CHART OF THE DAY: The Most Important Data Point of the Quarter?

Taiwan EWT Exports for June -23.4% Y/Y from -14.1% Y/Y with expectations of -13.35% Y/Y. Lowest since 2009.

• This might be the most important data point of the quarter.
• The chart below compares Exports Y/Y vs. Nvidia’s sales Y/Y. The orange part of the blue line shows the estimates of the Street on where they believe Nvidia sales will be Y/Y next quarter (+65% Y/Y from -13.2% Y/Y).
• I don’t disagree that it is possible Nvidia could have an acceleration from -13.2% Y/Y. Exports in Taiwan for April and May did in fact come off the cycle lows. Although June just put in a new cycle low, I will leave the exact estimate of Sales for Nvidia to Ami. I have a feeling he doesn't foresee sales being up +65% Y/Y.