Nvidia Earnings and Warsh's Jackson Hole Speech Awaited Amid Chipmaker Weakness

Stocks are set to open lower on Wall Street as chipmakers come under pressure at the start of a pivotal week. September S&P 500 E-Mini futures (ESU26) and September Nasdaq 100 E-Mini futures (NQU26) have already fallen, indicating a lower open.

Chip and AI infrastructure stocks were among the biggest losers in pre-market trading following a slump in major tech names across Asia. Samsung Electronics sank over -8% in Seoul after its record shareholder return plan disappointed investors, while Alibaba Group tumbled more than -8% in Hong Kong after raising HK$80 billion ($10.2 billion) to fund AI investments.

Nvidia's earnings report and Federal Reserve Chairman Kevin Warsh's speech at Jackson Hole will be closely watched by market participants this week. The chipmaker is set to report its Q2 results on Wednesday, with investors looking for updates on AI infrastructure demand, the timing of the Rubin ramp, China exposure, and the economics of Nvidia's growing financing partnerships.