Good afternoon and welcome to Markets Desk.
Nvidia is sitting on a thirty-five billion dollar backlog it may not be able to fill. ByteDance, Alibaba, and Tencent have collectively ordered more than three million RTX PRO fifty-five hundred graphics cards, but export restrictions on China could block delivery entirely, leaving Nvidia caught between enormous demand and regulatory reality.
Turning to earnings, PG&E reported third-quarter GAAP earnings of thirty-four cents per share, down from thirty-seven cents a year ago, with core non-GAAP earnings also slipping from fifty cents to forty-one cents. The California utility reaffirmed full-year guidance, signaling management's confidence the compression is transitory rather than structural.
And IBM shares dropped five percent in premarket trading after third-quarter results failed to reassure investors still unsettled by the company's July miss. Back-to-back disappointments are testing Wall Street's patience with IBM's turnaround narrative, and this morning's price action suggests the market wants proof before it extends any further benefit of the doubt.
That's the tape. Markets Desk, signing off the floor.
