) shares are rising after the company reported that its sales jumped nearly 60% year over year, largely due to AI demand.
Um We're definitely seeing examples of consumers trading down, uh looking to buy, you know, better priced items and maybe not getting the premium product.And that includes a co commercialization of the COVID vaccine.The combo flu and COVID vaccine that they've been working on for quite some time.We had a really strong quarter.
We've got the dow here, uh leading gains once again today and set for its eighth straight gain, uh eight sessions in a row.The S and P 500 up about 1/10 of 1%. Um and why we talk about them, they make chips for pretty much everybody we talked about on this show, right?Um And so when you see that kind of strength from TS MC investors, I think, begin to think, ok, well, maybe some of those customers are seeing some better trends ahead for their businesses too.
So what we would say is the sell off that we saw since uh late March uh was really more of an adjustment selloff, right? So look, I think there's some reasons to believe some of these surprises may reverse our official call at the moment is for still three cuts starting in September of this year.What do you think?And I would argue a lot of the pup if you will for NVIDIA has already been revealed because we just heard from all the big hyper scalar tech platforms over the last two weeks increase their capital spending.
And to your question, this is where you're truly starting to see some players starting to kind of gradually adopt A I and it's starting to see some improvement in their earnings now. This is playing out across frankly the corporate sector in terms of large versus small cap uh co companies that are strong balance sheet, net cash and strong free cash flow versus unprofitable.And we've heard about uh this kind of again, bifurcation among consumer spending trends in the last three weeks via earnings season in a way frankly, I have been seen as acute in years.
The way I'm looking at it is more so in terms of this being an unknown flight path coming out of this pandemic with historic uh inflation and then uh aggressive fed tightening.But the one thing that we continue to look at is whether or not the one track can continue to hold up the overall averages and I think there's some meaningful evidence that the second track is starting to drag things down overall pretty meaningfully.
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