Before the bell: Nvidia Delivers, Trump Blusters

Nvidia CEO predicts continued demand, while Ageas, argenx, and UCB shine in Brussels – Syensqo eyes the U.S.

While all eyes were on Nvidia’s quarterly results, the Magnificent Seven stocks have now entered correction territory, dropping 10%. Yesterday, U.S. markets closed mostly unchanged, while European indices surged forward. Later in the day, Trump reignited trade war fears, suggesting new tariffs on Europe because “the EU was formed to hurt the U.S.”.

In Frankfurt, Deutsche Bank (+4%) benefited from expectations of a steeper yield curve, meaning lower short-term interest rates while long-term rates remain relatively high. In Brussels, AB InBev (+8.6%) surged as investors focused on organic growth rather than currency headwinds, alongside an increased dividend—a clear sign that debt reduction efforts are paying off. DEME (+6.4%) also rallied, while Deceuninck (-5.6%) fell, not because of its earnings, but due to concerns over a cooling Turkish market. Germany’s DAX (+1.7%) once again outperformed, led by Deutsche Bank (+4%), Fresenius (+6.5%), and Siemens Energy (+8.5%).

This morning, Brussels is flooded with earnings reports, including CFE, CMB.TECH, Unifiedpost, and Van de Velde. Internationally, Warner Bros. Discovery, Axa, Engie, LSE, Veolia, and Van Lanschot Kempen are all reporting as well. As a side note, Belgium’s February inflation figures will also be released today. Meanwhile, Asian markets are slightly up.

Nvidia Passes Its Quarterly Test

The AI chip powerhouse delivered yet another blowout quarter, with revenue climbing 78% to $39.3 billion, and earnings per share jumping 71% to $0.89—both beating analyst expectations. Nvidia’s forecast for the current quarter also slightly exceeded expectations. Whether this is enough to push the stock beyond its staggering $3.2 trillion market cap remains to be seen when Wall Street opens. CEO Jensen Huang was, unsurprisingly, full of praise for his company’s performance. And with results like these, why wouldn’t he be? Huang predicts demand for Nvidia’s chips will only continue to grow, especially as AI expands into robotics.

Ageas, Argenx, and UCB Shine—Syensqo Eyes Wall Street

Argenx saw revenue soar 77% to $2.25 billion, driven primarily by its star drug, Vyvgart. For the first time, the company posted a net profit of €833 million. Meanwhile, UCB also exceeded expectations, with revenue climbing 17% to €6.15 billion, outperforming analyst forecasts of €5.84 billion. Bimzelx continues to deliver positive surprises, and for 2025, UCB expects revenue of €6.5–6.7 billion and EBITDA nearing €2 billion, slightly below analyst estimates. Insurance giant Ageas also delivered an excellent 2024 report, achieving all its targets and posting around 10% growth across multiple segments. Particularly noteworthy is the €164 million contribution from reinsurance operations, up from €124 million in 2023—an impressive feat considering Ageas only entered the reinsurance business a few years ago. Meanwhile, Syensqo faced a challenging year, with revenue dropping 4% and EBITDA declining 13%, in line with expectations. However, with 40% of its revenue coming from the U.S., the company is now considering a Wall Street listing.

Did You Know …

that the U.S. hedge fund FourWorld Capital is suing to reverse the merger between Euronav and Norway’s Frontline? The firm claims the deal undervalued Euronav by €4 billion.

This article was translated from Dutch and was originally published on Spaarvarkens.be.