Nvidia posted $96.2 billion in fiscal Q2 revenue and guided to $108 billion next quarter. Bitcoin eased toward $79,000 after a 23% weekly rally. Brent fell near $87 as Iran and Oman reached a Hormuz revenue-sharing agreement. Jackson Hole opens today, with Kevin Warsh speaking Friday.
Nvidia delivered the quarter the AI trade needed.
Nvidia (NVDA) reported fiscal second-quarter revenue of $96.2 billion, up 106% from a year ago and above the roughly $92 billion consensus. Data-center revenue reached $89 billion, up 117%, while Q3 guidance came in at $108 billion versus about $104 billion expected.
The demand story also got bigger. Amazon (AMZN) will deploy 2 million more Nvidia GPUs across AWS through 2027 and 2028. Nvidia said hyperscaler capex is on pace for roughly $800 billion in 2026 and $1.3 trillion in 2027, while cloud-industry backlog has moved above $2 trillion.
Nasdaq 100 futures rose about 1%. South Korea's Kospi gained 1.4% as Samsung and SK Hynix bounced, while Japan's Nikkei slipped 0.1%.
Brent sits near $87, the 10-year Treasury yield near 4.63%, and Bitcoin around $79,000.
Today brings Marvell (MRVL), Dollar General (DG), Dollar Tree (DLTR), Best Buy (BBY), Workday (WDAY), Autodesk (ADSK), and Affirm (AFRM). Jackson Hole also begins, with Fed Chair Kevin Warsh speaking Friday.
The Signal
Nvidia answered the AI demand question for another quarter. Warsh now decides whether the rate backdrop stays supportive enough for investors to keep paying for it.
There's a Strategy Behind the Iran War.
I know because I've seen the evidence firsthand.
On March 2nd — three days after the first missiles hit — I sat across from two U.S. Congressmen in back-to-back private meetings.
Those meetings pointed me toward something I spent weeks verifying.
The real purpose behind the strikes. The real objective. And the single company at the dead center of all of it.
This isn't random. It's a calculated Two-Front Economic War.
And there's one company positioned right at the heart of it.
See the strategy behind the Iran war — and the company at the center of it
The sooner you understand what's really happening — the better positioned you'll be.
— Dylan Jovine, Founder, Behind the Markets
Hormuz has its most meaningful diplomatic development in months.
Iran and Oman agreed on how revenues and waters around the Strait would be shared as they work toward a temporary maritime corridor and a longer-term framework. Brent has fallen for four straight sessions and traded near $86.93 Wednesday.
That is real progress, but it is not a reopening.
Mine clearing, insurance, vessel repositioning and full shipping access still need to follow. Hormuz handled roughly 20 million barrels a day before the war. Current traffic remains far below that level.
Trump said about 10 million barrels moved through the Strait Tuesday and again said mines had been cleared. Qatar continues to mediate.
The price is moving ahead of the physical market.
Energy Signal
Brent near $87 reflects diplomatic progress. A revenue agreement is important, but the inflation impact only changes when normal tanker traffic returns.
Inflation did not improve before Warsh's biggest speech yet.
July headline PCE rose 3.7% from a year earlier, unchanged from June and above the 3.6% forecast. Core PCE held at 3.3%.
Markets still see only about a 38% chance of a September rate hike, but odds of at least one hike by year-end remain near 73%.
That leaves Warsh with the same conflict the Fed has faced all summer. Inflation remains above target, but July payrolls fell by 23,000 and consumer data has softened.
Jackson Hole runs August 27 through 29 under the theme of financial innovation. Warsh speaks Friday morning in his first appearance there as Fed chair.
Markets expect a neutral message. That makes any clear hawkish or dovish shift more important.
Macro Signal
Core PCE is still 3.3%. Year-end hike odds are still above 70%. Neutral is priced. Anything else from Warsh moves the curve.
AI CEO Issues Code Red: Prepare for Meltdown
The CEO of this AI company (click here to get the name, 100% free) just issued a CODE RED in an internal memo…
Warning his employees that they’re dealing with a critical situation.
Another company executive even implied they might need a government bailout.
And now Jim Rickards is predicting this company is about to go bust, in a full-blown AI meltdown that could be 10 times bigger than Lehman Brothers.
Nvidia's results make the AI slowdown argument harder to defend.
Data-center sales rose 117%, the cloud backlog topped $2 trillion, and hyperscaler capex is projected to reach $1.3 trillion in 2027. Rubin production has also started.
The pressure point is cost. Nvidia expects gross margin around 74% next quarter, down from 75%, as memory and wafer prices rise.
Marvell reports tonight and becomes the next direct test of custom-chip demand. Jensen Huang called Marvell a potential trillion-dollar company earlier this year, which raises the bar well beyond the quarterly consensus.
The consumer side also reports today. Dollar General and Dollar Tree will show how lower-income households are spending. Best Buy tests whether the AI PC upgrade cycle has reached consumers. Affirm gives another read on credit demand under high rates.
Capital Signal
Nvidia proved AI infrastructure demand is still accelerating. Marvell now tests whether that strength extends beyond the industry's dominant supplier.
Bitcoin cooled after its strongest week in years, but the structure underneath it still looks better.
BTC traded near $79,000 Wednesday after gaining roughly 23% over the prior week. U.S. spot bitcoin ETFs logged a seventh straight inflow session, taking in about $314 million Tuesday and pushing August inflows above $3 billion.
CryptoQuant's Bull Score jumped from 30 to 80, its highest since October 2025. Eight of ten indicators are now bullish, with spot and futures demand improving together.
The regulatory market is also broadening. Grayscale converted its Zcash Trust into a spot ETF trading under ZCSH on NYSE Arca, holding up to 393,000 ZEC worth more than $260 million.
The next risk comes Friday. Warsh speaks the same day a large bitcoin options book expires. The CLARITY Act then faces its next Senate test September 15, with prediction markets putting 2026 passage near 24.5%.
The Verdict
Bitcoin's short squeeze started the rally. ETF buying and stronger spot demand are keeping it alive. Friday tests whether that structure survives a change in the rate narrative.
15X Bigger Than SpaceX: Elon's New Launch
While the rest of the market goes crazy for "the mother of all IPOs", a new Elon Musk innovation is quietly being rolled out nationwide. It's been 27 years in the making, and it could have a radical impact on how millions of people manage their money… and even collect Social Security. Here's everything you need to know.
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Nvidia settled one debate Wednesday.
AI spending is not slowing. Revenue reached $96.2 billion, guidance hit $108 billion, and hyperscaler capex is heading toward $1.3 trillion next year.
Hormuz is moving too. Iran and Oman now have a revenue framework, but the gap between an agreement and normal shipping remains large.
Bitcoin has a similar gap between price and confirmation. The rally reached nearly $80,000, ETF flows improved, and on-chain indicators strengthened. Now buyers have to hold those levels without another squeeze.
Warsh gets the final word Friday.
Nvidia proved the demand.
Wyoming decides the price of financing it.