Good morning, investors. Once again we have arrived at the Super Bowl for market-watchers with Nvidia set to report quarterly results after the bell today.

The stakes are so high that they will only be matched by Nvidia’s earnings results next quarter.

🚨Full Signal: Our latest episode drops at 9 AM in New York today and you won’t want to miss this one — be sure to tune in on YouTube, Spotify, and Apple.

Nvidia is set to report absurd earnings after the bell Wednesday but even positive results may fail to satisfy Wall Street. 

Chief executive Jensen Huang already said last month that the company already has $500 billion in chip orders going into 2026, but skepticism continues to swirl around the AI demand story, dot-com comparisons and whether the broader tech trade is running out of juice.

At any rate, analysts expect the world’s largest company — and heaviest weighted stock in the S&P 500 — to report earnings per share of $1.25 on $54.9 billion of sales, up 56% from a year ago. 

For the full year in 2026 and 2027, Wall Street expects revenue growth of 39% and 22%, respectively. 

“The cross currents around [Nvidia’s earnings] set up a Catch-22 for the AI complex,” wrote veteran investor Gene Munster, who remains optimistic long-term on Nvidia.

“Because stronger guidance can amplify worries about overspending, while a modest raise can be read as the first sign that growth is normalizing faster than expected.” 

Those estimates, however, don’t seem to account for Huang’s bullish comments from October regarding enormous chip demand from new and existing customers. 

Indeed, most analysts covering the stock haven’t adjusted their forecasts since Huang volunteered the $500 billion figure in October.

Out of more than 60 firms who publish research on Nvidia, only one maintains a “sell” rating.  

Meanwhile, the latest market sell-off points to souring sentiment on technology stocks and risk assets at large.

Skepticism around Big Tech’s ambitious capex plans seem to be stoking volatility and bearishness, even as the underlying fundamentals haven’t changed. 

Both Peter Thiel’s hedge fund and SoftBank sold their stakes of the chipmaker ahead of its earnings results. 

Remember, Nvidia now accounts for about 7.4% of the S&P 500. 

Options data implies a 7% move for the stock this afternoon, which would be a roughly $320 billion swing in market cap.

So whether the stock rises or falls on earnings results, the entire index will rattle. 

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📉Stocks are on pace for a historically bad month. It could be the worst November since 2008, and yet global investors remain bullish with low cash levels and high exposure to equities. (Barron’s)

🏦 President Trump hinted he knows who’s next at the Fed. He told reporters on Tuesday that he has an idea of who will succeed Jerome Powell as head of the central bank: “I think I already know my choice.” (WSJ)

⚡ Nuclear is returning to Three Mile Island. The Department of Energy is backing Constellation Energy’s restart of the location’s nuclear plant with a $1 billion loan. It’s one of three shuttered reactors that aim to restart by the end of the decade. (CNBC)

🗓 November 19, 1980: The Dow Jones Industrial Average briefly touched the 1,000 mark for the first time ever during intraday trading, but failed to close above the milestone. Forty-five years later, the index hovers at 46,190.

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📰 I’m Phil Rosen, co-founder and editor-in-chief of Opening Bell Daily. I’ve published books, lived on three continents, and won awards for my journalism, which has appeared in Business Insider, Fortune, Yahoo Finance, Bloomberg and Inc. Magazine.

I write our flagship newsletter and host our show, Full Signal, to prepare you for each trading day — unpacking markets, economic data and Wall Street with analysis you won’t find anywhere else.

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