Dan Ives on Stock Market: Today ‘Is a Dark Day,’ NVidia, AI Revolution, Tech ‘Got Cut in the Knee’

BOLDUAN: “You were nodding along there, Peter, what do you think of Bullard’s assessment?”
TUCHMAN: “You know what? I’m just hoping — I’m trying to manifest the positive outcome of this. I can only — my hope is that Mr. Trump’s goal should be, you know, that this is a negotiating tool or strategy and that he’s bringing people to the table. And maybe — it’s obviously not some other people’s way they would have done it, and it seems like I’m not sure whether all the ramifications and the pain that we’ve suffered on the way here were absolutely necessary. But my hope is that he has a big vision, right? I mean, he’s a smart guy, and that that this is going to get everybody to the table. And at the end of the day, we’re going to start checking off box by box, country by country. And then China is going to be sitting there going, ‘You know what? We’ve got to make a deal on this too.’ Do we want this world to completely combust? We want tech to flourish and thrive. And we — at the end of the day, you know, the alternative is such a dark view.”
BOLDUAN: “It’s so bad.”
TUCHMAN: “Right, it’s that — that we’ve got to — we’ve got to believe that this is going to be a wonderful outcome to this situation. So, I’m trying to manifest positivity.”
IVES: “I like it.”
BOLDUAN: “I hear you. I hear you, but are you investing on that strategy?”
TUCHMAN: “No, we talked about — I think we’re all praying on this.”
IVES: “And I think — and I think, look, Tuchman, that’s a — that’s a very optimistic. And I appreciate it.”
TUCHMAN: “We did it a lot. He — I mean, I was amazed. I’m so happy. You gave us — “
BOLDUAN: “But you mentioned bipolar markets. This is bipolar from last night.”
TUCHMAN: “But a lot has changed since last — “
IVES: “But I would say, but the unfortunate reality, today is a dark day — “
BOLDUAN: “Yes.”
IVES: “ — because it comes down to like Nvidia, the golden child of the market. A.I. revolution, tech, got cut at the knees. I mean, essentially, we talked about it last night.”
BOLDUAN: “You guys called this last night.”
IVES: “Look, because essentially the government, if you look at it, you could call it restrictions. It’s a blockade into China. It’s a ‘do not enter’ sign into China for U.S. tech. Nvidia numbers got cut, the stock got crushed today. And, of course, you — when you look at Powell back against the wall, you have a huge inflationary policy. What’s he going to say?”
BOLDUAN: “Right.”
IVES: “But that just put gasoline on the fire. This is Nvidia. It’s tech. And it just comes down to — I love Tuchman’s optimistic view, but today was definitely a step back, relative.”
BOLDUAN: “I mean, I kept looking at the numbers, thinking I’d written them down wrong. I mean, when you think of Nvidia says they’re going to take a $5.5 billion hit from this, like, my — it hurts every part of my being to think that it really is — seems unnecessary.”
IVES: “And the ripple effect — it’s the ripple effect, too. I mean, you’ve talked about it.”
TUCHMAN: “Well, look, we have to realize that, as I mentioned last night, that Nvidia was the flavor of the last couple of years. It was the — it was the golden child of the stock market, as I described. It was $108 stock February 1, 2023. It was $900 in 2024. It was one of the — it was the catalyst. It was leading the pack and leading the way of America finally coming side to side in this race to — with tech. And so, to be cut off at the knees, it’s obviously devastating. I was really surprised by the fact that if you go back to the last Fed meeting, when — when Chairman Powell said, ‘I think everyone’s overreacting when we didn’t know much more than we do today, except the numbers that came out on liberation day,’ I don’t — I think we’re overreacting to tech — to the tariffs. And if they are as bad as we seem, I believe they’re already baked into that selloff we had from Feb 19th down until, whatever, six weeks was. The bottom, which I’m hoping was the bottom, when we were, you know, we went from 45,000 to 38,000 on the Dow, and we went from 6,100 to 5,100 or actually 4,800. Cameron Dawson said the other day, we actually hit 4,800 in this buy. I didn’t see that. I’m happy I didn’t see it. But, you know, so his — today’s comments were really surprising, you know, and for me — “
IVES: “But — but I would think. But to your point, I think surprising, but the reality is, Powell, he’s — they’re seeing the numbers.”
BOLDUAN: “Yeah.”
TUCHMAN: “It’s surprising, but very real.”
IVES: “It was surprising, but it’s real. And they’re seeing the numbers. And basically, what the market’s showing is that bad news is coming. You’re going to have an earnings season where companies are not going to give guidance. Nvidia and tech is obviously a huge step back. And then you talk about the one word you never want to hear, the worst word: stagflation. And that is the fear.”