Nvidia earnings lift sentiment amid lingering macro risks

Nvidia has done it again. Despite sky-high expectations and even higher whisper numbers, the AI giant delivered stronger-than-expected Q2 results, bullish guidance and a powerful message: demand remains enormous, and growth could be even stronger without supply constraints. With Big Tech AI spending approaching extraordinary levels, Nvidia’s dominant share of the GPU market and exceptional margins continue to support the earnings story – and make its valuation look surprisingly reasonable given its growth. But risks haven’t disappeared. Rising memory-chip prices, growing Big Tech leverage and higher global yields could limit the upside. Beyond Nvidia, sticky inflation across the US, Europe and Asia is reviving expectations of further monetary tightening. Attention now turns to Kevin Warsh’s Jackson Hole speech. Can he restore Fed credibility, protect its independence and keep the US dollar supported?

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Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.