Tuesday, August 25, 2026 — Nvidia's $92B quarter and $280B expected swing dominate; Dick's Sporting Goods missed hard; Treasury buyback talk lifted gold and woke bitcoin.

$NVDA reports with Wall Street expecting a $92B quarter and options implying a $280B market value swing. This is an AI capex referendum — $AAPL $MSFT $AVGO $MU $AMD all trade off the print. $DKS -27.8% on 11.3x avg volume after Q2 earnings and revenue missed estimates. $OKTA reports on deck — this week tests both consumer and SaaS spending. More than 50 UN member states urge Russia to accept a full ceasefire in Ukraine. Good signal for de-escalation, but energy and defense trades are still priced for a long grind. Warsh at Jackson Hole says AI capex is breaking his rate-hold case. The issue is, if he's right, strong AI spending keeps inflation and rates higher for longer — that pressures long-duration tech. Gold hovers near a three-month high on dollar weakness and Treasury buyback plans. Bitcoin wakes up as Treasury blinks — the catch-up trade may finally be here, while oil slips on growth nerves. SK Hynix workers narrowly reject a wage deal, 50.1% vote against. Watch this — memo

$NVDA reports with Wall Street expecting a $92B quarter and options implying a $280B market value swing. This is an AI capex referendum — $AAPL $MSFT $AVGO $MU $AMD all trade off the print.