Nvidia’s earnings aren’t just about Nvidia anymore. The $4 trillion chipmaker’s quarterly financials have become a litmus test for the AI boom—and, by extension, for the whole stock market. Constituting 8% of the market cap-weighted in S&P 500 Index and with an unrivaled grip on the chips that power generative AI, Wall Street now treats Nvidia’s results more like a macroeconomic indicator than as a report card on a single company. The earnings announcement has even become a cultural phenomenon complete with watch parties .

Investors are bracing for the company’s latest quarterly results due after Wednesday’s market close, with trading in Nvidia options implying expectations that the stock will move 6%, up or down—equal to a $260 billion-dollar change in Nvidia’s market value.

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