcard. 

Bitcoin (BTC) — ~$79,560 | WTD: +2.4%
Bitcoin Holds Near $80,000 After Its Summer Rebound
Bitcoin briefly moved above $81,000 this week before settling near $80,000 Friday morning. Friday’s daily open of $80,261.86 compares with Monday’s $78,990 area, extending a rebound fueled by a weaker dollar, improving regulatory sentiment and renewed interest in digital assets. 

Ethereum (ETH) — ~$2,506 | WTD: +~1.7%
Ethereum Reclaims $2,500—but Remains Far Below Its Record
Ethereum held above $2,500 after a powerful August recovery. Interestingly, Monday marked exactly one year since Ethereum’s $4,953 record high, leaving the asset roughly 49% below that peak despite gaining more than 28% over the prior month. 

10-Year Treasury — ~4.69%
All Eyes Turn to Jackson Hole
Fed Chair Kevin Warsh takes center stage Friday with investors looking for clues about monetary policy after inflation remained stubborn. Markets are also digesting the biggest weekly outflow from U.S. equity funds since March—$22.3 billion—even as technology funds continued attracting money. 

What We’re Watching Next Week

- August jobs report: The labor market returns to center stage with nonfarm payrolls and unemployment data. 
- JOLTS: Job-opening data will provide another read on whether labor demand is cooling.
- ISM manufacturing and services: Two important snapshots of business activity as September begins. 
- Broadcom earnings: Another important test of AI infrastructure demand after Nvidia and Marvell. 
- Treasury yields: The 10-year hovering near 4.7% remains particularly important for growth-stock valuations.
- Oil and Iran: Energy markets will continue watching shipping and supply conditions around the Strait of Hormuz.
- Market breadth: Small- and mid-cap funds attracted money this week even as large-cap funds saw substantial withdrawals—worth watching to see whether leadership begins broadening. 

Happy Hour Take: This week offered a useful snapshot of today’s market. Nvidia proved that AI demand remains extraordinary, but Marvell showed that investors are demanding increasingly impressive results. Meanwhile, retail, fintech, gold and crypto all produced significant stories of their own. With September beginning next week, attention shifts from earnings back toward jobs, interest rates and the broader economy.

Have a great weekend!