Good morning, investors. For all the events scheduled for markets this week, including today’s Federal Reserve meeting, somehow the biggest thing investors are focused on is Nvidia.

Then again, given that it’s nearing a $5 trillion market cap, maybe we shouldn’t be surprised.

Despite a wave of key S&P 500 earnings and a Fed rate cut on deck this week, Nvidia is once again drawing the biggest headlines and driving the biggest market swings.

The chip giant made a series of announcements Tuesday including:

Shares of Nvidia ticked higher Tuesday while CEO Jensen Huang spoke at his company’s GTC conference in Washington DC, where he discussed the “exceptionally” strong demand for its chips.

Customers have put in orders for more than $500 billion of Nvidia products through next year, Huang said.

Meanwhile, Nvidia’s new energy deal with the government — which also involves Oracle — is aimed at developing seven AI supercomputers at the Argonne National Laboratory and the Los Alamos National Laboratory.

Today he’s set to meet with President Trump, who earlier this year had asked Huang to help bring technology manufacturing back to the US.

In August, the White House opened the door for Nvidia to sell its chips in China under the caveat that it would give 15% of that revenue to the US government.

Then in September, Beijing ordered its domestic technology companies not to buy AI chips from Nvidia.

The meeting between Trump and Huang comes one day before the president’s meeting with China’s President Xi.

All this makes it easy to forget this week brings not only a rate cut from the Fed, but highly-anticipated earnings from five of the Magnificent 7 companies, starting with Meta, Microsoft and Alphabet this afternoon.

Nvidia’s moves overshadowed the news that Apple and Microsoft both joined the $4 trillion club on Tuesday.

While Nvidia doesn’t report quarterly results until November 19, it’s still the most important name in markets at this moment, and seemingly every moment. 

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📊 Traders see 98% odds for a rate cut today. Policymakers look poised to lower borrowing costs 25 basis points, and markets now see the odds for a December rate at about 89%, according to CME data. (Yahoo Finance)

🤖 Microsoft now holds a 27% stake OpenAI’s for-profit arm. Under the new structure, OpenAI remains a non-profit but it has a controlling stake in its for-profit arm worth about $130 billion. Shares of Microsoft ticked up after the announcement. (CNBC)

📦 Amazon confirmed plans to cut 14,000 corporate jobs. That came one day after reports emerged it would slash 30,000 positions: “We’re convinced that we need to be organized more leanly…to move as quickly as possible for our customers and business.” (Amazon News)

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🗓 October 29, 2012: Hurricane Sandy caused the first two-day market closure for the New York Stock Exchange since 1888. Trading resumed Halloween Day.

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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.

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