Tonight's main event is NVIDIA's earnings report.

This is no longer just a matter of one company's earnings, but rather the whole AI narrative, sentiment in the Nasdaq, and even a barometer for capital flows in the crypto market.

It's important to note that over the past two years, more than half of the “increment” in the market value of U.S. stocks has been supported by NVDA. It has become the new “Apple + Tesla fusion,” and any slight movement will be over-interpreted by the market.

The main points of concern this time are three:

1⃣ Data center revenue: Can it continue to exceed expectations? Are AI chips (especially the H100 series) still in short supply?

2⃣ Production capacity and delivery: The new Blackwell architecture chips are set to launch in the second half of the year, and the market will closely monitor NVDA's shipment guidance.

3⃣ Valuation pressure: The stock price has already hit the ceiling, with a market value exceeding $3 trillion. No matter how impressive the performance, if the forward guidance is weak, it could still lead to a sell-off.

👉 The linkage to the crypto market:

Earnings report exceeds expectations → Tech stock sentiment skyrockets → Risk appetite rebounds → Likely to drive a short-term rebound in BTC/ETH.

Earnings report falls short of expectations → U.S. stock funds seek safety → The crypto market gets hit as well.

A more realistic point: NVDA has become Wall Street's “sole consensus,” and the market views it as a barometer for macro liquidity. Tonight's data could directly influence the rhythm of the U.S. stock and crypto market in September.