THURSDAY, AUGUST 27, 2026 — $NVDA’s beat got sold, Jackson Hole/Warsh is the rate catalyst, and Best Buy’s computing strength says AI demand is spilling into retail.

The chipmaker still declared a $0.25 dividend, but cash flow must keep up with Blackwell growth. A 16x P/E is either a crime or the tell that margins have peaked; AI/chip tape is mixed post-print. $AAPL and $MSFT are the AI-adjacent bid to watch, while $AVGO, $MU, and $AMD need to prove semis can hold without Nvidia leading. Dollar flat after data and gold awaits Warsh at Jackson Hole. The question is whether he offers guidance or stays vague—KXFED at 20.5% for >3.75% upper bound says a hawkish surprise isn’t priced. Best Buy beats Q2 across the board and raises outlook on computing strength. Good signal: AI hardware demand is broadening past data centers into the consumer upgrade cycle. Separate pressure: Fox flags an unexpected price surge most Americans don’t see raising the stakes for Trump before November. Inflation optics could force a policy response markets aren’t pricing. Nat gas inventories +15 BCF and Kalshi/Weather Company teaming on weather contracts; KXPAYROLLS 30.5%

The chipmaker still declared a $0.25 dividend, but cash flow must keep up with Blackwell growth. A 16x P/E is either a crime or the tell that margins have peaked; AI/chip tape is mixed post-print.