Nvidia’s earnings were great, but what the market really wants to know right now is what the Federal Reserve is going to do.

Nvidia’s revenue continues to double, and its guidance for the next quarter is also above expectations, rising as much as nearly 5% after hours.

The AI theme hasn’t died yet.

But on the other side, the U.S. core PCE in July is still up 0.2% month-over-month. Next, the market will have to wait for Warsh’s remarks at Jackson Hole.

So the current market is quite delicate.

Companies are telling you: AI demand is still strong.

Inflation, meanwhile, is telling the Fed: don’t rush into rate cuts.

From here, I’m going to watch four things at the same time:

Nvidia → AI capital expenditures
10Y U.S. Treasuries → valuation pressure
Warsh’s speech → expectations for rate cuts
$BTC → the final vote for risk assets

If rate-cut expectations start to ease, Crypto will likely be able to “eat” as well.

If the Fed pours more cold water, even a great Nvidia earnings report might turn into a very familiar line:

Good news—stocks fall first.

So what’s really worth watching today may be right between Nvidia and the Fed. I’ll keep an eye on it and update you in a timely manner.#币圈巴菲特 #NVDA #英伟达营收超预期股价涨4% #BTC