Nvidia (Nasdaq : NVDA) had a big big miss today. Intel's (Nasdaq : INTC) guide down last week was also huge but we wrote, "not conservative enough".

Both Nvidia and Intel called out datacenter slowing. As we know that's huge for tech. Datacenter and hyperscalers had been a key driver for much of the food chain in tech. That can't be ignored.

As for AMD...

AMD (Nasdaq : AMD) reports after the close Tuesday. I don't expect them to have such a big whiff though because they are in ramp up mode. Still, Rome doesn't really ramp until the 2nd half so anything's possible in the meantime.

Our estimates for AMD are smack inline with the Street. The Street has been moving down to us. The risk reward either way is not clear for AMD.

Putting it all together, Apple (Nasdaq : AAPL), Intel and now Nvidia are huge tech movers. They are huge memory buyers. Everybody's been looking for a bottom in memory but the major customers are telling you otherwise. (We had also called out earnings risk for Apple to subscribers and publicly ahead of their guide down.)