XLE over past 60 days: cumulative return +11.5%, annualized vol 20.8%. Market regime: bull.

Question:
Asset: XLE
Historical prices (past 60 trading days): start=38.61, end=43.05, cumulative_return=+11.5%, annualized_volatility=20.8%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 322.169, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.53, 't10y3m_spread': 0.01, 'breakeven_10y': 2.39, 'hy_oas': 2.95, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 6.72, 'vix': 17.200000762939453}
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-14] ["1 Small-Cap Stock on Our Buy List and 2 to Turn Down Small-cap stocks can be incredibly lucrative investments because their lack of analyst coverage leads to frequent mispricings. However, these businesses (and their stock prices) often stay small because their subscale operations make it harder to expand their competitive moats. These trade-offs can cause headaches for even the most seasoned professionals, which is why we started StockStory - to help you separate the good companies from the bad. That said, here is one small-cap stock that could amplify your portfolio\u2019s returns and two best left ignored. Market Cap: $3.30 billion Co-founded by former Apple CEO John Sculley, Zeta Global (NYSE:ZETA) provides software and data analytics tools that help companies market their products to billions of customers. Why Does ZETA Give Us Pause? Zeta\u2019s stock price of $13.92 implies a valuation ratio of 2.3x forward price-to-sales. To fully understand why you should be careful with ZETA, check out our full research report (it\u2019s free). Market Cap: $2.85 billion Constructing electrical and phone lines in the American Midwest dating back to the 1890s, MYR Group (NASDAQ:MYRG) is a specialty contractor in the electrical construction industry. Why Is MYRG Risky? At $183.66 per share, MYR Group trades at 29.3x forward P/E. Read our free research report to see why you should think twice about including MYRG in your portfolio, it\u2019s free. Market Cap: $1.53 billion Pioneering the intersection of traditional banking and financial technology in the Pacific Northwest, Coastal Financial (NASDAQ:CCB) operates as a bank holding company that provides traditional banking services and Banking-as-a-Service (BaaS) solutions to consumers and businesses. Why Are We Bullish on CCB? Coastal Financial is trading at $101.56 per share, or 3.1x forward P/B. Is now the time to initiate a position? Find out in our full research report, it\u2019s free. The market surged in 2024 and reached record highs after Donald Trump\u2019s presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we\u2019re homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver\u2019s seat and build a durable portfolio by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today for free. Find your next big winner with StockStory today. Find your next big winner with StockStory today StockStory is growing and hi

Predict whether the return of XLE 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 XLE starting 2025-07-15 was -1.43%, which classifies as 'negative'.


^VIX over past 60 days: cumulative return -46.0%, annualized vol 99.6%. Market regime: bull.

Question:
Asset: ^VIX
Historical prices (past 60 trading days): start=30.57, end=16.52, cumulative_return=-46.0%, annualized_volatility=99.6%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 322.169, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.56, 't10y3m_spread': 0.06, 'breakeven_10y': 2.43, 'hy_oas': 2.91, 'ig_oas': 0.8, 'ted_spread': 0.09, 'mortgage_30y': 6.75, 'vix': 16.520000457763672}
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-17] ["DraftKings Drops \u2018Diverse\u2019 and \u2018Inclusive\u2019 From Public Statement, Internal Emails Show The firm said it was \u201cdisappointed that Barron\u2019s is reporting on a confidential internal email exchange on which a reporter was mistakenly copied.\u201d", "Intel\u2019s Fall Was Two Decades In the Making. Can It Turn Things Around? Once the king of chipmaking, Intel\u2019s decline has been one for the ages, with its stock down two-thirds from its 2020 high. Almost two decades ago, new technologies slowly began to challenge Intel dominance: Arm -based CPUs and Nvidia accelerated GPU computing. Intel\u2019s customers mostly said that they weren\u2019t interested in those alternatives.", "These Were the 2 Best-Performing Stocks in the Nasdaq-100 in June 2025 The Nasdaq-100 Index performed very well in the month of June. The two top performers saw their prices increase nearly 5 times the index. Micron Technology and Arm Holdings were major winners for their shareholders. 10 stocks we like better than Micron Technology \u203a The Nasdaq-100 index had an outstanding month in June. The index, consisting of the 100 largest non-financial stocks listed on the Nasdaq stock market, gained 6.3% in June. The two powerhouse technology stocks below, however, performed even better. Here's how well they did -- and why. Micron Technology's (NASDAQ: MU) share price increased 30.5% last month. That made it the Nasdaq-100's top performer. Micron designs and manufactures data storage products that have uses in generative artificial intelligence (AI), an area that has garnered plenty of investors' interest lately given that it's in the early days of what many believe is a massive growth opportunity. In late June, the company reported fiscal third-quarter results for the period ended on May 29. Micron Technology reported revenue of $9.3 billion, a 15.5% increase from the previous quarter and up 36.6% from a year ago. The company's high-bandwidth memory (HBM) used for AI training had quarter-over-quarter revenue growth of 50%. Management forecasts revenue of $10.4 billion to $11 billion for the fourth quarter, a 15% rise from the third quarter at the midpoint of its guidance. Arm Holdings (NASDAQ: ARM) stock appreciated by 29.9% in June. The company designs, develops, and licenses central processing units (CPUs) for semiconductor and original equipment manufacturing companies like Apple and Nvidia. Arm Holdings' stock price has been volatile this year, with the shares dropping from about $122 to $85 in April after large across-the-board tariffs were announced. The shares subsequently recovered and closed at nearly $146 on July 11. June's price movement appears tied to broader positive sentiment after the Trump administration delayed some tariff implementations. Arm Holdings reported fiscal fourth-quarter results in early May. Revenue for the period ended on March 31 grew 34% year over year to $1.2 billion. Before you buy stock in Micron Technology, consid

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 2025-07-18 was -8.65%, which classifies as 'negative'.


XLY over past 60 days: cumulative return +9.3%, annualized vol 16.6%. Market regime: bull.

Question:
Asset: XLY
Historical prices (past 60 trading days): start=104.50, end=114.27, cumulative_return=+9.3%, annualized_volatility=16.6%
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': 0.0, 'breakeven_10y': 2.35, 'hy_oas': 2.9, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.58, 'vix': 15.56999969482422}
Market regime: bull
Recent filing/news:
[Kaggle 2025-08-19] ["Arm hires Amazon AI exec to boost plans to build its own chips SAN FRANCISCO (Reuters) -Arm Holdings (ARM) has hired Amazon.com (AMZN) artificial intelligence chip director Rami Sinno to bolster its plans to develop its own complete chips, a person familiar with the matter said on Monday. Sinno was responsible for helping to develop Amazon's homegrown AI chips called Trainium and Inferentia that are designed to help build and run large AI applications. Until now, Arm has not built its own chips. Instead, it designs the core architecture and instruction set for processors that it sells to customers. Chip designers like Apple (AAPL) and Nvidia (NVDA) use Arm technology in their chips. In July, Arm disclosed plans to invest a portion of its profit into building its own chips and other components. CEO Rene Haas discussed the possibility of moving beyond designs and building chiplets - smaller, function-specific versions of a chip that are stitched together - and complete systems. The company, which is majority-owned by the SoftBank Group (9984.T, SFTBY), collects royalty payments on the chips its customers sell. Arm-based devices power nearly every smartphone in the world and server chips based on its intellectual property have made significant inroads in the data center market long dominated by Advanced Micro Devices (AMD) and Intel (INTC). As part of a broad plan to increase its business, Arm has sought to expand beyond supplying crucial chip intellectual property to building its own complete designs. Reuters first reported on the company's plans outlined in sealed exhibits from a December trial, and its effort to hire executives from rivals in February. In recent years, Arm has sought to bolster its teams focused on building complete chips and systems. The company has hired Nicolas Dube, an executive from HPE with large-scale systems design experience, and Steve Halter, a chip engineer from Intel and Qualcomm, as part of the effort, the person familiar with the matter said. Sinno's effort at Amazon was part of the company's effort to design chips that would be cheaper and offer superior performance to Nvidia's graphics processors used for AI work. (Reporting by Max A. Cherney in San Francisco; Editing by Matthew Lewis)", "How Ethereum Treasury Companies are Following the BTC Playbook \u201cA journey of a thousand miles begins with a single step.\u201d ~ Lao Tzu Did you know that, since its inception, Bitcoin has been the best-performing asset class worldwide? In fact, at its current $2.27 trillion valuation, Bitcoin has even surpassed silver to become the world\u2019s fifth largest asset class \u2013 only behind Nvidia (NVDA), Microsoft (MSFT), Apple (AAPL), Alphabet (GOOGL), Amazon (AMZN), and gold! However, until the past few years, bold and daring retail investors enjoyed most of Bitcoin\u2019s meteoric rise while most public companies, outside of crypto exchange giant Coinbase Global (COIN), have cashed in on the move. That is, until Strateg

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 2025-08-20 was +5.61%, which classifies as 'positive'.


XRP-USD over past 60 days: cumulative return +12.8%, annualized vol 58.9%. Market regime: bull.

Question:
Asset: XRP-USD
Historical prices (past 60 trading days): start=2.16, end=2.44, cumulative_return=+12.8%, annualized_volatility=58.9%
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': -0.13, 'breakeven_10y': 2.37, 'hy_oas': 3.02, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 6.72, 'vix': 17.520000457763672}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of XRP-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 XRP-USD starting 2025-08-05 was +0.00%, which classifies as 'flat'.


TLH over past 60 days: cumulative return -0.5%, annualized vol 6.6%. Market regime: sideways.

Question:
Asset: TLH
Historical prices (past 60 trading days): start=101.00, end=100.52, cumulative_return=-0.5%, annualized_volatility=6.6%
Macro context: {'fed_funds_rate': 3.64, 'cpi_yoy': 326.031, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.7, 't10y3m_spread': 0.53, 'breakeven_10y': 2.24, 'hy_oas': 2.83, 'ig_oas': 0.79, 'ted_spread': 0.09, 'mortgage_30y': 6.21, 'vix': 14.0}
Market regime: sideways

Predict whether the return of TLH 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 TLH starting 2025-12-24 was -0.39%, which classifies as 'flat'.


DBA over past 60 days: cumulative return +6.8%, annualized vol 12.9%. Market regime: sideways.

Question:
Asset: DBA
Historical prices (past 60 trading days): start=23.93, end=25.57, cumulative_return=+6.8%, annualized_volatility=12.9%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 318.961, 'unemployment': 4.0, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.32, 't10y3m_spread': 0.26, 'breakeven_10y': 2.34, 'hy_oas': 2.81, 'ig_oas': 0.83, 'ted_spread': 0.09, 'mortgage_30y': 6.91, 'vix': 16.1299991607666}
Market regime: sideways

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 2025-01-06 was +4.35%, which classifies as 'positive'.


XLE over past 60 days: cumulative return -4.0%, annualized vol 18.4%. Market regime: sideways.

Question:
Asset: XLE
Historical prices (past 60 trading days): start=45.27, end=43.47, cumulative_return=-4.0%, annualized_volatility=18.4%
Macro context: {'fed_funds_rate': 3.64, 'cpi_yoy': 326.031, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.68, 't10y3m_spread': 0.54, 'breakeven_10y': 2.24, 'hy_oas': 2.9, 'ig_oas': 0.8, 'ted_spread': 0.09, 'mortgage_30y': 6.21, 'vix': 14.90999984741211}
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 us-gaap:AdditionalPaidInCapitalMember 2025-04-30 0000104169 us-gaap:RetainedEarningsMember 2025-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-30 0000104169 us-gaap:ParentMember 2025-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2025-04-30 0000104169 2025-04-30 0000104169 us-gaap:RetainedEarningsMember 2025-05-01 2025-07-31 0000104169 us-gaap:ParentMember 2025-05-01 2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-05-01 2025-07-31 0000104169 2025-05-01 2025-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-05-01 2025-07-31 0000104169 us-gaap:CommonStockMember 2025-05-01 2025-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-05-01 2025-07-31 0000104169 us-gaap:CommonStockMember 2025-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-31 0000104169 us-gaap:ParentMember 2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-07-31 0000104169 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-08-01 2025-10-31 0000104169 us-gaap:ParentMember 2025-08-01 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-08-01 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-08-01 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-10-31 0000104169 us-gaap:RetainedEarningsMember 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-31 0000104169 us-gaap:ParentMember 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 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 XLE 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 XLE starting 2025-12-22 was +1.13%, which classifies as 'positive'.


QQQ over past 60 days: cumulative return +2.3%, annualized vol 17.7%. Market regime: sideways.

Question:
Asset: QQQ
Historical prices (past 60 trading days): start=596.68, end=610.19, cumulative_return=+2.3%, annualized_volatility=17.7%
Macro context: {'fed_funds_rate': 3.64, 'cpi_yoy': 326.031, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.67, 't10y3m_spread': 0.51, 'breakeven_10y': 2.23, 'hy_oas': 2.98, 'ig_oas': 0.81, 'ted_spread': 0.09, 'mortgage_30y': 6.22, 'vix': 16.479999542236328}
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 us-gaap:AdditionalPaidInCapitalMember 2025-04-30 0000104169 us-gaap:RetainedEarningsMember 2025-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-30 0000104169 us-gaap:ParentMember 2025-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2025-04-30 0000104169 2025-04-30 0000104169 us-gaap:RetainedEarningsMember 2025-05-01 2025-07-31 0000104169 us-gaap:ParentMember 2025-05-01 2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-05-01 2025-07-31 0000104169 2025-05-01 2025-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-05-01 2025-07-31 0000104169 us-gaap:CommonStockMember 2025-05-01 2025-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-05-01 2025-07-31 0000104169 us-gaap:CommonStockMember 2025-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-31 0000104169 us-gaap:ParentMember 2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-07-31 0000104169 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-08-01 2025-10-31 0000104169 us-gaap:ParentMember 2025-08-01 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-08-01 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-08-01 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-10-31 0000104169 us-gaap:RetainedEarningsMember 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-31 0000104169 us-gaap:ParentMember 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 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 QQQ 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 QQQ starting 2025-12-17 was +2.45%, which classifies as 'positive'.


DBA over past 60 days: cumulative return -4.9%, annualized vol 12.0%. Market regime: sideways.

Question:
Asset: DBA
Historical prices (past 60 trading days): start=26.47, end=25.18, cumulative_return=-4.9%, annualized_volatility=12.0%
Macro context: {'fed_funds_rate': 3.88, 'cpi_yoy': 325.063, 'unemployment': 4.5, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.52, 't10y3m_spread': 0.19, 'breakeven_10y': 2.28, 'hy_oas': 3.07, 'ig_oas': 0.83, 'ted_spread': 0.09, 'mortgage_30y': 6.24, 'vix': 19.82999992370605}
Market regime: sideways

Predict whether the return of DBA 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 DBA starting 2025-11-17 was -0.68%, which classifies as 'flat'.


XLRE over past 60 days: cumulative return -1.4%, annualized vol 20.9%. Market regime: bear.

Question:
Asset: XLRE
Historical prices (past 60 trading days): start=38.43, end=37.89, cumulative_return=-1.4%, annualized_volatility=20.9%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 320.302, 'unemployment': 4.2, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.43, 't10y3m_spread': -0.01, 'breakeven_10y': 2.27, 'hy_oas': 4.37, 'ig_oas': 1.21, 'ted_spread': 0.09, 'mortgage_30y': 6.64, 'vix': 33.619998931884766}
Market regime: bear
Recent filing/news:
[Kaggle 2025-04-09] Trump Trade: U.S. President threatens additional tariffs on China of 50% 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. ADDITIONAL TARIFFS: In a post to Truth Social, President Donald Trump stated, “Yesterday, China issued Retaliatory Tariffs of 34%, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation, despite my warning that any country that Retaliates against the U.S. by issuing additional Tariffs, above and beyond their already existing long term Tariff abuse of our Nation, will be immediately met with new and substantially higher Tariffs, over and above those initially set. Therefore, if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th. Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately. Thank you for your attention to this matter!” EXPORTER TAX CREDIT: Trump administration officials are debating the merits of creating a new exporter tax credit, which would be geared toward boosting U.S. manufacturers and issued at the end of the year to offset the effects of retaliatory tariffs as American companies seek to sell their goods in foreign markets, sources familiar with the matter told Bloomberg’s Nancy Cook and Saleha Mohsin. COUNTER-TARIFFS: The European Commission proposed counter-tariffs of 25% on a range of U.S. goods on Monday in response to President Donald Trump’s tariffs on steel and aluminum, a document seen by Reuters showed. The tariffs on some goods will come into effect May 16 and others on December 1, according to the document, which also showed that bourbon was removed from the original list the Commission was weighing in March. GREAT CALL WITH SOUTH KOREA: President Trump said via Truth Social, “I just had a great call with the Acting President of South Korea. We talked about their tremendous and unsustainable Surplus, Tariffs, Shipbuilding, large scale purchase of U.S. LNG, their joint venture in an Alaska Pipeline, and payment for the big time Military Protection we provide to South Korea. They began these Military payments during my first term, Billions of Dollars, but Sleepy Joe Biden, for reasons unknown, terminated the deal. That was a shocker to all! In any event, we have the confines and probability of a great DEAL for both countries. Their top TEAM is on a plane heading to the U.S., and thi

Predict whether the return of XLRE 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 XLRE starting 2025-04-10 was +8.42%, which classifies as 'positive'.


MTUM over past 60 days: cumulative return +6.5%, annualized vol 10.5%. Market regime: bull.

Question:
Asset: MTUM
Historical prices (past 60 trading days): start=237.84, end=253.31, cumulative_return=+6.5%, annualized_volatility=10.5%
Macro context: {'fed_funds_rate': 4.1, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.54, 't10y3m_spread': 0.11, 'breakeven_10y': 2.34, 'hy_oas': 2.95, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.3, 'vix': 16.43000030517578}
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 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 2025-10-10 was +1.06%, which classifies as 'positive'.


SOL-USD over past 60 days: cumulative return +8.9%, annualized vol 56.9%. Market regime: bull.

Question:
Asset: SOL-USD
Historical prices (past 60 trading days): start=161.09, end=175.49, cumulative_return=+8.9%, annualized_volatility=56.9%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 323.291, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.51, 't10y3m_spread': -0.09, 'breakeven_10y': 2.35, 'hy_oas': 2.95, 'ig_oas': 0.8, 'ted_spread': 0.09, 'mortgage_30y': 6.63, 'vix': 16.56999969482422}
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 2025-08-08 was +16.10%, which classifies as 'positive'.


DOT-USD over past 60 days: cumulative return -17.1%, annualized vol 84.6%. Market regime: sideways.

Question:
Asset: DOT-USD
Historical prices (past 60 trading days): start=4.27, end=3.54, cumulative_return=-17.1%, annualized_volatility=84.6%
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': 0.18, 'breakeven_10y': 2.27, 'hy_oas': 3.17, 'ig_oas': 0.84, 'ted_spread': 0.09, 'mortgage_30y': 6.24, 'vix': 23.65999984741211}
Market regime: sideways
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: flat

Explanation: The actual 21-day forward return for DOT-USD starting 2025-11-20 was +0.00%, which classifies as 'flat'.


VLUE over past 60 days: cumulative return +9.7%, annualized vol 12.8%. Market regime: bull.

Question:
Asset: VLUE
Historical prices (past 60 trading days): start=106.85, end=117.21, cumulative_return=+9.7%, annualized_volatility=12.8%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.62, 't10y3m_spread': 0.08, 'breakeven_10y': 2.41, 'hy_oas': 2.92, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 6.56, 'vix': 17.170000076293945}
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-02] ["Citi Initiates Lumentum With Buy Rating On AI Data Center Growth Citigroup initiated coverage of Lumentum with a buy rating on AI data center growth. Lumentum stock has surged 55% in 2025.", "Big Tech\u2019s Market Dominance Stirs Debate on Concentration Risks (Bloomberg) \u2014 The unprecedented level of concentration in a handful of tech stocks provokes strong feelings on Wall Street. Some investors fear the top-heaviness means the bull run is on quicksand, and will sink the minute an AI-frenzy-fueled Nvidia Corp. (NVDA) or Microsoft Corp. (MSFT) stumbles. The dominance also leads to portfolio risks, with diversification suffering. For others, the worries are overblown, gains have historically been powered by a small group of megacaps, and this is simply tech\u2019s latest time to shine. Most Read from Bloomberg Sydney\u2019s New Airport Will Take Travelers Into the Wild One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Amtrak Debuts New High-Speed Acela Trains After Years of Delays Trump Signs Order to \u2018Make Federal Architecture Beautiful Again\u2019 Parents Mobilize to Protect School Commutes Amid Trump Deployment in DC The debate is becoming more urgent as Nividia, Microsoft (MSFT), Apple Inc. (AAPL), Alphabet Inc. (GOOG, GOOGL), Amazon.com Inc. and Meta Platforms Inc. (META) account for more than 30% of the benchmark index, more than three times their weighting from a decade ago. Gains for Nividia, Microsoft and Meta alone account for about 270 points of the S&P 500\u2019s (^GSPC) 579-point advance in 2025, or nearly half of this year\u2019s 9.8% rally. For Scott Chronert, Citi Research\u2019s managing director, the concentration is a badge of honor, well-deserved for a group that continues to deliver unparalleled growth in sales and earnings. The five biggest \u2014 Nvidia, Microsoft, Apple, Alphabet and Amazon \u2014 increased profits by 26% in the second quarter, compared with estimates for 15%, according to data compiled by Bloomberg Intelligence. The S&P 500 as a whole saw earnings rise by 11% from a year ago. The biggest tech companies have \u201cearned\u201d their weightings as a function of growth metrics, Chronert said. To him, valuations aren\u2019t stretched based on the profit forecasts that they have consistently been able to meet. On a price/earnings to growth basis, no cause for alarm exists, he said. \u201cThe PEG ratio for the Mag 7 is not materially different than for the rest of the market,\u201d Chronert said. Valuation isn\u2019t an issue, he adds, \u201cso long as earnings growth expectations are met or beat\u201d \u2014 a bar he conceded could be getting harder to surpass as targets swell. Still, there are reasons why the tech megacap domination is likely to persist without incident. They generate vast amount of cash in good economic times and bad, making them growth and defensive plays at the same time. They also stand to get outsize benefits from recent Trump administration policy changes,

Predict whether the return of VLUE 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 VLUE starting 2025-09-03 was +7.51%, which classifies as 'positive'.


XLU over past 60 days: cumulative return +4.9%, annualized vol 12.4%. Market regime: bull.

Question:
Asset: XLU
Historical prices (past 60 trading days): start=39.41, end=41.32, cumulative_return=+4.9%, annualized_volatility=12.4%
Macro context: {'fed_funds_rate': 4.08, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.54, 't10y3m_spread': 0.08, 'breakeven_10y': 2.38, 'hy_oas': 2.71, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.26, 'vix': 15.699999809265137}
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 XLU 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 XLU starting 2025-09-19 was +6.14%, which classifies as 'positive'.


XLP over past 60 days: cumulative return +1.4%, annualized vol 15.4%. Market regime: sideways.

Question:
Asset: XLP
Historical prices (past 60 trading days): start=77.75, end=78.84, cumulative_return=+1.4%, annualized_volatility=15.4%
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': -0.01, 'breakeven_10y': 2.33, 'hy_oas': 3.13, 'ig_oas': 0.88, 'ted_spread': 0.09, 'mortgage_30y': 6.81, 'vix': 20.6200008392334}
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-20] ["Alibaba\u2019s (BABA) New Qwen3 AI Models Now Compatible With Apple Devices Alibaba Group Holding Limited (NYSE:BABA) is one of the 10 AI Stocks Getting Wall Street\u2019s Attention. On June 17, South China Morning Post reported that the company updated its Qwen3 family of artificial intelligence (AI) models that could signal the potential roll-out in China of machine-learning technology on a range of Apple devices, including iPhones, iPads, and MacBooks. Alibaba announced the launch of new Qwen3 artificial intelligence models for Apple\u2019s MLX architecture, announcing in a post on Wechat that the models will be able to run on a range of Apple devices, including iPhone, iPad, MacBook, and Mac. A busy sidewalk filled with people using Apple devices like iPhones, iPads and Apple Watches. The MLX framework is designed to be user-friendly and efficient in training and deploying AI models on Apple\u2019s silicon hardware. Through this development, Apple is aiming to expand the availability of its Apple Intelligence suite to China. Alibaba Group Holding Limited (NYSE:BABA) is an internet giant that offers e-commerce services in China and internationally. While we acknowledge the potential of BABA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you\u2019re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 AI Stocks on Wall Street\u2019s Radar and 15 AI Stocks Making Waves on Wall Street. Disclosure: None.", "Trump Hints He\u2019ll Hold Off Iran Strike, Give Diplomacy Time (Bloomberg) -- US President Donald Trump signaled he would give diplomacy a chance before deciding whether to strike Iran, dialing back on recent comments that suggested military action could be imminent. Most Read from Bloomberg Security Concerns Hit Some of the World\u2019s \u2018Most Livable Cities\u2019 One Architect\u2019s Quest to Save Mumbai\u2019s Heritage From Disappearing JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown \u201cBased on the fact that there\u2019s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks,\u201d Trump said in a dictated message, according to White House spokeswoman Karoline Leavitt. Subscribe to the Bloomberg Daybreak Podcast on Apple, Spotify and other Podcast Platforms. Iran maintained Friday it won\u2019t negotiate with the US while an Israeli assault continues. The only way to end the imposed war is to \u201cunconditionally stop\u201d the enemy\u2019s aggression, Iranian President Masoud Pezeshkian said Friday in a post on X. Oil prices fell following a report from Reuters that Ir

Predict whether the return of XLP 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 XLP starting 2025-06-23 was +0.31%, which classifies as 'flat'.


AVAX-USD over past 60 days: cumulative return -32.1%, annualized vol 65.4%. Market regime: sideways.

Question:
Asset: AVAX-USD
Historical prices (past 60 trading days): start=18.19, end=12.36, cumulative_return=-32.1%, annualized_volatility=65.4%
Macro context: {'fed_funds_rate': 3.64, 'cpi_yoy': 326.031, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.67, 't10y3m_spread': 0.44, 'breakeven_10y': 2.22, 'hy_oas': 2.87, 'ig_oas': 0.79, 'ted_spread': 0.09, 'mortgage_30y': 6.18, 'vix': 14.199999809265137}
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of AVAX-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 AVAX-USD starting 2025-12-30 was -2.04%, which classifies as 'negative'.


EWJ over past 60 days: cumulative return +2.6%, annualized vol 16.2%. Market regime: sideways.

Question:
Asset: EWJ
Historical prices (past 60 trading days): start=64.42, end=66.06, cumulative_return=+2.6%, annualized_volatility=16.2%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 319.679, 'unemployment': 4.2, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.23, 't10y3m_spread': 0.1, 'breakeven_10y': 2.42, 'hy_oas': 2.78, 'ig_oas': 0.81, 'ted_spread': 0.09, 'mortgage_30y': 6.85, 'vix': 18.209999084472656}
Market regime: sideways
Recent filing/news:
[SEC 10-K CVX 2025-02-21] cvx-20241231 0000093410 false 2024 FY 367 http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#ShortTermBorrowings http://fasb.org/us-gaap/2024#ShortTermBorrowings http://fasb.org/us-gaap/2024#DeferredIncomeTaxLiabilitiesNet http://fasb.org/us-gaap/2024#DeferredIncomeTaxLiabilitiesNet http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://www.chevron.com/20241231#ContractWithCustomerLiabilityAndOtherNoncurrentLiability iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure cvx:segment cvx:lawsuit cvx:state cvx:tribe cvx:parish cvx:project cvx:well cvx:guarantee 0000093410 2024-01-01 2024-12-31 0000093410 2024-06-28 0000093410 2025-02-07 0000093410 cvx:MichaelKWirthMember 2024-10-01 2024-12-31 0000093410 2024-10-01 2024-12-31 0000093410 cvx:MichaelKWirthMember 2024-01-01 2024-12-31 0000093410 cvx:MichaelKWirthMember 2024-12-31 0000093410 2023-01-01 2023-12-31 0000093410 2022-01-01 2022-12-31 0000093410 2024-12-31 0000093410 2023-12-31 0000093410 2022-12-31 0000093410 2021-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-12-31 0000093410 us-gaap:RetainedEarningsMember 2021-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2021-12-31 0000093410 us-gaap:ParentMember 2021-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2021-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 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us-gaap:AccumulatedTranslationAdjustmentMember 2024-01-01 2024-12-31 0000093410 us-gaap:AccumulatedNetUnrealized [...TRUNCATED...] Power of Attorney for certain directors of Chevron Corporation, authorizing the signing of the Annual Report on Form 10-K on their behalf. 31.1* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer (page E-3). 31.2* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer (page E-4).   32.1** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer (page E-5).   32.2** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer (page E-6). 97.1+ Chevron Corporation Dodd-Frank Clawback Policy , filed as Exh i bit 97.1 to Ch ev ron Corporation ’ s Annual Report on Form 10-K for the year ended December 31, 2023, and incorporated herein by r eference . 99.1* Definitions of Selected Energy and Financial Terms (pages E-7 through E-10). 101* Interactive data files (formatted as Inline XBRL). 104* Cover Page Interactive Data File (contained in Exhibit 101).   ___________________________________________ + Indicates a management contract or compensatory plan or arrangement. *      Filed herewith. **      Furnished herewith. Pursuant to Item 601(b)(4) of Regulation S-K, certain instruments with respect to the company’s long-term debt are not filed with this Annual Report on Form 10-K. A copy of any such instrument will be furnished to the Securities and Exchange Commission upon request. 120 Signatures Pursuant to the requirements of Section 13 or 15(d) 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, on the 21st day of February, 2025.  Chevron Corporation   By: /s/ MICHAEL K. WIRTH Michael K. Wirth, Chairman of the Board and Chief Executive Officer   Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on the 21st day of February, 2025.   Principal Executive Officer (and Director) /s/ MICHAEL K. WIRTH Michael K. Wirth, Chairman of the Board and Chief Executive Officer Principal Financial Officer /s/ EIMEAR P. BONNER Eimear P. Bonner, Vice President and Chief Financial Officer Principal Accounting Officer /s/ ALANA K. KNOWLES Alana K. Knowles, Vice President and Controller * By:  /s/ MARY A. FRANCIS Mary A. Francis, Attorney-in-Fact Directors WANDA M. AUSTIN * Wanda M. Austin JOHN B. FRANK * John B. Frank ALICE P. GAST * Alice P. Gast ENRIQUE HERNANDEZ, JR. * Enrique Hernandez, Jr. MARILLYN A. HEWSON * Marillyn A. Hewson JON M. HUNTSMAN JR. * Jon M. Huntsman Jr. CHARLES W. MOORMAN * Charles W. Moorman DAMBISA F. MOYO * Dambisa F. Moyo DEBRA REED-KLAGES * Debra Reed-Klages D. JAMES UMPLEBY III * D. James Umpleby III CYNTHIA J. WARNER * Cynthia J. Warner 121

Predict whether the return of EWJ 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 EWJ starting 2025-02-24 was +4.22%, which classifies as 'positive'.


MTUM over past 60 days: cumulative return +19.0%, annualized vol 17.7%. Market regime: bull.

Question:
Asset: MTUM
Historical prices (past 60 trading days): start=197.31, end=234.84, cumulative_return=+19.0%, annualized_volatility=17.7%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 322.169, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.53, 't10y3m_spread': 0.02, 'breakeven_10y': 2.37, 'hy_oas': 2.97, 'ig_oas': 0.83, 'ted_spread': 0.09, 'mortgage_30y': 6.72, 'vix': 16.399999618530273}
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-11] ["As X loses its CEO, daily usage is down and competition is growing With the departure of X CEO Linda Yaccarino, which was announced Wednesday, the company that defined text-first social networking faces renewed competition. Year-over-year, the Elon Musk-owned social network has seen its daily active user base decline by roughly 10% as of the second quarter of 2025, according to new data provided by app intelligence firm Sensor Tower. While X\u2019s user base is still 65% larger than Meta\u2019s Threads and 10 times larger than its next-biggest rival, Bluesky, X\u2019s lasting victory in this space is not guaranteed. On mobile devices, there\u2019s already some indication that Threads is catching up. New data from market intelligence provider Similarweb released this week indicates Threads is nearing X\u2019s daily app users on mobile. In June 2025, Threads\u2019 mobile app for iOS and Android saw 115.1 million daily active users, representing 127.8% year-over-year growth; X reached 132 million daily actives, as its year-over-year growth declined by 15.2%. Overall, X is still larger than Threads thanks to its more prominent web presence. X also has other advantages, which could make for an interesting fight between the tech giants. On X, user engagement and loyalty remain strong, despite the increased competition from Meta as well as open source social networking movements like Bluesky and Mastodon, and other startups. According to Sensor Tower\u2019s data, X users spent an average of 31 minutes per day on the platform in the second quarter of 2025, which was nearly quadruple that of Threads, at 8 minutes per day. Plus, nearly half (48%) of X\u2019s global monthly app users in the quarter interacted with the platform on a daily basis, compared with 33% for Threads, the firm said. But Threads can\u2019t be counted out yet, simply because X is larger. Though Threads may have fewer daily active users than X, it\u2019s been seeing stronger growth. Over the past year, Threads\u2019 global app daily active users were up 160% year-over-year, the Sensor Tower\u2019s data shows, driven in part by the rollout of new features and functions, as well as by its ties to Meta\u2019s other apps, like Facebook and Instagram, which serve as funnels. Threads is also laser-focused on growing its ads ecosystem, which is the app\u2019s only means of monetization for the time being. In April, Meta opened up Threads ads to its global advertisers, and the following month announced tests for video ads, as well. The app has the advantage of being a part of Meta\u2019s larger ads business, where its tools are already familiar to marketers and where it has the ability to tap into Meta\u2019s nearly two decades of experience in maximizing ad revenues. Under Yaccarino, X\u2019s ad ecosystem recovered, but it\u2019s been a volatile ride. Advertisers in the media and entertainment, shopping, and gaming verticals through 2025 year-to-date represent 25%, 22%, and 7% of total U.S.

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 2025-07-14 was +3.62%, which classifies as 'positive'.


VTI over past 60 days: cumulative return +4.7%, annualized vol 12.8%. Market regime: sideways.

Question:
Asset: VTI
Historical prices (past 60 trading days): start=318.19, end=333.07, cumulative_return=+4.7%, annualized_volatility=12.8%
Macro context: {'fed_funds_rate': 3.89, 'cpi_yoy': 326.031, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.58, 't10y3m_spread': 0.32, 'breakeven_10y': 2.24, 'hy_oas': 2.92, 'ig_oas': 0.81, 'ted_spread': 0.09, 'mortgage_30y': 6.23, 'vix': 16.59000015258789}
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 VTI 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 VTI starting 2025-12-03 was +0.00%, which classifies as 'flat'.


^VIX over past 60 days: cumulative return -20.5%, annualized vol 143.6%. Market regime: sideways.

Question:
Asset: ^VIX
Historical prices (past 60 trading days): start=21.70, end=17.26, cumulative_return=-20.5%, annualized_volatility=143.6%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 321.435, 'unemployment': 4.1, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.47, 't10y3m_spread': -0.04, 'breakeven_10y': 2.27, 'hy_oas': 3.12, 'ig_oas': 0.87, 'ted_spread': 0.09, 'mortgage_30y': 6.85, 'vix': 17.260000228881836}
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-11] ["Snap CEO Evan Spiegel promises new lightweight \u2018Specs\u2019 smart glasses next year, in race to beat Meta and Google to market Snapchat, long-known as a featherweight in the league of Big Tech giants, is hoping to best opponents Meta, Google and Apple by releasing its new augmented reality AI-enabled smart glasses months, maybe even years, before the big guys. Speaking at a conference on Tuesday, Snap CEO Evan Spiegel said the company would release a new version of its camera-equipped glasses next year that will incorporate an interactive, AI-enhanced digital screen within the lens. The 2026 release date would be ahead of Meta, which plans to release its AR \u201cOrion\u201d glasses in 2027, while Google has not attached a date to its Android XR glasses. \u201cThe tiny smartphone limited our imagination,\u201d Spiegel said in his keynote at the Augmented World Expo conference in Long Beach, Calif. \u201cIt\u2019s clear that today\u2019s devices and user interfaces are woefully inadequate to realize the full potential of AI.\u201d The new \u201cSnapchat Specs\u201d will be lightweight and AI-enhanced, Snap said. They will allow users to look at objects in the real world and leverage AI to access information, such as translating ingredients on a label from foreign languages. The glasses will also allow users to interact with the objects on the lens, Snap said, citing examples like playing video games with their eyeballs. The company did not share photos of the Specs frames or provide information on pricing. As part of the Specs announcement, Snapchat shared that operating system partnerships with OpenAI and Google Gemini will extend into experiences for the glasses. If Snap follows through on the promise of 2026 launch, it would be the first Big Tech company to market with augmented reality glasses for mainstream consumers, claiming an early lead in the race to create the successor to the smartphone\u2014a competition involving everyone from Meta, Google, and Apple, to ChatGPT maker OpenAI, which recently announced a partnership with former Apple design boss Jony Ive. A pioneer in the glasses form factor, Snap made waves with the release of its \u201cSpectacles\u201d in 2016. The funky looking glasses were equipped with a camera that allowed users to post photos and short video clips directly to their Snapchat feed. But in recent years, Snap\u2019s Spectacles have been eclipsed by Meta, which partnered with EssilorLuxottica to release Ray-Ban smart glasses. Though Meta hasn\u2019t shared financials around its Ray-Ban glasses, EssilorLuxottica noted that the companies have sold over 2 billion glasses since their 2023 debut. Luxottica plans to increase products of the co-branded glasses to 10 million units by 2026, suggesting that the companies are pleased with the results and potential of the glasses. That said, Meta\u2019s glasses do not have AR capabilities; rather, the glasses have audio-based AI features as well as photo and video capabil

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 2025-06-12 was -8.99%, which classifies as 'negative'.


SCHP over past 60 days: cumulative return +2.7%, annualized vol 4.0%. Market regime: bull.

Question:
Asset: SCHP
Historical prices (past 60 trading days): start=25.51, end=26.21, cumulative_return=+2.7%, annualized_volatility=4.0%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 323.291, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.57, 't10y3m_spread': -0.05, 'breakeven_10y': 2.37, 'hy_oas': 2.9, 'ig_oas': 0.78, 'ted_spread': 0.09, 'mortgage_30y': 6.63, 'vix': 14.489999771118164}
Market regime: bull

Predict whether the return of SCHP 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 SCHP starting 2025-08-14 was +1.77%, which classifies as 'positive'.


ACWI over past 60 days: cumulative return +4.6%, annualized vol 19.0%. Market regime: sideways.

Question:
Asset: ACWI
Historical prices (past 60 trading days): start=117.76, end=123.17, cumulative_return=+4.6%, annualized_volatility=19.0%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 321.435, 'unemployment': 4.1, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.45, 't10y3m_spread': -0.03, 'breakeven_10y': 2.31, 'hy_oas': 3.17, 'ig_oas': 0.88, 'ted_spread': 0.09, 'mortgage_30y': 6.84, 'vix': 21.600000381469727}
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-17] ["Life360 Stock Rises On Upbeat Report For Family Tracker Service Life360 stock rose Monday after a Wall Street analyst raised his price target on the family connection and safety company.", "Herbal Medicine Stock With No Sales Rallies 64,000% (Bloomberg) \u2014 A biotech stock focused on herbal medicine has surged by more than 46,000% so far this year and yet, the company itself has made zero revenue \u2014 much less turned a profit. Most Read from Bloomberg As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space As American Architects Gather in Boston, Retrofits Are All the Rage The unbelievable rally has transformed Regencell Bioscience Holdings Limited, a penny stock as recently as April, to one worth nearly $30 billion in market value. A year ago, the stock had a market capitalization of just $53 million. This is despite the company having a net loss of $4.4 million for its fiscal year that ended June 2024, a 28% decrease from the previous year. Earlier this month the company said its board approved a 38-for-1 stock split. When the split took effect Monday, shares rose 283% \u2014 their biggest one-day jump in nearly a year on a closing basis \u2014 to a record high, triggering more than 10 volatility halts. Shares of the company have been on a bizarre, 460-fold tear in 2025, with little to no news from the firm. The Hong Kong-based firm, which debuted on the Nasdaq Capital Market in 2021, is in the research and development stage and has not generated any revenue since inception, according to its most-recent annual filing with the US Securities and Exchange Commission. A representative for Regencell didn\u2019t respond to a Bloomberg News request for comment. Incorporated in the Cayman Islands, the firm aims to treat neurological disorders like ADHD and autism spectrum disorder through traditional herb-based medicines, according to its website. Its traditional Chinese medicine (TCM) formula, which forms the basis of its product candidates, \u201ccontains only natural ingredients without any synthetic components.\u201d \u201cWe have not generated revenue from any TCM formulae candidates or applied for any regulatory approvals, nor have distribution capabilities or experience or any granted patents or pending patent applications and may never be profitable,\u201d the company said in an October filing. The company also made its foray into treatments for Covid-19, conducting trials in 2022 for an \u201cholistic approach\u201d with its experimental therapy. Regencell said data from a 2022 trial showed the treatment was effective in reducing and eliminating Covid symptoms within six days, although the results were yet to be peer-reviewed. The firm has funded its operations so far, primarily from shareholder loans and proceeds from its initial public offering, the SEC filing showed. It said its gross proceeds from its IPO were $21.85 million, with additional net proceeds of $2.85 million from the issue of the over allotm

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 2025-06-18 was +4.40%, which classifies as 'positive'.


SCHH over past 60 days: cumulative return -0.8%, annualized vol 20.9%. Market regime: sideways.

Question:
Asset: SCHH
Historical prices (past 60 trading days): start=20.77, end=20.61, cumulative_return=-0.8%, annualized_volatility=20.9%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 320.62, 'unemployment': 4.3, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.47, 't10y3m_spread': 0.03, 'breakeven_10y': 2.29, 'hy_oas': 3.15, 'ig_oas': 0.97, 'ted_spread': 0.09, 'mortgage_30y': 6.76, 'vix': 18.38999938964844}
Market regime: sideways

Predict whether the return of SCHH 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 SCHH starting 2025-05-13 was +2.38%, which classifies as 'positive'.


SOL-USD over past 60 days: cumulative return -0.1%, annualized vol 99.0%. Market regime: bear.

Question:
Asset: SOL-USD
Historical prices (past 60 trading days): start=148.03, end=147.81, cumulative_return=-0.1%, annualized_volatility=99.0%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 320.302, 'unemployment': 4.2, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.56, 't10y3m_spread': -0.09, 'breakeven_10y': 2.25, 'hy_oas': 3.73, 'ig_oas': 1.04, 'ted_spread': 0.09, 'mortgage_30y': 6.81, 'vix': 25.14999961853028}
Market regime: bear
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 2025-04-29 was +15.06%, which classifies as 'positive'.


IYR over past 60 days: cumulative return +3.1%, annualized vol 12.9%. Market regime: bull.

Question:
Asset: IYR
Historical prices (past 60 trading days): start=91.45, end=94.26, cumulative_return=+3.1%, annualized_volatility=12.9%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 323.291, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.54, 't10y3m_spread': 0.01, 'breakeven_10y': 2.39, 'hy_oas': 2.95, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.58, 'vix': 16.600000381469727}
Market regime: bull

Predict whether the return of IYR 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 IYR starting 2025-08-22 was -0.97%, which classifies as 'flat'.


AVAX-USD over past 60 days: cumulative return +39.7%, annualized vol 71.3%. Market regime: bull.

Question:
Asset: AVAX-USD
Historical prices (past 60 trading days): start=23.65, end=33.05, cumulative_return=+39.7%, annualized_volatility=71.3%
Macro context: {'fed_funds_rate': 4.08, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.57, 't10y3m_spread': 0.11, 'breakeven_10y': 2.39, 'hy_oas': 2.72, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.26, 'vix': 15.449999809265137}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of AVAX-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 AVAX-USD starting 2025-09-22 was -29.32%, which classifies as 'negative'.


DOT-USD over past 60 days: cumulative return -13.1%, annualized vol 88.1%. Market regime: sideways.

Question:
Asset: DOT-USD
Historical prices (past 60 trading days): start=4.08, end=3.54, cumulative_return=-13.1%, annualized_volatility=88.1%
Macro context: {'fed_funds_rate': 3.89, 'cpi_yoy': 326.031, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.58, 't10y3m_spread': 0.43, 'breakeven_10y': 2.26, 'hy_oas': 2.85, 'ig_oas': 0.79, 'ted_spread': 0.09, 'mortgage_30y': 6.19, 'vix': 15.40999984741211}
Market regime: sideways
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: flat

Explanation: The actual 21-day forward return for DOT-USD starting 2025-12-08 was +0.00%, which classifies as 'flat'.


AVAX-USD over past 60 days: cumulative return +37.1%, annualized vol 70.0%. Market regime: bull.

Question:
Asset: AVAX-USD
Historical prices (past 60 trading days): start=21.28, end=29.18, cumulative_return=+37.1%, annualized_volatility=70.0%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.49, 't10y3m_spread': -0.07, 'breakeven_10y': 2.34, 'hy_oas': 2.78, 'ig_oas': 0.78, 'ted_spread': 0.09, 'mortgage_30y': 6.35, 'vix': 14.710000038146973}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of AVAX-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 AVAX-USD starting 2025-09-12 was +8.22%, which classifies as 'positive'.


EEM over past 60 days: cumulative return +10.8%, annualized vol 10.6%. Market regime: bull.

Question:
Asset: EEM
Historical prices (past 60 trading days): start=47.41, end=52.52, cumulative_return=+10.8%, annualized_volatility=10.6%
Macro context: {'fed_funds_rate': 4.09, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.54, 't10y3m_spread': 0.15, 'breakeven_10y': 2.37, 'hy_oas': 2.69, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.26, 'vix': 16.100000381469727}
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 2025-09-23 was +1.80%, which classifies as 'positive'.


SOL-USD over past 60 days: cumulative return -11.4%, annualized vol 63.4%. Market regime: sideways.

Question:
Asset: SOL-USD
Historical prices (past 60 trading days): start=206.25, end=182.84, cumulative_return=-11.4%, annualized_volatility=63.4%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 318.961, 'unemployment': 4.0, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.39, 't10y3m_spread': 0.42, 'breakeven_10y': 2.45, 'hy_oas': 2.85, 'ig_oas': 0.84, 'ted_spread': 0.09, 'mortgage_30y': 6.93, 'vix': 19.190000534057617}
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 2025-01-14 was +10.00%, which classifies as 'positive'.