The Rundown – March 5, 2026

Broadcom Posts Blowout Earnings, Nvidia Halts H200 Production for China
Host: Zaid Admani (Public.com)
Length: ~10 minutes

Episode Overview

This episode of The Rundown dives deep into the day’s most significant market movers and macroeconomic headlines. Host Zaid Admani breaks down surging stock markets despite global tensions, details the latest U.S. tariff updates, and unpacks two critical semiconductor stories: Broadcom’s record-shattering earnings and Nvidia’s abrupt halt to H200 chip production for China. The episode closes with a look at Apple’s new budget laptop and other major company news.

Market Recap and Macro Updates

Stock Market Resilience

• [00:25] “Stocks were back in the green on Wednesday with the S&P 500 adding 0.8% while the Nasdaq gained 1.3%...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.”
  • Despite recent Middle East tensions and attacks on Iran, markets have rebounded.
  • Retail traders have been actively “buying the dip.”
  • Crypto markets are also up, with Bitcoin and Ethereum gaining nearly 10% in five days.
  • Oil prices, though still up 15% from last week, are stabilizing — restoring some market confidence.

Tariffs: Looming Impact

• [02:02] “Yesterday, Treasury Secretary Scott Bessen said the US is raising global tariff rates from 10% to 15% this week.”

  • Supreme Court recently struck down the IPA tariffs, prompting a pivot to Section 122 of the Trade Act of 1974.
  • New global tariffs now set at 15% for up to 150 days.
  • Further tariffs could be introduced to offset the void left by the IPA ruling.

• Tariff Refunds and Lawsuits:

  • "[03:00]...the federal government has to refund the 130-plus billion dollars in tariffs that were collected under IPA."
  • Companies like Costco and FedEx, among thousands of others, are suing for refunds.
  • A federal trade court ordered the government to start refunding these tariffs.

• Key Quote:

  • "[03:17] 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."

Major Earnings & Corporate Moves

Broadcom’s Blowout Earnings

• [04:00] “Broadcom reported earnings last night and the company reminded investors that Nvidia isn’t the only chip company making money from the AI boom.”

  • Revenue: $19.3B (+29% YoY, beats estimates)
  • Profit: $7.3B (+33%)
  • AI-related revenue more than doubled to $8.4B, driven by demand for custom chips and networking equipment.
  • Guidance: Expects $22B in revenue next quarter.
  • CEO Outlook: Broadcom sees a “line of sight of AI chip revenue exceeding $100 billion in 2027” — all from chips.
  • Significance: Challenges Nvidia’s dominance, as custom chips designed for giants like Google, Meta, and OpenAI become a growing part of the market.

• Key Quote:

  • "[05:02] Broadcom plays an important role here. They help design custom chips for like Google, Meta, OpenAI and others. And it sees custom chips as one of the biggest threats to Nvidia’s dominance."

  • Stock Reaction: Up ~4% at time of recording. Broadcom’s ~$1.5T market cap now rivals Meta.

Nvidia Freezes H200 Production for China

• [06:00] “Nvidia has stopped the production of its H200 chips that were intended for the Chinese market.”
  • Manufacturing capacity at TSMC redirected to the next-gen Vera Rubin chips.
  • Halt is due to regulatory gridlock, not lack of Chinese demand.
    • U.S.: State Department imposes tougher restrictions.
    • China: Signaling potential import bans to favor domestic tech (Huawei).
  • On Nvidia’s recent earnings call:
    • [07:10] "Nvidia CFO was pretty blunt... 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."
  • Nvidia redeploys capacity to focus on the Vera Rubin series, coveted by OpenAI, Google, and other major AI firms.
  • Market Context: Despite no China sales, Nvidia’s broader business is still experiencing explosive growth.

Other Notable Company Moves

The Trade Desk Surges on ChatGPT Ad Talk

• [08:00] OpenAI is in early talks with The Trade Desk to facilitate ad sales on ChatGPT.

  • Trade Desk’s platform automates ad buying across digital channels.
  • OpenAI anticipates new ad revenue could double its consumer business to $17B in 2026.
  • Trade Desk stock jumps 20%.

• Key Quote:

  • "[08:35] So if ChatGPT becomes the next hot advertising channel, The Trade Desk could end up playing a big role in connecting advertisers to those users."

American Eagle: Tariff Concerns Weigh

• Despite beating on revenue and profit, American Eagle's stock is down 3%.
  • Company guided that tariffs could hit profits by $60M in H1 2026 (doesn’t include recent Supreme Court ruling).
  • Heavy reliance on Asian sourcing makes them vulnerable to tariffs.

Fun Fact / Product Launch

Apple Unveils the MacBook Neo

• [09:25] "Apple just launched its cheapest laptop ever... the MacBook Neo and it starts at just $600."
  • $500 for students.
  • Powered by the A18 Pro chip (same as iPhone 16 Pro), 8GB RAM.
  • Entry-level device targeting the budget student/laptop market.
  • Runs full macOS, 16 hours battery, available in multiple colors.
  • Aimed at competing with Windows and Chromebooks in education.
  • Host personal note: “[09:56]...I am a biased Apple fanboy. So let me know what you guys think in the comments.”

Notable Quotes & Insights

• "The market continues to be pretty resilient despite the geopolitical uncertainty." – Zaid Admani [01:15]
• "Broadcom gets pretty slept on. But their market cap of 1.5 trillion is pretty much the same as Meta." – Zaid Admani [05:27]
• “Nvidia is getting squeezed from both directions right now.” – Zaid Admani [07:00]
• "Apple is trying to go after the budget laptop market, which has traditionally been dominated by Windows laptops and Chromebooks, especially in schools." – Zaid Admani [09:39]

Timestamps for Important Segments

• Market Recap, Oil & Crypto: [00:25–01:25]
• Tariffs (Policy & Refunds): [02:02–03:25]
• Broadcom Earnings Deep Dive: [04:00–05:27]
• Nvidia's H200 China Halts: [06:00–07:45]
• Trade Desk x ChatGPT Rumors: [08:00–08:45]
• American Eagle Tariff Impact: [08:55–09:15]
• Apple MacBook Neo Launch: [09:25–10:00]

Tone & Language

Friendly, fast-paced, and conversational — a blend of actionable market analysis and casual insights tailored for investors who want to keep up with urgent financial news.

Summary prepared for listeners who want to stay ahead on today’s most important stock market and tech business headlines, without having to listen to the full show.