- In today’s CEO Daily: Sharon Goldman on Nvidia’s earnings call tonight.
- The big story: 50% tariffs on India begin today.
- The markets: Up and flat.
- Plus: All the news and watercooler chat from Fortune.
Good morning. After the bell today, Nvidia will report earnings. And in the tech world and beyond, one thing is clear: Nvidia’s earnings aren’t just about Nvidia anymore. The $4 trillion chipmaker’s quarterly financials have become a litmus test for the AI boom—and, by extension, for the whole stock market. Constituting 8% of the market cap-weighted S&P 500 Index, and with an unrivaled grip on the chips that power generative AI, Wall Street now treats Nvidia’s results more like a macroeconomic indicator than as a report card on a single company. The earnings announcement has even become a cultural phenomenon, complete with watch parties.
