This quarterly report released by NVIDIA this Wednesday has, to some extent, become a barometer for the entire AI industry.

The numbers are quite astonishing: the options market indicates that the stock price volatility range could reach 320 billion USD, which is linked to a global AI ecosystem valued at 10 trillion USD. The core contradictions of this earnings report meeting actually boil down to two issues — the sustainability of AI demand and the direction of the Federal Reserve's monetary policy.

If Powell maintains a tough stance, continuous interest rate hikes will directly raise the financing costs for AI companies; conversely, once the policy shifts to easing, the technology sector may see a return of funds. Wall Street is currently most focused on Jensen Huang's statement regarding the "strength of future orders," as this not only determines the semiconductor cycle but also affects the entire technology supply chain.

Interestingly, Nvidia has risen 38% this year, but has recently shown a noticeable pullback, with many institutions reducing their positions on the highs. The earnings report window is often a critical point for market sentiment.

The transmission effect of this round of fluctuations on the cryptocurrency market is also worth paying attention to. #特朗普撤销农业产品关税 $BTC $ETH The trends of these mainstream cryptocurrencies may temporarily follow the changes in risk appetite of tech stocks.