Nvidia Earnings, Crypto IPOs and Another Tax By Reeves

28th August 2025

Markets and policy headlines this week cut across tech, crypto, and regulation. Nvidia CEO Jensen Huang doubled down on the AI boom, projecting trillions in future infrastructure spending even as the chipmaker’s latest data center revenues came in below analyst hopes, raising questions about whether hyperscale demand is cooling. In crypto, American Bitcoin backed by Donald Trump’s sons is preparing a Nasdaq debut via merger, while looking to expand in Asia. In the UK, Rachel Reeves’s £1.7bn business rates plan is drawing backlash from food wholesalers who warn it could drive up costs and fuel food inflation. Across the Atlantic, Brussels pushed back against President Trump’s claims that the EU’s new digital rules unfairly target U.S. tech firms, stressing they apply globally. Meanwhile, GlobalFoundries reassured investors that its CHIPS Act funding remains equity-free, distancing itself from Intel’s recent government stake deal. All this in today’s Read It and Eat! 

Major News 

• Nvidia CEO Jensen Huang: The AI Boom Has Barely Begun

Nvidia CEO Jensen Huang is pushing back on fears that the AI chip boom might be losing steam, insisting the growth story is only just getting started. Speaking on Wednesday, Huang said AI infrastructure spending could hit as much as $4 trillion by the end of the decade, calling the current wave “a new industrial revolution.” His upbeat tone comes even as Nvidia reported guidance that, while in line with analyst forecasts, fell short of the sky-high expectations that have fueled the company’s rally this year.

That gap showed up most clearly in data center revenues, a segment closely watched as the engine of Nvidia’s AI business. Analysts had expected a stronger showing, and the miss raised questions about whether hyperscale demand is cooling or simply normalizing after months of frenzied investment. Even so, Huang pointed to ongoing orders from giants like Microsoft and Amazon, noting that “everything is sold out” and demand continues to exceed supply.

Investors and analysts have grown more cautious in recent weeks, with AI-heavy stocks showing signs of fatigue and even OpenAI CEO Sam Altman warning that investors might be getting “overexcited.” Nvidia’s stock, however, remains a standout, outperforming the broader market thanks to relentless demand for its Blackwell and Hopper chips. Huang brushed aside any suggestion of a slowdown, arguing Nvidia’s advances help customers process ever-larger amounts of data with greater efficiency and that keeps the orders coming.

In short, while Nvidia’s latest forecast may not have dazzled, Huang’s message to Wall Street was clear: the AI buildout has plenty of room to run. With hyperscalers still pouring billions into data center expansion, Nvidia believes it’s just scratching the surface of a multi-trillion-dollar market. Reuters 

• American Bitcoin, Backed by Trump’s Sons, Targets September Nasdaq Debut

American Bitcoin, a bitcoin mining company backed by Donald Trump’s sons, is gearing up to start trading on the Nasdaq as early as September. The firm is finalizing a merger with Gryphon Digital Mining, a move that will allow it to go public without a traditional IPO. Asher Genoot, CEO of Hut 8 American Bitcoin’s largest investor confirmed the timeline and said anchor shareholders are already on board.

Once the deal closes, American Bitcoin will trade under the ticker symbol ABTC. Eric Trump, Donald Trump Jr., and Hut 8 will collectively hold about 98% of the new entity. Genoot explained that going public via merger rather than IPO gave the company more flexibility when it came to financing options.

The company also has its sights set on international expansion. Eric Trump is currently in Hong Kong, with plans to visit Tokyo for an event with Japanese bitcoin treasury firm Metaplanet. According to Genoot, American Bitcoin is actively exploring opportunities to acquire crypto-related assets in Asia to build its global footprint.

For Hut 8, which started out as a crypto miner, the launch of American Bitcoin marks a shift toward broader investments in energy infrastructure and data centers. While the company is still in the early stages of planning, Genoot emphasized that the long-term goal is to provide more investors worldwide with access to publicly traded bitcoin assets. Financial Times 

• Reeves’s £1.7bn Tax Plan Sparks Backlash from Food Wholesalers

Some of Britain’s biggest supermarket suppliers are warning that Rachel Reeves’s £1.7bn overhaul of business rates could push them to the brink. Food and Drink Wholesale UK, which represents major wholesalers such as Booker Group, Bestway Wholesale, and Bidfood, has told the Chancellor that the reforms would saddle them with costs they “cannot afford” and in some cases, threaten their survival.

The government’s plan aims to raise rates for larger sites like warehouses, supermarkets, and department stores, while easing the burden on smaller high street retailers. Reeves has pitched the changes as a way to create a “fairer” system and level the playing field with online giants like Amazon. But wholesalers argue they are being unfairly swept up in the reforms despite operating on slim margins. They warn that higher costs will inevitably be passed down the supply chain, fueling food inflation and undermining the very businesses the policy is meant to protect.

The timing couldn’t be worse for retailers already feeling the squeeze. New figures show sales have now fallen for 11 consecutive months, with weaker consumer demand and rising costs dragging on the sector. The Confederation of British Industry (CBI) reported that retailers are cutting investment and jobs, citing pressures from tax hikes like higher employer National Insurance contributions.

Martin Sartorius of the CBI summed up the mood, saying the government’s fiscal decisions are “continuing to bite” and warning against piling more pressure on businesses in the upcoming autumn Budget. For wholesalers and retailers alike, the fear is clear: this rates raid could end up doing more harm than good. CityAM 

• EU Pushes Back on Trump’s Criticism of Digital Rules

The European Commission has dismissed U.S. President Donald Trump’s claim that new EU digital rules unfairly target American tech companies. Trump argued this week that digital taxes and regulations worldwide are designed to “harm or discriminate” against U.S. firms, threatening additional tariffs on countries with such measures.

Brussels, however, insists its Digital Markets Act (DMA) and Digital Services Act (DSA) are not aimed at U.S. companies specifically, but apply equally to all firms operating in the EU. The Commission stressed it is the EU’s sovereign right to regulate its digital economy, and pointed out that recent enforcement actions under the DSA targeted Chinese-owned platforms like AliExpress, Temu, and TikTok. Investigations are also ongoing into X and Meta.

Trump’s criticism comes shortly after the U.S. and EU agreed to ease most tariffs on European exports, with little discussion of digital rules. Still, the digital acts have been a long-standing point of tension, as Washington views them as curbs on American tech dominance, while Brussels frames them as necessary guardrails for fair competition and online safety.

Addressing accusations of censorship, the EU rejected claims by Meta’s Mark Zuckerberg and others that the DSA suppresses free expression. Officials clarified that the act simply requires platforms to enforce their own rules, not dictate what content must be removed. In fact, they noted, over 99% of moderation decisions are already made proactively by the platforms themselves. Yahoo.Finance 

• GlobalFoundries Says CHIPS Act Funding Remains Equity-Free

GlobalFoundries is making it clear that its U.S. CHIPS Act funding isn’t tied to equity stakes. Speaking at the Deutsche Bank Technology Conference, CFO John Hollister emphasized that the company’s support package remains “well intact” and is structured around project milestones, not government ownership.

The reassurance comes just days after the U.S. government took a surprise 10% equity stake in Intel, sparking concerns about whether Washington might seek similar arrangements with other chipmakers. That deal, alongside a revenue-sharing arrangement with Nvidia and AMD on certain China sales, has underscored the Trump administration’s more hands-on approach to corporate affairs.

GlobalFoundries, however, stressed that its framework under the CHIPS Act is different. The company is using the funding to expand capacity across fabrication plants, while also committing $16 billion in long-term investments, including $1 billion for new capital spending and $3 billion for R&D in emerging chip technologies.

According to Hollister, the company’s investment plan is designed to stretch over the next decade, giving GlobalFoundries a solid runway to scale production and bolster U.S. chip manufacturing without ceding equity to the government. Yahoo.Finance 

Minor News 

• Fed Governor Lisa Cook plans legal action to fight for her position. Reuters 

• Trump’s Fed strategy could push bond yields even higher. Bloomberg 

• U.S. renewable energy investment dropped 36% in the first half. Bloomberg 

• Europe’s IPO market looks to rebound after tariff-driven volatility. Bloomberg 

• Illegal betting platforms captured 70% of Europe’s gambling sales in 2024. Bloomberg 

• Cracker Barrel scraps plans for a new logo. CNBC 

•  White House urges Fed’s Lisa Cook to take leave pending fraud probe. Reuters

• HP tops Q3 revenue forecasts on AI-driven PC demand and Windows 11 upgrades. Reuters 

• Ethereum extends rally as Bitcoin faces a key price inflection point. Yahoo.Finance 

• FBI Investigating Whether Minneapolis School Shooting Was Motivated by Anti-Catholic Hate. BBC