American Fashion in Crisis? Not at These Shows
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    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,694,137 (+0.07%)       Melbourne $1,032,352 (+0.13%)       Brisbane $1,180,671 (-0.55%)       Adelaide $1,049,309 (+0.70%)       Perth $1,084,212 (-0.24%)       Hobart $845,475 (+2.08%)       Darwin $854,475 (-0.20%)       Canberra $977,295 (-0.45%)       National Capitals $1,147,803 (+0.05%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $794,556 (+0.48%)       Melbourne $547,365 (+0.09%)       Brisbane $754,072 (-0.37%)       Adelaide $572,519 (-0.29%)       Perth $640,628 (-0.82%)       Hobart $573,985 (-0.37%)       Darwin $470,510 (+2.22%)       Canberra $476,938 (-0.38%)       National Capitals $624,365 (-0.05%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 14,033 (+82)       Melbourne 16,031 (+18)       Brisbane 9,761 (+19)       Adelaide 3,349 (+15)       Perth 8,242 (+9)       Hobart 702 (-12)       Darwin 168 (+1)       Canberra 1,163 (-6)       National Capitals 53,449 (+126)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 9,492 (+86)       Melbourne 6,692 (-44)       Brisbane 2,164 (+15)       Adelaide 575 (-4)       Perth 1,586 (+4)       Hobart 156 (-4)       Darwin 206 (-23)       Canberra 1,237 (-1)       National Capitals 22,108 (+29)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $880 (+$5)       Melbourne $620 ($0)       Brisbane $703 (-$8)       Adelaide $660 ($0)       Perth $750 ($0)       Hobart $620 (-$5)       Darwin $838 (+$8)       Canberra $730 (-$5)       National Capitals $736 (+$)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $840 ($0)       Melbourne $630 (+$60)       Brisbane $670 (-$10)       Adelaide $550 ($0)       Perth $700 ($0)       Hobart $520 (-$30)       Darwin $655 (+$5)       Canberra $590 ($0)       National Capitals $658 (+$3)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 6,137 (-310)       Melbourne 7,411 (+17)       Brisbane 3,549 (+4)       Adelaide 1,283 (-27)       Perth 2,180 (-40)       Hobart 240 (+17)       Darwin 52 (+3)       Canberra 471 (-1)       National Capitals 21,323 (-337)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 10,130 (-68)       Melbourne 6,144 (-2,264)       Brisbane 1,981 (+9)       Adelaide 436 (+26)       Perth 732 (-32)       Hobart 67 (-13)       Darwin 112 (+5)       Canberra 769 (0)       National Capitals 20,371 (-2,337)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.70% (↑)        Melbourne 3.12% (↓)       Brisbane 3.09% (↓)       Adelaide 3.27% (↓)     Perth 3.60% (↑)        Hobart 3.81% (↓)     Darwin 5.10% (↑)        Canberra 3.88% (↓)       National Capitals 3.33% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND         Sydney 5.50% (↓)     Melbourne 5.99% (↑)        Brisbane 4.62% (↓)     Adelaide 5.00% (↑)      Perth 5.68% (↑)        Hobart 4.71% (↓)       Darwin 7.24% (↓)     Canberra 6.43% (↑)      National Capitals 5.48% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 1.5% (↑)      Brisbane 1.2% (↑)      Adelaide 1.2% (↑)      Perth 1.0% (↑)        Hobart 0.5% (↓)       Darwin 0.7% (↓)     Canberra 1.6% (↑)      National Capitals $1.1% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 2.4% (↑)      Brisbane 1.5% (↑)      Adelaide 0.8% (↑)      Perth 0.9% (↑)      Hobart 1.2% (↑)        Darwin 1.4% (↓)     Canberra 2.7% (↑)      National Capitals $1.5% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 35.5 (↓)       Melbourne 34.2 (↓)       Brisbane 37.6 (↓)     Adelaide 30.4 (↑)      Perth 44.4 (↑)        Hobart 29.0 (↓)       Darwin 27.9 (↓)     Canberra 35.1 (↑)        National Capitals 34.3 (↓)            AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 34.1 (↑)      Melbourne 33.0 (↑)      Brisbane 37.2 (↑)      Adelaide 29.9 (↑)        Perth 42.1 (↓)       Hobart 30.2 (↓)     Darwin 48.2 (↑)        Canberra 39.1 (↓)     National Capitals 36.7 (↑)            
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American Fashion in Crisis? Not at These Shows

By RORY SATRAN
Sun, Feb 18, 2024 7:00amGrey Clock 4 min

In the 1990s, New York fashion had the Big Three: Donna Karan, Ralph Lauren and Calvin Klein. Of them, only Lauren remains a fashion force. Klein’s brand now only calls to mind Jeremy Allen White in boxer briefs. A recent reboot of the Donna Karan brand, sans Donna, drew yawns. In their heydays, these designers set the fashion agenda for the United States, and to some extent, the world. But in recent years, many have bemoaned the state of American fashion and wondered whether its fashion week should even exist.

Crisis of confidence no more! This past week, several New York designers made compelling cases for a new era in American fashion, one ruled more by a rigorous approach to separates than splashy marketing campaigns. As the luxury industry slows its roll , designers here showed the value of playing it safe, with investment-worthy coats, work-appropriate tailoring and go-everywhere dresses. Of course, in fashion, “safe” might also include sans-pants looks and four-figure shearling coats, many of which were also on display.

“I thought it was a really strong season for New York,” said independent fashion critic Jeremy Lewis. After years of streetwear, irony and everyone wanting to be “extra,” he said, “It’s led to more sober and grown-up clothes.” Lewis, like many of the commentators and retailers I spoke to, named Proenza Schouler as a standout. He said that its “exquisite tailoring” was “relevant to a daily, city-centric wardrobe.”

The new energy around realistic wardrobing was visible in many collections, from downtown darlings Eckhaus Latta and Kallmeyer all the way up to megabrand Michael Kors. On fashion runways, it’s more common than one would think to see unzipped zippers, nipple slips and faulty shoes (or abandoned shoes, which happened at at least two shows). The most successful designers working in New York today—highlighted below—are the ones that are focusing on fit, integrity and a connection to their customer.

Altuzarra’s Calculated Whimsy

For his 15th-anniversary show, Joseph Altuzarra revealed his strongest collection perhaps ever by zeroing in on idiosyncrasy and eschewing influencer culture. To a room of about 100 editors and buyers, he presented unique looks with notes of equestrian culture, harlequin-inspired whimsy and Princess Diana polished quirk. Gabriella Karefa-Johnson, who styled the collection, said that it “felt like the kind of wardrobe we dream to collect over years of our lives.” That mix looks like: a pair of jodhpurs found in an attic; a sweater from Portobello Road; wool joggers stolen from an ex-boyfriend.

“People’s wardrobes are not merchandised,” Altuzarra explained about this way of dressing. “When you walk into your closet, there’s this feeling of eclecticism.” He wanted to emphasize that one-of-a-kind feeling. It’s creating a wardrobe, he said—not of basics but of “preciousness and emotion.”

It’s a strategy that could have a positive effect on the brand’s business, as fashion becomes, in Altuzarra’s words, “more item-driven.” Rather than offering an overwhelming array of options, he said, “I want there to be a unique proposition.”

Proenza Schouler’s No-Nonsense Manifesto

Lazaro Hernandez and Jack McCollough have always made clothes for the women of their own generation, with muses including artist Olympia Scarry, entrepreneur Lauren Santo Domingo and creative director Jen Brill. They’ve followed these women from their it-bag and party-dress days into their 40s . Today, those muses (like many of us) are far more likely to require a bag that holds a computer and a warm coat they can wear for 10 years than a pair of super-high boots to pose in.

Liane Wiggins, head of womenswear for retailer MatchesFashion.com, has told me how crucial coats are to the women’s designer business these days. A good coat can last forever. You can throw it over a simple WFH outfit. It keeps you warm in today’s weird, ever-changing weather. Proenza Schouler’s coats, in hand-sheared shearling, leather and double-face cashmere, are superlative. Hernandez and McCollough describe them as “strong and soft layers of protection.” Which you will certainly need if you decide to try one of the brand’s more risqué sheer-organza tops.

Willy Chavarria’s Character-Driven Separates

Willy Chavarria, who cut his teeth at legendary American brands Calvin Klein and Ralph Lauren, presented a sprawling show, including a short film and staged banquet recalling “The Last Supper,” in a warehouse in Brooklyn. Although his work is categorised as menswear, the show featured models of all genders, and a diverse range of backgrounds. The signature look—broad-shouldered blazers with nipped-ankle pants—would truly work on anyone.

While Chavarria’s collections have veered costumey in the past, this one struck a more wearable note. In his second season of wholesaling the brand, he said he was happily becoming more commercial. His cable-knit sweaters, camel suiting and aviator leather jackets are positioning him as a new-gen Ralph Lauren.

Michael Kors’s Pitch-Perfect Restraint

Although Kors sometimes gets a bad rap for being too commercial, his recent collections have had a smidge of an edge. Much in the same way that Tory Burch has recently gone from safe to cool, Kors is primed to reach a new audience with his canny sampling of 1990s and early 2000s minimalism. Unlike many of the designers that are mining that pared-back period, Kors was actually designing clothes back then. His work for Celine during that period , including straight knee-length skirts, animal prints and simple coats, is finding new lift on the resale market among younger women. undefined undefined So he’s smart to go full Carolyn Bessette-Kennedy for his eponymous multi-billion-dollar business. Shown in the old Barneys building in Chelsea, a temple of bygone chic, his dark skirt suits, pleated trousers and lace slip dresses felt convincing. And 50-year-old supermodel Amber Valletta, bare-legged with a leopard-printed coat and black pumps, is a contender for look of the season.

Sergio Hudson’s Unapologetic Power Dressing

As the Lox’s 1990s rap anthem “Money, Power & Respect” boomed from the loudspeaker, Sergio Hudson’s boardroom babes strutted defiantly down the runway. Hudson, a favorite of Kamala Harris and Michelle Obama, has built a solid reputation on monochromatic dresses and 1970s-inflected suiting. Hudson said that his vision was about presenting “that boss diva that we aim to please.”

This collection, Hudson’s most cohesive in recent memory, made me think that the fashion world hasn’t been taking Hudson seriously enough. Tom Ford, vulnerable after Peter Hawkings’s derivative debut last season, might do well to pay attention to Hudson, with his strong tailoring and unabashed sensuality.

The designer, who had attendees smiling and bopping in their seats, said that he aimed to “bring back the joy of New York fashion week.” And what’s more, “to bring back the great days when New York sportswear was held in high regard across the world. That’s been a bit lost.”



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Nvidia’s earnings will test Wall Street’s confidence in the AI boom.

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Chip makers are fighting to assure investors that the artificial-intelligence boom is racing forward. Wall Street might not believe it until Nvidia’s NVDA -0.98%decrease; down pointing triangle Jensen Huang says so.

When Huang steps up to the mic for his company’s earnings call Wednesday, he will have the world’s attention. What he says about Nvidia’s present will preview the future of AI, dictate the path forward for a tech-crazed stock market and influence an American economy increasingly tethered to hopes that the boom won’t go bust.

The $5 trillion chip maker has provided the key building blocks for AI since the launch of ChatGPT in 2022 set off a race for dominance among OpenAI, Anthropic and established Silicon Valley giants. Now, as Nvidia backstops sprawling data-center projects and an exotic money pipeline to boost chip demand, the company’s influence is arguably bigger than ever.

But there are signs of trouble ahead. Political pushback to AI is growing. A bond selloff propelled borrowing costs to their highest levels in years. The hyperscalers that include some of Nvidia’s key customers—once cash-printing machines—are relying more on debt. OpenAI recently told investors its revenue rose by a tepid 18% in the second quarter while its losses deepened.

Nvidia is increasingly stepping in to shore up potential weak points across the market. Earlier this month, the company teamed up with six of Wall Street’s biggest firms on a $500 billion AI-financing plan, pledging to backstop lending to customers that can’t afford its chips otherwise. The chip maker last week also took a stake in Cloverleaf Infrastructure, which arranges power for data centers, and struck a $6 billion deal with startup Poolside aimed at developing a powerful open-weight AI model.

After watching shares in other chip makers and the so-called Magnificent Seven tech companies swing wildly in recent months, Wall Street is hoping Nvidia can beat expectations—again. The countdown is on.

“It’s kind of becoming more and more like the World Cup final than the Super Bowl at this point,” said Brian Mulberry, chief market strategist at Zacks Investment Management. “It’s just gotten to be that big.”

The company has smashed analysts’ earnings estimates for each of the 14 quarters since the AI boom kicked into high gear. Nvidia posted 210% annual growth in net income in its last three-month period, according to FactSet, making Wall Street’s 126% projection look pedestrian.

Expectations for a blowout second quarter have risen rapidly over the course of this year. All Nvidia will have to do to beat this target: outrun 95% annual earnings growth to more than $51.5 billion. Analysts project the chip maker will report record sales of $92 billion for the period, up from a forecast of $78 billion at the start of this year.

In July, big-tech earnings sparked volatility. Concerns about runaway capital spending spread across the sector after Alphabet’s and Tesla’s results, driving a $890 billion wipeout that contributed to the unwind of hedge fund Situational Awareness. Microsoft posted the largest one-day gain in market capitalization by any company, ever, after a quarter proving that it could still show investors the money. SpaceX rocketed higher after a record-breaking initial public offering, only to see $1 trillion in value evaporate.

Surging memory prices and borrowing costs have fueled fears that those and other companies will be unable to keep plowing more money into supplies including Nvidia chips. Shaia Hosseinzadeh, founder of OnyxPoint Global Management, has recently bought dips in AI-infrastructure stocks when Wall Street has strained to absorb massive debt issued by Silicon Valley.

“The macro data is really quite robust,” he said. “Of course, there’s a level at which everything breaks.”

Investors have kept pumping money into the AI trade despite concerns around chip consumers—and to the benefit of chip producers. That is why Nvidia’s outlook for semiconductor demand could send ripples through counterparts such as Micron Technology and Sandisk, developers of the data centers in which their chips reside, and a supply chain of power producers, contractors and other specialists that underpin the globe-spanning AI build-out.

“We joke internally that we’re all Nvidia analysts now,” said David Lefkowitz, head of U.S. equities at UBS Global Wealth Management.

The irony is that investors have tended to sell Nvidia stock immediately after blockbuster earnings, with shares falling each trading session after its four past quarterly reports. Some are betting that will be the case this time around, too.

The options market is pricing in a 5.3% swing, higher or lower, in Nvidia shares during the session following earnings, according to Option Research & Technology Services. That is higher than the 4.8% average move in Nvidia’s stock over the last 12 months after the company reports quarterly results.

In recent days, some of the most actively traded Nvidia options have been put contracts tied to the stock falling from its Friday value of $214.75 to $205 and $210 apiece, according to Cboe Global Markets data. Put options give the right to sell a stock by a set price and typically represent a bearish wager.

Many analysts remain optimistic. Frank Lee, global head of tech hardware and semiconductor research at HSBC Global Investment Research, recently raised his price target for Nvidia shares to $360 from $325, citing, among other things, Nvidia’s strategic partnerships with suppliers and its role as a top contributor to open-source AI.

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