Anxious about Nvidia’s results? You’re likely not alone. The stock sold off in the wake of its last three quarterly reports. Another re-evaluation could come Wednesday, when the world’s most valuable company hands in its second-quarter results. The AI chipmaker has had an active summer. CEO Jensen Huang announced a new chip purpose-built to power on-device AI agents, while the company made progress on its attempts to sell chips in China and struck deals to help finance the AI data center buildout. The stock, meanwhile, has had a volatile year, but it’s mostly risen, up 15% in 2025, though off its May highs. Last quarter, Nvidia beat expectations and brightened its outlook, with Huang saying demand “has gone parabolic” as companies race to build AI infrastructure. Revenue climbed 85% year-over-year, with data center sales nearly doubling. There’s a lot riding on Nvidia’s performance. For every $1 it collects, another $8 to $10 is spent on other technology, according to Wedbush estimates. Much of the economy’s and stock market’s recent growth has been driven by tech giants building AI data centers and pouring money into chips, memory and data storage technology, energy infrastructure and even construction equipment. The investment is so big that the Federal Reserve is monitoring its impact on inflation.

Other segments of the economy will also get some attention this week. A number of software companies report, including CrowdStrike, Intuit, and Salesforce, as well as discount stores, beauty retailers, and apparel companies like Gap, Abercrombie & Fitch and Kohl’s.

Investors are now looking to Federal Reserve Chairman Kevin Warsh’s speech this week at the Jackson Hole Economic Policy Symposium for clarity on rates and central bank independence. With Warsh moving away from traditional forward guidance, markets see the appearance as a chance for him to outline how he plans to approach monetary policy going forward. July’s personal consumption expenditures data, the Fed’s preferred inflation gauge, along with a fresh read on U.S. economic growth, are due before the symposium and could reshape rate expectations. Markets currently price a 35% chance of a September rate hike, rising to 66% by December.

What analysts are saying about U.S. stocks 

JPMorgan: “In equities, we stay constructive into year-end, expecting a grind higher with rotation rather than a broad melt-up move. Semis’ rebound signals a tactical “risk appetite healing.” With Fed patience suppressing volatility, we believe positioning/dispersion should drive the next leg. We favor quality growth and Hyperscalers, but find Semis attractive as well given the repricing. A Fed on hold in a Goldilocks scenario of genuine disinflation could broaden the rally.”

Morgan Stanley: “The post-COVID return of inflation has ushered in shorter cycles, more reactive policy, and more frequent leadership changes. We favor large-cap quality, AI adopters, and the S&P 500 over international peers. With oil the near-term risk, energy equities offer the best hedge.”

Evercore ISI: “The July Roar was deafening amidst Mag 7 earnings, the U.S. retail investor retreat, Korea capitulation, and Situational Awareness’s forced unwind. Then, just as quickly, stocks rallied in August and the Sound of Silence (loose financial conditions, low volatility, tight credit and highs across many major equity indices) descended on frazzled nerves wanting to take Summer Vacation. The Silence ended last week with Trump announcing an “Economic Epic Fury”, Bessent announcing bond buybacks and WMT’s disappointing earnings. This roar is set to grow as Bessent is set to discuss details of the Iran plan (8/24), followed by NVDA (8/26) and Warsh’s speech in Jackson Hole (8/28). A lot of things could happen—and with 10-year yields near the sensitive 4.75% level, this week won’t be silent.”

“Our base case continues to be that the Fed chair’s challenges, a midterm ahead, and the end of EPS season catalysts will prolong near-term choppiness, accentuated by both IWM and NDX weakness. Yet, if the bondfire subsides… or the price reaction from NVDA earnings reinforces investors’ AI faith, the FOMO chase could begin early, resulting in a Stocks Up/Yields Up surge that ended both the Y2K Bull Market and Japan’s 1989 Zaitech Bull.”

Goldman Sachs: “There are six “shared favorite” stocks that register as popular holdings in both hedge fund and mutual fund portfolios this quarter: BA, COF, MA, SPCX, TMO, and V. A rolling portfolio of shared favorites has returned 29% YTD, outperforming the equal-weight S&P 500 (16%) and the most popular positions of each group of investors.” Continue using AI Cursor?Keep it onTurn Off