Nvidia Earnings, Bitcoin Surges, and Fed Tensions Ahead

Nvidia's upcoming earnings report is highly anticipated by investors after its stock dropped following each of its last three quarterly releases. The company has had a busy summer, with CEO Jensen Huang announcing a new chip designed for on-device AI agents and making progress on chip sales in China.

Last quarter, Nvidia beat expectations with an 85% year-over-year revenue increase, driven by nearly doubling data center sales. According to Wedbush, every $1 Nvidia earns translates to $8-10 spent across the broader tech sector.

Bitcoin has also seen a significant surge, crossing back above $70,000 for the first time since late May. This move is attributed to President Trump's renewed efforts on crypto legislation and the Treasury increasing purchases of longer-term government debt.