Jun. 3 at 11:29 AM
$NKE Nike dipped sharply on new US tariff headlines citing forced labour concerns. Short-term noise only. Nike has already shifted the vast majority of production out of China (now high single-digit % of US footwear by end-FY26) to Vietnam and other countries with lower effective tariff rates. Nothing structural has changed — the operational plumbing (hybrid DTC/wholesale model, inventory cleanup, AI-driven margin recovery) remains firmly on track. World Cup sponsorship of 11 teams starts in weeks, June 30 earnings have a mechanical low bar in China, and the stock is priced for failure near multi-year lows. Classic buy-the-dip opportunity. The future setup is intact and asymmetric.