In this Australian Investors Podcast episode, your hosts Owen Rask and Drew
Meredith discuss:
- NVIDIA’s 73% revenue growth and what it means for Aussie investors
- Why the ASX rally may be dangerously narrow
- WiseTech cutting 2,000 jobs and what AI means for software
- Major ASX results: Woolworths, Domino’s, ARB, Accent & more
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ASX & Global Market Highlights
NVIDIA earnings: still unstoppable?
NVIDIA delivered:
- Revenue up 73% year-on-year
Gross margins above 75%
Market cap nearing A$5 trillion equivalent
For Aussie investors holding VGS, IVV or super funds, you likely own NVIDIA indirectly.
The question is no longer “is it good?” — it’s how big can it get, and what’s priced in?
We also unpack:
AI “distillation attacks” and intellectual property risks
Why geopolitics (China, export controls) matter more than ever
Whether AI expectations are being front-run 3–5 years ahead
Market breadth warning: looks strong, feels weak
Despite indices near all-time highs, the underlying data tells a different story (as at mid-
February close):
• Only 12.5% of ASX 200 stocks are within 10% of their all-time highs
• 74% of stocks are at least 20% below their all-time highs
• Just 29% are within 10% of 12-month highs
• 20% are within 10% of 12-month lows
Translation? A handful of mega caps (think CBA and BHP) are doing the heavy lifting.
This is the kind of environment where diversification really matters.
Company Results Deep Dive
WiseTech Global – AI disruption hits home
WiseTech plans to cut up to 2,000 jobs (almost 30% of staff) as it leans heavily into AI.
CEO Zubin Appoo said:
“The era of manually writing code as the core act of engineering is over.”
Key takeaways:
AI is not theoretical anymore
Software margins could improve
But job disruption is real
We discuss what this means for Aussie tech investors.
Woolworths – best day in 30 years
Sales up 3.4% to $37.1 billion
Net profit up 16.4% (before significant items)
Dividend lifted to 45¢
After underperforming Coles for much of the year, Woolworths rebounded sharply. Is this
the start of a turnaround or just expectations resetting?
Domino’s – stabilising or still struggling?
Group EBIT slightly ahead of expectations
Franchise profitability improved
Same-store sales remain soft
DMP is down massively from its peak (~$160 to ~$20). The question: is it cheap or
structurally challenged?
ARB Corp – opportunity emerging?
Revenue down slightly
Vehicle sales mixed
US expansion continuing
After years as a market darling, ARB has sold off ~40%. We debate whether this is a
cyclical dip or a long-term structural issue.
Accent Group
Revenue up 5.3%
Profit down 40%
Glue Store to be wound down
Retail margins remain under pressure from discounting.
Macro Update: Inflation & Rates
January inflation:
Headline CPI: 3.8%
Underlying CPI: 3.4%
Markets are now pricing at least one rate hike this year, with increasing probability for May.
We also discuss:
Why monthly inflation prints may distort expectations
Whether markets are overreacting
How rate volatility impacts asset allocation
Listener Questions
1️⃣ Hedging US stocks & the silver debate
A listener is down ~10% on currency exposure in US stocks (Alphabet, AMD).
We cover:
Why individual stock currency hedging is difficult
Portfolio-level hedging alternatives
Whether silver is “more useful” than gold
2️⃣ 25cLifeCrisis – career in financial planning
Should they try paraplanning first?
We discuss:
The career pathway (admin → paraplanner → adviser)
How AI may disrupt paraplanning
Why client-facing experience is increasingly valuable
3️⃣ Mr Monopoly – inherited 6 commercial properties
Compound growth 2–8.5%
Considering switching to index funds
We explore:
Concentration risk
Liquidity
Effort vs return trade-off
Tax considerations
Whether “easier” equals “better”
Topics Covered
- NVIDIA earnings & AI disruption
- ASX reporting season recap
- Narrow market breadth warning
- Rate hike probabilities
- Portfolio hedging strategies
- Career pathways in finance
- Commercial property vs index investing
- Big investing “what if” scenarios
