IVV over past 60 days: cumulative return +5.6%, annualized vol 12.4%. Market regime: sideways.

Question:
Asset: IVV
Historical prices (past 60 trading days): start=644.51, end=680.59, cumulative_return=+5.6%, annualized_volatility=12.4%
Macro context: {'fed_funds_rate': 3.89, 'cpi_yoy': 325.063, 'unemployment': 4.5, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.55, 't10y3m_spread': 0.14, 'breakeven_10y': 2.23, 'hy_oas': 2.92, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 6.23, 'vix': 16.350000381469727}
Market regime: sideways
Recent filing/news:
[SEC 10-Q NVDA 2025-11-19] nvda-20251026 0001045810 1/25 2026 Q3 FALSE 478 469 278 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure nvda:investment nvda:segment 0001045810 2025-01-27 2025-10-26 0001045810 2025-11-14 0001045810 2025-07-28 2025-10-26 0001045810 2024-07-29 2024-10-27 0001045810 2024-01-29 2024-10-27 0001045810 2025-10-26 0001045810 2025-01-26 0001045810 us-gaap:CommonStockMember 2025-07-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-07-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-27 0001045810 us-gaap:RetainedEarningsMember 2025-07-27 0001045810 2025-07-27 0001045810 us-gaap:RetainedEarningsMember 2025-07-28 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-28 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-07-28 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-07-28 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-26 0001045810 us-gaap:RetainedEarningsMember 2025-10-26 0001045810 us-gaap:CommonStockMember 2024-07-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-07-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-28 0001045810 us-gaap:RetainedEarningsMember 2024-07-28 0001045810 2024-07-28 0001045810 us-gaap:RetainedEarningsMember 2024-07-29 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-07-29 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-07-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-27 0001045810 us-gaap:RetainedEarningsMember 2024-10-27 0001045810 2024-10-27 0001045810 us-gaap:CommonStockMember 2025-01-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-01-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-26 0001045810 us-gaap:RetainedEarningsMember 2025-01-26 0001045810 us-gaap:RetainedEarningsMember 2025-01-27 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-27 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-01-27 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-01-27 2025-10-26 0001045810 us-gaap:CommonStockMember 2024-01-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-01-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-28 0001045810 us-gaap:RetainedEarningsMember 2024-01-28 0001045810 2024-01-28 0001045810 us-gaap:RetainedEarningsMember 2024-01-29 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-01-29 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-01-29 2024-10-27 0001045810 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us-gaap:AccountsReceivableMember 2025-01-27 2025-10-26 0001045810 nvda:Cust [...TRUNCATED...] President, Operations Adoption 9/9/2025 309,840 12/31/2026 Donald Robertson Vice President and Chief Accounting Officer Adoption 9/18/2025 138,042 * 12/31/2026 Ajay Puri Executive Vice President, Worldwide Field Operations Adoption 9/19/2025 1,000,000 6/24/2026 * Includes 38,042 shares from future vests of equity awards, and the actual number of shares to be sold will be net of shares withheld by the Company for taxes. 42 Item 6. Exhibits Exhibit No.  Exhibit Description 31.1* Certification of Chief Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 31.2* Certification of Chief Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 32.1#* Certification of Chief Executive Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 32.2#* Certification of Chief Financial Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 101.INS* Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH* Inline XBRL Taxonomy Extension Schema Document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Labels Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. * Filed herewith. # In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purpose of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Copies of above exhibits not contained herein are available to any shareholder upon written request to: Investor Relations: NVIDIA Corporation, 2788 San Tomas Expressway, Santa Clara, CA 95051. 43 Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 19, 2025   NVIDIA Corporation  By:    /s/ Colette M. Kress   Colette M. Kress   Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) 44

Predict whether the return of IVV over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for IVV starting 2025-12-01 was +0.17%, which classifies as 'flat'.


ACWI over past 60 days: cumulative return +7.1%, annualized vol 19.4%. Market regime: sideways.

Question:
Asset: ACWI
Historical prices (past 60 trading days): start=114.59, end=122.76, cumulative_return=+7.1%, annualized_volatility=19.4%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 321.435, 'unemployment': 4.1, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.48, 't10y3m_spread': -0.04, 'breakeven_10y': 2.29, 'hy_oas': 3.18, 'ig_oas': 0.89, 'ted_spread': 0.09, 'mortgage_30y': 6.85, 'vix': 18.479999542236328}
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-05] ["A Prominent Tech Analyst Adds a New Role: Pitching a Stock Fund The IVES ETF includes 30 AI-focused tech stocks. It puts analyst Dan Ives in the unusual position of covering tech companies while pitching a fund full of their stocks.", "Apple downgrade, Guidewire guidance, Thor Industries Q3 sales Yahoo Finance host Julie Hyman tracks today's top moving stocks and biggest market stories in this Market Minute, including Apple's (AAPL) downgrade to a Hold rating by Needham analysts, Guidewire Software (GWRE) raising its full-year revenue guidance, and RV manufacturer Thor Industries (THO) topping fiscal third quarter sales estimates in its latest earnings print. Stay up to date on the latest market action, minute-by-minute, with Yahoo Finance's Market Minute. It's time for Yahoo Finance's Market Minute. Wall Street digesting a slowdown in private sector hiring growth with one eye still on US-China trade talks. Apple hit with a downgrade by Needham analysts, lowering their rating on the stock to hold from buy. Needham said the stock's overvalued amid growing AI competition. And Guidewire shares surging as it tops third quarter earnings and revenue estimates. The insurance software maker also raising its got, uh, revenue guidance for the full year, topping Wall Street's expectations. Analysts at Needham noting that Guidewire's competitive positioning continues to strengthen. Thor Industries reporting a beat on net sales for the third quarter. The manufacturer of recreational vehicles did say it expects the fourth quarter of fiscal year 2025 and the first quarter of then fiscal 2026 to be challenging. Thor saying downward pressures due to current macroeconomic concerns, but the shares are higher. And that's your Yahoo Finance Market Minute. For more and watch trading, scan the QR code below. 02:20 China's Recovery 'Has Legs': Franklin Templeton's Tan Bloomberg \u2022 1 hour ago 04:27 Small caps soar, CPI data on deck, bitcoin: Market takeaways Yahoo Finance Video \u2022 7 hours ago 01:38 Here is what the markets need to power higher this year Yahoo Finance Video \u2022 7 hours ago 02:55 IPO market shows 'cautious optimism' amid market uncertainty Yahoo Finance Video \u2022 8 hours ago", "My 3 Favorite Stocks to Buy Right Now PepsiCo and Coca-Cola have been moving in opposite directions for a couple of years. Time for a change. Apple shares have underperformed for a pair of obvious reasons, but the future is much more promising than the recent past. With Warren Buffett close to retiring, companies similar to Berkshire Hathaway are drawing new interest. 10 stocks we like better than Apple \u203a Has recent (and not-so-recent) volatility gotten your portfolio's allocation a little out of whack? Maybe it's time to reassess each of your existing holdings and replace the ones that no longer offer enough upside with more promising names. My needs are not exactly the same as yours. However, there are some stocks that keep making their way back onto my radar

Predict whether the return of ACWI over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for ACWI starting 2025-06-06 was +3.10%, which classifies as 'positive'.


BTC-USD over past 60 days: cumulative return +0.0%, annualized vol 27.0%. Market regime: bull.

Question:
Asset: BTC-USD
Historical prices (past 60 trading days): start=103998.57, end=103998.57, cumulative_return=+0.0%, annualized_volatility=27.0%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 322.169, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.58, 't10y3m_spread': 0.05, 'breakeven_10y': 2.41, 'hy_oas': 3.0, 'ig_oas': 0.81, 'ted_spread': 0.09, 'mortgage_30y': 6.72, 'vix': 17.15999984741211}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of BTC-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for BTC-USD starting 2025-07-17 was +0.00%, which classifies as 'flat'.


SOL-USD over past 60 days: cumulative return -3.2%, annualized vol 54.9%. Market regime: sideways.

Question:
Asset: SOL-USD
Historical prices (past 60 trading days): start=148.25, end=143.51, cumulative_return=-3.2%, annualized_volatility=54.9%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 321.435, 'unemployment': 4.1, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.55, 't10y3m_spread': -0.09, 'breakeven_10y': 2.28, 'hy_oas': 3.04, 'ig_oas': 0.88, 'ted_spread': 0.09, 'mortgage_30y': 6.81, 'vix': 16.760000228881836}
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of SOL-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for SOL-USD starting 2025-06-26 was +26.42%, which classifies as 'positive'.


SGOV over past 60 days: cumulative return +0.7%, annualized vol 0.2%. Market regime: bear.

Question:
Asset: SGOV
Historical prices (past 60 trading days): start=95.59, end=96.23, cumulative_return=+0.7%, annualized_volatility=0.2%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 319.785, 'unemployment': 4.2, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.31, 't10y3m_spread': -0.03, 'breakeven_10y': 2.33, 'hy_oas': 3.2, 'ig_oas': 0.96, 'ted_spread': 0.09, 'mortgage_30y': 6.63, 'vix': 24.229999542236328}
Market regime: bear

Predict whether the return of SGOV over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for SGOV starting 2025-03-13 was +0.24%, which classifies as 'flat'.


SOL-USD over past 60 days: cumulative return +16.3%, annualized vol 65.3%. Market regime: bull.

Question:
Asset: SOL-USD
Historical prices (past 60 trading days): start=177.38, end=206.25, cumulative_return=+16.3%, annualized_volatility=65.3%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.51, 't10y3m_spread': -0.01, 'breakeven_10y': 2.37, 'hy_oas': 2.75, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.35, 'vix': 15.6899995803833}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of SOL-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for SOL-USD starting 2025-09-16 was +0.00%, which classifies as 'flat'.


QUAL over past 60 days: cumulative return +6.1%, annualized vol 20.9%. Market regime: sideways.

Question:
Asset: QUAL
Historical prices (past 60 trading days): start=167.95, end=178.24, cumulative_return=+6.1%, annualized_volatility=20.9%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 321.435, 'unemployment': 4.1, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.55, 't10y3m_spread': -0.08, 'breakeven_10y': 2.29, 'hy_oas': 3.06, 'ig_oas': 0.88, 'ted_spread': 0.09, 'mortgage_30y': 6.81, 'vix': 17.479999542236328}
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-24] ["Trump\u2019s Chip Tariff Threat Sparks Pushback From Auto Industry to Tech (Bloomberg) -- Blowback to President Donald Trump\u2019s idea of tariffs on imported semiconductors is proving to be broad and deep, stretching from auto companies and boat makers to the technology industry and crypto enthusiasts, according to a review of more than 150 public comments on the proposal. Most Read from Bloomberg Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice US State Budget Wounds Intensify From Trump, DOGE Policy Shifts US Renters Face Storm of Rising Costs Commuters Are Caught in Johannesburg's Taxi Feuds as Transit Lags The possible levy of up to 25% has united rivals like Tesla Inc., General Motors Co. and Ford Motor Co. in voicing reservations. It\u2019s brought together industry lobbies from the Crypto Council for Innovation to the National Marine Manufacturers Association. Even Taiwan and the People\u2019s Republic of China are finding common cause, along with predictable parts of the tech sector including chipmakers and wireless providers. The reason is that chips are now in almost everything: refrigerators and microwaves, tire pressure sensors and navigation systems, electronic bidets and sonar equipment and, of course, smartphones and computers. Tariffs threaten to snarl supply lines and jack up costs for consumers. \u201cThere\u2019s a large mismatch between the amount of chips we use in this country in various products and the supply created here in the US,\u201d JoAnne Feeney, a partner and portfolio manager at Advisors Capital Management, said in an interview. \u201cPutting a tax on those imports will simply raise the cost, and that\u2019s not a good thing for consumers.\u201d Case in point is the marine association, which warns the impact would be felt by more than 1,300 manufacturers who face higher expenses for essentials like propulsion technology, engines and GPS systems. \u201cThese systems are not optional luxuries \u2014 they are fundamental to safety, function and performance,\u201d the association said. \u201cMany components have no US equivalent or are only available from highly concentrated suppliers overseas.\u201d The boating sector\u2019s concerns were among comments from 154 stakeholders submitted to a Commerce Department review of whether to slap tariffs on chips as part of Trump\u2019s campaign to redraw global supply lines and boost domestic manufacturing. Predictable tech sources weighed in, including chipmakers Taiwan Semiconductor Manufacturing Co. and Intel Corp. But feedback also landed from a wide spectrum of sectors, along with trading partners like Japan and Brazil. The companies, trade groups and individuals who commented on the chips investigation largely signaled support for the president\u2019s vision of deepening the US manufacturing base and expanding the American workforce. Yet most expressed concern over the potential consequences and urged making any levies that emerge as targeted as pos

Predict whether the return of QUAL over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for QUAL starting 2025-06-25 was +4.19%, which classifies as 'positive'.


ICSH over past 60 days: cumulative return +0.9%, annualized vol 0.5%. Market regime: bull.

Question:
Asset: ICSH
Historical prices (past 60 trading days): start=48.79, end=49.24, cumulative_return=+0.9%, annualized_volatility=0.5%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 323.291, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.55, 't10y3m_spread': -0.01, 'breakeven_10y': 2.35, 'hy_oas': 2.94, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.58, 'vix': 15.6899995803833}
Market regime: bull

Predict whether the return of ICSH over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for ICSH starting 2025-08-21 was +0.34%, which classifies as 'flat'.


XLY over past 60 days: cumulative return +25.7%, annualized vol 23.7%. Market regime: sideways.

Question:
Asset: XLY
Historical prices (past 60 trading days): start=87.48, end=109.97, cumulative_return=+25.7%, annualized_volatility=23.7%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 322.169, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.47, 't10y3m_spread': -0.07, 'breakeven_10y': 2.33, 'hy_oas': 2.8, 'ig_oas': 0.8, 'ted_spread': 0.09, 'mortgage_30y': 6.67, 'vix': 16.3799991607666}
Market regime: sideways
Recent filing/news:
[Kaggle 2025-07-03] ["Social Buzz: Wallstreetbets Stocks Mixed Premarket Thursday; Webull to Advance, Robinhood Markets to Decline The most-talked-about stocks in the Reddit subforum Wallstreetbets were mixed hours before Thursday'", "AustralianSuper Boosts Private Equity With Four New Deals Coming (Bloomberg) -- AustralianSuper is increasing its allocation to unlisted assets as the country\u2019s biggest pension fund works to finalize four private equity deals by the end of the year, according to the firm\u2019s investment chief. Most Read from Bloomberg NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds Massachusetts to Follow NYC in Making Landlords Pay Broker Fees What Gothenburg Got Out of Congestion Pricing California Exempts Building Projects From Environmental Law \u201cWe are looking to put on four new private equity managers over this calendar year period and it looks like that is well in train,\u201d Mark Delaney said in an interview on Thursday. \u201cThe team know these managers from working previously with them and they have really good long-term track records in straight-down-the-line, conventional, private equity.\u201d Delaney didn\u2019t specify details of the arrangements or names of the fund managers. The deals follow a build-out of AustralianSuper\u2019s New York office that now has around 60 people who are partly tasked with developing relationships with private markets fund managers. Delaney held meetings with private equity firms on two trips to New York this year, he said. \u201cCapital raising is very low and generally investing in vintages when raising is low is the best strategy for private equity, so we think it\u2019s a more attractive asset class,\u201d Delaney said. AustralianSuper said in May the private equity allocation of its balanced investment option could grow to 8% from 5%. The move comes after a challenging period for the pension\u2019s listed equity portfolio as returns were skewed to a handful of companies including the Magnificent Seven group of mega-cap tech firms. The dynamic \u201chas not suited our style of portfolio,\u201d but performance may improve over time given the fund\u2019s \u201clong-term diversification,\u201d across asset classes, he said. Australia\u2019s giant pensions have weathered heightened volatility through the year as President Donald Trump\u2019s trade agenda and pockets of global conflict have rocked global markets. US stocks initially tumbled after Trump\u2019s \u2018Liberation Day\u2019 tariff announcement but have since reversed declines and on Wednesday set a fresh all-time high. Delaney, who oversees the fund\u2019s more than A$365 billion ($240 billion) in assets, said while US tariffs would likely slow growth in the economy and corporate profits, that does not warrant a reduced exposure to equities. \u201cThere is a strong consensus that tariffs will cause a meaningful slowdown in the US economy but no recession,\u201d Delaney sai

Predict whether the return of XLY over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for XLY starting 2025-07-07 was +0.23%, which classifies as 'flat'.


UNG over past 60 days: cumulative return -18.6%, annualized vol 58.0%. Market regime: sideways.

Question:
Asset: UNG
Historical prices (past 60 trading days): start=20.70, end=16.84, cumulative_return=-18.6%, annualized_volatility=58.0%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 321.435, 'unemployment': 4.1, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.5, 't10y3m_spread': -0.04, 'breakeven_10y': 2.3, 'hy_oas': 3.12, 'ig_oas': 0.89, 'ted_spread': 0.09, 'mortgage_30y': 6.81, 'vix': 19.82999992370605}
Market regime: sideways

Predict whether the return of UNG over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for UNG starting 2025-06-24 was -15.63%, which classifies as 'negative'.


^VIX over past 60 days: cumulative return +34.3%, annualized vol 109.5%. Market regime: bull.

Question:
Asset: ^VIX
Historical prices (past 60 trading days): start=15.37, end=20.64, cumulative_return=+34.3%, annualized_volatility=109.5%
Macro context: {'fed_funds_rate': 4.1, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.55, 't10y3m_spread': 0.02, 'breakeven_10y': 2.29, 'hy_oas': 2.95, 'ig_oas': 0.78, 'ted_spread': 0.09, 'mortgage_30y': 6.3, 'vix': 20.63999938964844}
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

Predict whether the return of ^VIX over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for ^VIX starting 2025-10-16 was -21.65%, which classifies as 'negative'.


IVV over past 60 days: cumulative return +3.7%, annualized vol 12.4%. Market regime: sideways.

Question:
Asset: IVV
Historical prices (past 60 trading days): start=656.49, end=680.59, cumulative_return=+3.7%, annualized_volatility=12.4%
Macro context: {'fed_funds_rate': 3.89, 'cpi_yoy': 326.031, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.59, 't10y3m_spread': 0.44, 'breakeven_10y': 2.25, 'hy_oas': 2.91, 'ig_oas': 0.78, 'ted_spread': 0.09, 'mortgage_30y': 6.19, 'vix': 15.770000457763672}
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2025-12-03] wmt-20251031 0000104169 1/31 2026 Q3 false 178 340 294 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure wmt:state wmt:territory wmt:case wmt:classAction wmt:securitiesClassAction wmt:pharmacist wmt:employee wmt:phase wmt:supplierContribution iso4217:MXN wmt:segment 0000104169 2025-02-01 2025-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2025-02-01 2025-10-31 0000104169 wmt:A2.550NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1050NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1500NotesDue2028Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2029Member 2025-02-01 2025-10-31 0000104169 wmt:A5750NotesDue2030Member 2025-02-01 2025-10-31 0000104169 wmt:A1800NotesDue2031Member 2025-02-01 2025-10-31 0000104169 wmt:A5625NotesDue2034Member 2025-02-01 2025-10-31 0000104169 wmt:A5250NotesDue2035Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2039Member 2025-02-01 2025-10-31 0000104169 2025-12-02 0000104169 2025-08-01 2025-10-31 0000104169 2024-08-01 2024-10-31 0000104169 2024-02-01 2024-10-31 0000104169 2025-10-31 0000104169 2025-01-31 0000104169 2024-10-31 0000104169 us-gaap:CommonStockMember 2025-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-01-31 0000104169 us-gaap:RetainedEarningsMember 2025-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-31 0000104169 us-gaap:ParentMember 2025-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-01-31 0000104169 us-gaap:RetainedEarningsMember 2025-02-01 2025-04-30 0000104169 us-gaap:ParentMember 2025-02-01 2025-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2025-02-01 2025-04-30 0000104169 2025-02-01 2025-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-02-01 2025-04-30 0000104169 us-gaap:CommonStockMember 2025-02-01 2025-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-02-01 2025-04-30 0000104169 us-gaap:CommonStockMember 2025-04-30 0000104169 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us-gaap:RetainedEarningsMember 2024-05-01 2024-07-31 0000104169 us-gaap:ParentMember 2024-05-01 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-05-01 2024-07-31 0000104169 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-05-01 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0000104169 us-gaap:ParentMember 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-07-31 0000104169 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-08-01 2024-10-31 0000104169 us-gaap:ParentMember 2024-08-01 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-08-01 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us- [...TRUNCATED...] port, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 10.1* Retirement Agreement between the Company and Doug McMillon dated November 13, 2025 Exhibit 10.2* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Restricted Stock Notification of Award and Terms and Conditions of Award Exhibit 10.3* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Share-Settled Performance-Based Restricted Stock Unit Notification of Award and Terms and Condition s of Award Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Non-MDL Opioid-Related Litigation Case Citations Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2025, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 3, 2025 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 3, 2025 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 3, 2025 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Predict whether the return of IVV over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for IVV starting 2025-12-11 was +0.00%, which classifies as 'flat'.


SOL-USD over past 60 days: cumulative return +7.9%, annualized vol 55.4%. Market regime: bull.

Question:
Asset: SOL-USD
Historical prices (past 60 trading days): start=175.73, end=189.54, cumulative_return=+7.9%, annualized_volatility=55.4%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 322.169, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.52, 't10y3m_spread': -0.01, 'breakeven_10y': 2.37, 'hy_oas': 2.83, 'ig_oas': 0.79, 'ted_spread': 0.09, 'mortgage_30y': 6.75, 'vix': 15.369999885559082}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of SOL-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for SOL-USD starting 2025-07-24 was +5.47%, which classifies as 'positive'.


BTC-USD over past 60 days: cumulative return -18.0%, annualized vol 46.3%. Market regime: bear.

Question:
Asset: BTC-USD
Historical prices (past 60 trading days): start=101405.42, end=83102.83, cumulative_return=-18.0%, annualized_volatility=46.3%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 320.302, 'unemployment': 4.2, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.35, 't10y3m_spread': -0.25, 'breakeven_10y': 2.28, 'hy_oas': 4.01, 'ig_oas': 1.06, 'ted_spread': 0.09, 'mortgage_30y': 6.64, 'vix': 30.020000457763672}
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of BTC-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for BTC-USD starting 2025-04-04 was +12.97%, which classifies as 'positive'.


EEM over past 60 days: cumulative return +10.4%, annualized vol 10.3%. Market regime: bull.

Question:
Asset: EEM
Historical prices (past 60 trading days): start=47.69, end=52.65, cumulative_return=+10.4%, annualized_volatility=10.3%
Macro context: {'fed_funds_rate': 4.09, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.56, 't10y3m_spread': 0.14, 'breakeven_10y': 2.36, 'hy_oas': 2.8, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.3, 'vix': 16.280000686645508}
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

Predict whether the return of EEM over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for EEM starting 2025-10-01 was +1.65%, which classifies as 'positive'.


MTUM over past 60 days: cumulative return +1.4%, annualized vol 15.2%. Market regime: sideways.

Question:
Asset: MTUM
Historical prices (past 60 trading days): start=243.48, end=246.79, cumulative_return=+1.4%, annualized_volatility=15.2%
Macro context: {'fed_funds_rate': 3.88, 'cpi_yoy': 325.063, 'unemployment': 4.5, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.55, 't10y3m_spread': 0.08, 'breakeven_10y': 2.23, 'hy_oas': 3.0, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 6.23, 'vix': 17.190000534057617}
Market regime: sideways
Recent filing/news:
[SEC 10-Q NVDA 2025-11-19] nvda-20251026 0001045810 1/25 2026 Q3 FALSE 478 469 278 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure nvda:investment nvda:segment 0001045810 2025-01-27 2025-10-26 0001045810 2025-11-14 0001045810 2025-07-28 2025-10-26 0001045810 2024-07-29 2024-10-27 0001045810 2024-01-29 2024-10-27 0001045810 2025-10-26 0001045810 2025-01-26 0001045810 us-gaap:CommonStockMember 2025-07-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-07-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-27 0001045810 us-gaap:RetainedEarningsMember 2025-07-27 0001045810 2025-07-27 0001045810 us-gaap:RetainedEarningsMember 2025-07-28 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-28 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-07-28 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-07-28 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-26 0001045810 us-gaap:RetainedEarningsMember 2025-10-26 0001045810 us-gaap:CommonStockMember 2024-07-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-07-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-28 0001045810 us-gaap:RetainedEarningsMember 2024-07-28 0001045810 2024-07-28 0001045810 us-gaap:RetainedEarningsMember 2024-07-29 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-07-29 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-07-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-27 0001045810 us-gaap:RetainedEarningsMember 2024-10-27 0001045810 2024-10-27 0001045810 us-gaap:CommonStockMember 2025-01-26 0001045810 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us-gaap:AccountsReceivableMember 2025-01-27 2025-10-26 0001045810 nvda:Cust [...TRUNCATED...] President, Operations Adoption 9/9/2025 309,840 12/31/2026 Donald Robertson Vice President and Chief Accounting Officer Adoption 9/18/2025 138,042 * 12/31/2026 Ajay Puri Executive Vice President, Worldwide Field Operations Adoption 9/19/2025 1,000,000 6/24/2026 * Includes 38,042 shares from future vests of equity awards, and the actual number of shares to be sold will be net of shares withheld by the Company for taxes. 42 Item 6. Exhibits Exhibit No.  Exhibit Description 31.1* Certification of Chief Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 31.2* Certification of Chief Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 32.1#* Certification of Chief Executive Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 32.2#* Certification of Chief Financial Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 101.INS* Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH* Inline XBRL Taxonomy Extension Schema Document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Labels Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. * Filed herewith. # In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purpose of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Copies of above exhibits not contained herein are available to any shareholder upon written request to: Investor Relations: NVIDIA Corporation, 2788 San Tomas Expressway, Santa Clara, CA 95051. 43 Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 19, 2025   NVIDIA Corporation  By:    /s/ Colette M. Kress   Colette M. Kress   Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) 44

Predict whether the return of MTUM over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for MTUM starting 2025-11-28 was +1.57%, which classifies as 'positive'.


XLY over past 60 days: cumulative return +5.4%, annualized vol 18.5%. Market regime: bull.

Question:
Asset: XLY
Historical prices (past 60 trading days): start=105.40, end=111.09, cumulative_return=+5.4%, annualized_volatility=18.5%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 323.291, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.53, 't10y3m_spread': -0.1, 'breakeven_10y': 2.34, 'hy_oas': 2.98, 'ig_oas': 0.81, 'ted_spread': 0.09, 'mortgage_30y': 6.72, 'vix': 16.770000457763672}
Market regime: bull
Recent filing/news:
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us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0000018230 us-gaap:ForeignExchangeContractM [...TRUNCATED...]  been sold under the plan. 79 Table of Contents Item 6. Exhibits 4.1 Form of 5.200% Senior Note due 2035 (incorporated by reference from Exhibit 4.1 to the Company’s Current Report on Form 8-K filed May 15, 2025) 4.2 Form of 5.500% Senior Note due 2055 (incorporated by reference from Exhibit 4.2 to the Company’s Current Report on Form 8-K filed May 15, 2025) 10.1 First Amended and Restated Aircraft Time Sharing Agreement, dated as of April 28, 2025. 10.2 Aircraft Time Sharing Agreement, dated as of May 7, 2025. 31.1 Certification of Chief Executive Officer of Caterpillar Inc., as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of Chief Financial Officer of Caterpillar Inc., as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32 Certification of Chief Executive Officer of Caterpillar Inc. and Chief Financial Officer of Caterpillar Inc., as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) 101.SCH   Inline XBRL Taxonomy Extension Schema Document 101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive File (embedded within the Inline XBRL document and included in Exhibit 101) The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time. 80 Table of Contents SIGNATURES   Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.       CATERPILLAR INC.               August 6, 2025 /s/ Joseph E. Creed Chief Executive Officer   Joseph E. Creed         August 6, 2025 /s/ Andrew R.J. Bonfield Chief Financial Officer   Andrew R.J. Bonfield               August 6, 2025 /s/ Derek Owens Chief Legal Officer and General Counsel   Derek Owens             August 6, 2025 /s/ William E. Schaupp Vice President and Chief Accounting Officer   William E. Schaupp   81

Predict whether the return of XLY over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for XLY starting 2025-08-07 was +5.25%, which classifies as 'positive'.


VLUE over past 60 days: cumulative return -2.5%, annualized vol 14.5%. Market regime: sideways.

Question:
Asset: VLUE
Historical prices (past 60 trading days): start=106.79, end=104.08, cumulative_return=-2.5%, annualized_volatility=14.5%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 319.785, 'unemployment': 4.2, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.33, 't10y3m_spread': -0.11, 'breakeven_10y': 2.31, 'hy_oas': 3.16, 'ig_oas': 0.91, 'ted_spread': 0.09, 'mortgage_30y': 6.63, 'vix': 27.86000061035156}
Market regime: sideways
Recent filing/news:
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ITEM 16. FORM 10-K SUMMARY None. SIGNATURES Under the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, this report was signed on behalf of the Registrant by the authorized person named below. Pfizer Inc. Dated: February 27, 2025 By: /S/    MARGARET M. MADDEN Margaret M. Madden Senior Vice President and Corporate Secretary Chief Governance Counsel We, the undersigned directors and officers of Pfizer Inc., hereby severally constitute Douglas M. Lankler and Margaret M. Madden, and each of them singly, our true and lawful attorneys with full power to them and each of them to sign for us, in our names in the capacities indicated below, any and all amendments to this Annual Report on Form 10-K filed with the Securities and Exchange Commission. Under the requirements of the Securities Exchange Act of 1934, this report was signed by the following persons on behalf of the Registrant and in the capacities and on the date indicated . Pfizer Inc. 2024 Form 10-K 113 Signature Title Date /S/    ALBERT BOURLA Albert Bourla Chairman, Chief Executive Officer and Director (Principal Executive Officer) February 27, 2025 /S/    DAVID M. DENTON David M. Denton Chief Financial Officer, Executive Vice President (Principal Financial Officer) February 27, 2025 /S/    JENNIFER B. DAMICO Jennifer B. Damico Senior Vice President and Controller (Principal Accounting Officer) February 27, 2025 /S/    RONALD E. BLAYLOCK Ronald E. Blaylock Director February 27, 2025 /S/    MORTIMER J. BUCKLEY Mortimer J. Buckley Director February 27, 2025 /S/    SUSAN DESMOND-HELLMANN Susan Desmond-Hellmann Director February 27, 2025 /S/    JOSEPH J. ECHEVARRIA Joseph J. Echevarria Director February 27, 2025 /S/    SCOTT GOTTLIEB Scott Gottlieb Director February 27, 2025 /S/    HELEN H. HOBBS Helen H. Hobbs Director February 27, 2025 /S/    SUSAN HOCKFIELD Susan Hockfield Director February 27, 2025 /S/    DAN R. LITTMAN Dan R. Littman Director February 27, 2025 /S/    SHANTANU NARAYEN Shantanu Narayen Director February 27, 2025 /S/    SUZANNE NORA JOHNSON Suzanne Nora Johnson Director February 27, 2025 /S/    JAMES QUINCEY James Quincey Director February 27, 2025 /S/    JAMES C. SMITH James C. Smith Director February 27, 2025 /S/    CYRUS TARAPOREVALA Cyrus Taraporevala Director February 27, 2025 Pfizer Inc. 2024 Form 10-K 114

Predict whether the return of VLUE over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for VLUE starting 2025-03-11 was -3.63%, which classifies as 'negative'.


SHV over past 60 days: cumulative return +0.9%, annualized vol 0.2%. Market regime: sideways.

Question:
Asset: SHV
Historical prices (past 60 trading days): start=106.02, end=106.99, cumulative_return=+0.9%, annualized_volatility=0.2%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 322.169, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.5, 't10y3m_spread': -0.02, 'breakeven_10y': 2.35, 'hy_oas': 2.86, 'ig_oas': 0.81, 'ted_spread': 0.09, 'mortgage_30y': 6.67, 'vix': 17.790000915527344}
Market regime: sideways

Predict whether the return of SHV over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for SHV starting 2025-07-08 was +0.36%, which classifies as 'flat'.


DBA over past 60 days: cumulative return -2.4%, annualized vol 11.4%. Market regime: bull.

Question:
Asset: DBA
Historical prices (past 60 trading days): start=25.93, end=25.32, cumulative_return=-2.4%, annualized_volatility=11.4%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 322.169, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.51, 't10y3m_spread': 0.02, 'breakeven_10y': 2.44, 'hy_oas': 2.82, 'ig_oas': 0.78, 'ted_spread': 0.09, 'mortgage_30y': 6.74, 'vix': 15.029999732971191}
Market regime: bull

Predict whether the return of DBA over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for DBA starting 2025-07-29 was +6.04%, which classifies as 'positive'.


USMV over past 60 days: cumulative return -2.8%, annualized vol 11.9%. Market regime: bear.

Question:
Asset: USMV
Historical prices (past 60 trading days): start=86.50, end=84.10, cumulative_return=-2.8%, annualized_volatility=11.9%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 320.302, 'unemployment': 4.2, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.55, 't10y3m_spread': -0.05, 'breakeven_10y': 2.22, 'hy_oas': 4.57, 'ig_oas': 1.18, 'ted_spread': 0.09, 'mortgage_30y': 6.64, 'vix': 43.34999847412109}
Market regime: bear
Recent filing/news:
[Kaggle 2025-04-08] Trump Trade: Trump claims ‘no inflation,’ Medicare won’t cover obesity drugs Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly: Discover outperforming stocks and invest smarter with Top Smart Score Stocks. Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener. TRUMP SAYS NO INFLATION: President Trump said via Truth Social, “Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place. This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate. They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past ‘leaders’ are to blame for allowing this, and so much else, to happen to our Country.” The President also said, “The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!” Trump told reporters aboard Air Force One Sunday night, “I don’t want anything to go down, but sometimes you have to take medicine to fix something.” He added, “I’m willing to deal with China, but they have to solve their surplus.” On Truth Social earlier, Trump said, “We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A. They are already in effect, and a beautiful thing to behold. The Surplus with these Countries has grown during the ‘Presidency’ of Sleepy Joe Biden. We are going to reverse it, and reverse it QUICKLY. Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!” The U.S. President said via Truth Social, “Countries from all over the World are talking to us. Tough but fair parameters are being set. Spoke to the Japanese Prime Minister this morning. He is sending a top team to negotiate! They have treated the U.S. very poorly on Trade. They don’t take our cars, but we take MILLIONS of theirs. Likewise Agriculture, and many other “things.” It all has to change, but especially with CHINA!!!” READY TO NEGOTIATE: Ursula von der Leyen, President of the European Union Commission, said via X: “Europe is ready to negotiate with the US. We have offered zero-for-zero tariffs for industrial goods. Because we’re always ready for a good deal. But we’re also prepared to respond

Predict whether the return of USMV over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for USMV starting 2025-04-09 was +2.53%, which classifies as 'positive'.


DOT-USD over past 60 days: cumulative return +10.3%, annualized vol 59.4%. Market regime: bull.

Question:
Asset: DOT-USD
Historical prices (past 60 trading days): start=3.98, end=4.39, cumulative_return=+10.3%, annualized_volatility=59.4%
Macro context: {'fed_funds_rate': 4.09, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.58, 't10y3m_spread': 0.16, 'breakeven_10y': 2.34, 'hy_oas': 2.76, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.34, 'vix': 16.3700008392334}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of DOT-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for DOT-USD starting 2025-10-07 was -14.62%, which classifies as 'negative'.


XLB over past 60 days: cumulative return -2.2%, annualized vol 15.6%. Market regime: sideways.

Question:
Asset: XLB
Historical prices (past 60 trading days): start=45.01, end=44.02, cumulative_return=-2.2%, annualized_volatility=15.6%
Macro context: {'fed_funds_rate': 3.88, 'cpi_yoy': 325.063, 'unemployment': 4.5, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.55, 't10y3m_spread': 0.08, 'breakeven_10y': 2.23, 'hy_oas': 3.0, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 6.23, 'vix': 17.190000534057617}
Market regime: sideways
Recent filing/news:
[SEC 10-Q NVDA 2025-11-19] nvda-20251026 0001045810 1/25 2026 Q3 FALSE 478 469 278 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure nvda:investment nvda:segment 0001045810 2025-01-27 2025-10-26 0001045810 2025-11-14 0001045810 2025-07-28 2025-10-26 0001045810 2024-07-29 2024-10-27 0001045810 2024-01-29 2024-10-27 0001045810 2025-10-26 0001045810 2025-01-26 0001045810 us-gaap:CommonStockMember 2025-07-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-07-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-27 0001045810 us-gaap:RetainedEarningsMember 2025-07-27 0001045810 2025-07-27 0001045810 us-gaap:RetainedEarningsMember 2025-07-28 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-28 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-07-28 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-07-28 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 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us-gaap:AccountsReceivableMember 2025-01-27 2025-10-26 0001045810 nvda:Cust [...TRUNCATED...] President, Operations Adoption 9/9/2025 309,840 12/31/2026 Donald Robertson Vice President and Chief Accounting Officer Adoption 9/18/2025 138,042 * 12/31/2026 Ajay Puri Executive Vice President, Worldwide Field Operations Adoption 9/19/2025 1,000,000 6/24/2026 * Includes 38,042 shares from future vests of equity awards, and the actual number of shares to be sold will be net of shares withheld by the Company for taxes. 42 Item 6. Exhibits Exhibit No.  Exhibit Description 31.1* Certification of Chief Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 31.2* Certification of Chief Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 32.1#* Certification of Chief Executive Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 32.2#* Certification of Chief Financial Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 101.INS* Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH* Inline XBRL Taxonomy Extension Schema Document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Labels Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. * Filed herewith. # In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purpose of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Copies of above exhibits not contained herein are available to any shareholder upon written request to: Investor Relations: NVIDIA Corporation, 2788 San Tomas Expressway, Santa Clara, CA 95051. 43 Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 19, 2025   NVIDIA Corporation  By:    /s/ Colette M. Kress   Colette M. Kress   Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) 44

Predict whether the return of XLB over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for XLB starting 2025-11-27 was +3.69%, which classifies as 'positive'.


HYG over past 60 days: cumulative return +2.0%, annualized vol 4.4%. Market regime: sideways.

Question:
Asset: HYG
Historical prices (past 60 trading days): start=72.76, end=74.25, cumulative_return=+2.0%, annualized_volatility=4.4%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 318.961, 'unemployment': 4.0, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.36, 't10y3m_spread': 0.21, 'breakeven_10y': 2.4, 'hy_oas': 2.66, 'ig_oas': 0.81, 'ted_spread': 0.09, 'mortgage_30y': 6.96, 'vix': 17.899999618530273}
Market regime: sideways

Predict whether the return of HYG over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for HYG starting 2025-01-28 was +0.81%, which classifies as 'flat'.