Nvidia Beats Estimates as US Inflation Remains Sticky

The US July PCE rose 3.7% year-over-year and 0.2% month-over-month, both above expectations, reinforcing the sticky-inflation narrative.

This has weighed on near-term risk appetite, causing some pressure on crypto markets. Despite this, the 'currency debasement trade' narrative remains intact, with Bitcoin seen as a core hard-asset beneficiary by Bernstein, which maintains a $300,000 year-end 2029 target.

Nvidia reported strong Q2 earnings and beat estimates, with data-center revenue reaching $89.0 billion, up 117% year-over-year. The company guided FY2028 revenue growth of about 70%, above prior analyst expectations of roughly 44%. Shares rose more than 4% after hours.

The hot PCE print also had implications for commodities, with oil stabilizing due to Trump's comment that there is no timetable for Iran talks. Precious metals saw some support from the hotter inflation print.