Post Covid, CA's unemployment rate improved faster than

the overall US unemployment rate (as it peaked at a higher level: 16.1% vs 14.8%)). In August of 2022 the CA unemployment rate was only 20 bps higher than the US average of 3.6%. Since then the US rate has stayed about flat and CA has risen steadily to now 5.1% at December 2023.

CA was consistently about 30 bps higher on unemployment rate than the US rate for much of 2019.

CA has gone from 3.8% to 5.1% in 17 months. It's an outlier and it certainly fits with the burgeoning budget deficit as higher unemployment leads to less income and more safety net needs.

Best thing for CA would be for NVDA to have great earnings tonight and have many of the employees, including the biggest holders, sell a significant portion of their shares if the stock keeps going up. They could probably raise an extra $10B.