AI Trade, Crypto Markets Face Macro Test in Critical Week Ahead

A critical week is ahead for the AI trade and crypto markets as Nvidia earnings, the Federal Reserve's preferred inflation gauge, and the Jackson Hole symposium converge. The convergence of these events will test both rate expectations and the demand runway for AI compute.

On Wednesday, a dense session of data releases will take place, including the July PCE report, the second-quarter GDP revision, and durable goods orders at 8:30 AM ET. PCE is closely watched by the Fed, and its release will shape the case for further easing or another pause.

Nvidia reports after Wednesday's macro releases, around 4:20 PM ET, with the earnings call following at 5:00 PM ET. The focus is not just revenue but also hyperscaler capital expenditure, the Blackwell ramp, and whether memory and supply-chain costs are starting to squeeze margins.