The Rundown - Broadcom Posts Blowout Earnings, Nvidia Halts H200 Production for China

Episode Date: March 5, 2026

Market update for Thursday March 5, 2026Check out the Public app for incredible investing tools and to support the show (⁠⁠LINK⁠⁠)Follow us on Instagram (⁠⁠@TheRundownDaily⁠⁠) for bonus content and instant reactions.In today's episode:Tariffs are jumping to 15% this weekBroadcom AI sales doubleNvidia halts production of Chinese H200 chipsOpenAI explores ad deal with The Trade DeskAmerican Eagle warns of $60M tariff hitFun fact: Apple launches its cheapest laptop ever

Public.com presents the rundown. Your daily market update in under 10 minutes. My name is Zaid Admani, and today is Thursday, March 5th. In today's episode, we'll give you the latest on tariffs. Looks like rates are going up again. We'll also break down Broadcom's massive earnings and tell you why Nvidia just pulled the plug on its chips made for China. Then stick around to the end of the show to find out how much Apple is selling their cheapest

laptop for it. We got a great show for you today. Let's go. Stocks were back in the green on Wednesday with the S&P 500 adding 0.8% while the NASDAQ gained 1.3%. It looks like the stock market has basically done a complete round trip since the start of the week. The S&P 500 is now back to where it was before the attacks on Iran over the weekend. I guess investors aren't phased by the geopolitical risk. Investors have been buying up the dip throughout the week, especially retail traders. Even crypto is seeing some signs of life. Bitcoin and Ethereum are up nearly 10% in the last five days, which is also pushing up crypto-related stocks like Coinbase, which surged about 15% yesterday. The market continues to be pretty resilient despite the geopolitical uncertainty. It probably helps

that oil prices have pulled back from the highs from this week. Now, oil prices are still up like 15% from a week ago, but the fear was that prices would keep rising. as oil facilities across the Middle East got struck by Iranian drones. For now, though, prices are starting to stabilize, and that's giving investors a little bit of confidence. Now, the other macro story to watch here is tariffs. Yesterday, Treasury Secretary Scott Besson said the U.S. is raising global tariff rates from 10% to 15% this week.

A quick refresher here. Remember, the Supreme Court struck down the Aeepa tariffs a couple of weeks ago. So the Trump administration pivoted to imposing tariffs under Section 122 of the Trade Act of 1974, which lets the president impose a across-the-globe tariff of up to 15% for up to 150 days. President Trump initially set this rate at 10%, but then that's being increased to 15%. On top of that, the Treasury Secretary said the administration is working on imposing other tariffs to make up for the AEPA tariffs that were struck down. If you want a more in-depth breakdown of the tariff situation, go check out my recent interview with Erica York. She's a

tariff expert, and she helped explain all the stuff with tariffs and what other avenues the White House is looking to use in order to impose tariffs with a stronger legal footing. Now, in that interview, we also talked about tariff refunds and how all that would work. You know, since the AIPA tariffs were struck down, the federal government has to refund the $130-plus billion in tariffs that were collected under AIPA. In fact, thousands of companies from small importers to giants like Costco and FedEx have already filed a lawsuit asking for their money back. Just this week, a federal trade court ordered the government to start issuing refunds.

So yeah, there's a lot going on right now with geopolitics and tariffs. And for the most part, the stock market has kind of brushed it all off. Now, since we've gotten through most of earning season already, going forward, it looks like geopolitics and trade policy are going to be the main forces driving the markets. So we're staying on top of all this stuff. So make sure you guys are subscribed to the podcast and tuning in every day to stay in the loop. Let's run through some headlines, starting with Broadcom. Broadcom reported earnings last night and the company reminded investors that

NVIDIA isn't the only chip company making money from the AI boom. Revenues came in at $19.3 billion, which was up 29% year over year and beating estimates. Profits did even better, up 33% to $7.3 billion. Broadcom said that it's AI-related revenues more than doubled to $8.8.2. $4 billion fueled by the demand for custom AI chips and networking equipment used in data centers. But it was Broadcom's guidance what really got Wall Street fired up. Broadcom expects to make $22 billion in revenue this quarter. And the CEO went a step further saying that Broadcom has a line of sight of AI chip revenue

exceeding $100 billion in 2027. That would be just from chips. And it's a sign that Broadcom is gaining ground in a market that was dominated by Nvidia. You know, Broadcom plays the important role here. They help design custom chips for big tech companies like Google, Meta, OpenAI, and others. And it's these custom chips that are one of the biggest threats to Nvidia's dominance. We actually talked about this in our Nvidia deep dive over this past weekend. So Broadcom continues to be a big beneficiary year.

The stock is up around 4% this morning at the time of this recording. I feel like Broadcom gets pretty slept on, but their market cap of $1.5 trillion is pretty much the same as meta. Let's shift gears and talk more about Nvidia. Nvidia has stopped the production of its H-200 chips that were intended for the Chinese market. According to a report from the Financial Times, the company has shifted that manufacturing capacity at TSM over to its next-generation Vera Rubin chips instead. Now, the decision to stop the production of the H-200 chips, which is one of Nvidia's older-generation AI processors, is not because of a lack of demand.

In fact, Nvidia was expecting orders of more than 1 million units from Chinese customers and had been aggressively ramping up production in preparation for the Chinese government to formally approve the imports of the H-200 chips. But that approval process has basically stalled. Both Washington and Beijing have been putting up regulatory roadblocks. On the U.S. side, the State Department pushed for tougher restrictions on how China could use the H-200 chips. And then in China, Beijing started signaling that it may block imports altogether

to protect their domestic chip industry and push Chinese AI companies to use homegrown chips from Huawei. So, Nvidia is getting squeezed from both directions right now. On last week's earnings call, Nvidia's CFO was pretty blunt about the situation. She said that they haven't generated a single dollar of revenue from H200 chips in China, and they still don't know if imports will ever be allowed. So rather than sit around and wait for an approval, Nvidia decided to move on and redirect all that production capacity towards their Veraruban chips, which is their latest and most advanced chip architecture, and the one that Open AI, Google, and pretty much every major AI tech company wants their hands on. You know, despite the Nvidia not making any money in China right now,

their business continues to put up insane growth numbers. Let's talk about some stocks making moves today. Shares of the trade desk are surging this morning after reports that OpenAI has been in early talks with the company to help sell ads on chat GPT. The trade desk basically acts as the middleman of digital advertising, they run an automated platform that helps advertisers place and measure ads at scale across websites, apps, and even TV channels. And remember, Open AI is building out their ad product and looking for advertisers. They just started testing ads in chat GPT last month, and they're projecting that advertising could help them double revenue from their consumer business to $17 billion this year. Open AI has more than 900 million users, and most of them

don't pay for a subscription, so ads are the obvious next move to monetize. So if Chad CPP becomes the next hot advertising channel, the trade desk could end up playing a big role in connecting advertisers to those users. As a result, shares of the company are up more than 20% this morning at the time of this recording. Now, on the flip side, shares of American Eagle are slipping today despite posting solid earnings. The clothing retailer beat expectations on both revenue and profit, but the company did warn that tariffs could take a bite out of their profits this year.

American Eagle sources most of its products from vendors in Asia. They expect tariffs to cost around $60 million in the first half of 2026. Now, that estimate does not factor in the recent Supreme Court ruling that struck down some of the tariffs. So maybe the impact won't be as bad. Still, investors seem to be worried and the stock is down around 3% this morning at the time of this recording. Let's wrap the show with the fun fact.

Apple just launched its cheapest laptop ever. Yesterday, Apple showed off the MacBook Neo, and it starts at just $600, which is about $400 cheaper than any other modern Mac laptop Apple has ever sold. And if you're a student, you can buy this laptop for $500. Now, the specs on this laptop are kind of interesting. It's actually powered by an A18 Pro chip, which is the same processor inside an iPhone 16 Pro.

So essentially, this is a laptop. powered by a mobile chip, and it only has like 8 gigabytes of RAM. So this is not a high-end laptop made for tech enthusiasts. Apple is trying to go after the budget laptop market, which has traditionally been dominated by Windows laptops and Chromebooks, especially in schools. But let's be honest though, those laptops are pretty bad and filled with bloatware, especially the Windows laptops.

This MacBook Neo, despite running on a mobile chip, still will run the full MacOS operating system. It's gonna have 16 hours of battery, and it's gonna come in fun colors, And the best part is it pairs well with other Apple products like the iPhone and iPad. This laptop is probably perfect for students, and I think it's going to be a massive hit. But I'll be the first to recognize that I'm a biased Apple fanboy. So let me know what you guys think in the comments.

Well, all right, guys, that's the rundown for today. Hope you guys enjoyed today's episode if you did. And you have like five extra seconds. Consider giving us a five-star rating on Apple, Spotify, YouTube, wherever you listen to your podcast. And if you are listening on Spotify, don't forget to vote in today's Spotify poll. Leave us a comment on Spotify. All that engagement really does help us out. And it helps other people find the show.

Thank you guys so much for listening, watching, and commenting. Shout out to Mike and Connor for all the work behind the scenes. And we'll see you guys back here tomorrow. Rosen lasagna, medium power, 15 minutes. Sounds like, Ojo time. Let's play. Feel the fun with Play-Ojo, the online casino with all the latest slot and live casino games.

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