本周三，英伟达将公布备受瞩目的第四季度及全年财报。华尔街的共识是：业绩依然会很强，甚至 会"碾压"分析师的预期。但在AI质疑论升温与宏观局势动荡的背景下，真正的问题在于：仅仅"好"还足 够吗？ "如果英伟达打个喷嚏，所有人都会感冒。"Equity Armor Investments 首席执行官 Luke Rahbari 如是说。 作为过去几年美股牛市无可争议的擎天柱，英伟达股价数月来一直横盘震荡，去年Q4以来，英伟达股 价仅微涨1.7%，跑输了同期标普500指数3.3%的涨幅；2026年开年以来，英伟达回报表现落入标普500 下半区。 本周"全球最重要财报"拉得动吗？ "从基本面看，英伟达的故事依然强硬，问题在于市场情绪能否跟上。"Northwestern Mutual 财富管理公 司首席股票投资组合经理 Matt Stucky 表示。 投资者正面临一种典型的"预期悖论"。虽然市场普遍预计英伟达将调高未来几个季度的指引，但历史数 据显示，在过去两次财报发布后，英伟达股价均遭遇了抛售。 Wayve Capital Management 首席策略师 Rhys Williams 警告称，股价可能会因为业绩"不够好" ...

Market Performance - Despite high core PCE inflation data, large tech stocks supported the market, leading to gains in major US stock indices: Dow Jones up 0.25%, S&P 500 up 1.07%, and Nasdaq up 1.51% [1][9] Upcoming Events - AI giant Nvidia is set to release its significant earnings report on February 25, which is a focal point for global markets this week [10][17] - Apple will hold its annual shareholder meeting on February 24, focusing on new product development, AI technology implementation, and supply chain adjustments [10][18] - The US January PPI data will be released on February 27, providing insights into inflation trends [6][15] Precious Metals - Gold prices surged to approximately $5,140 per ounce, with silver prices increasing by over 2% [10] - As of February 23, gold was reported at $5,155.77 per ounce, up 0.87%, while silver was at $86.625 per ounce, also showing a significant increase [10] Trade Policy - President Trump announced an increase in the global import tariff from 10% to 15%, following a Supreme Court ruling on tariffs [4][13] - The administration plans to introduce new legally permissible tariff measures in the coming months [5][14] Economic Indicators - HSBC forecasts a 0.3% month-over-month increase in January's PPI, with the annual growth rate expected to slow from 3.0% in December to 2.8% [6][15] - The Federal Reserve's recent meeting minutes indicate significant internal disagreement regarding future interest rate paths, with some members suggesting the possibility of rate hikes if inflation remains above target [6][16]

Core Viewpoint - The U.S. Supreme Court's decision to strike down President Trump's emergency tariffs has led to increased uncertainty in the tariff landscape, with a new 15% tariff announced, raising concerns about potential economic impacts [1][11]. Tariff Developments - President Trump announced a new 10% tariff on the rest of the world, which was later raised to 15%, surprising some officials [1][11]. - It remains unclear when these tariffs will be imposed, what might be excluded, and whether all countries will face the 15% rate [4][11]. Market Reactions - MSCI's broadest index of Asia-Pacific shares outside Japan increased by 0.5% amid the uncertainty [5][11]. - Japan's Nikkei was closed for a holiday, but futures traded at 56,970, slightly above the cash close of 56,825 [5][11]. - South Korea's market continued its upward trend with a 2.0% rise, following a 5.5% increase last week [5][11]. Economic Indicators - The Treasury market reacted negatively to the tariff news, raising the risk of the U.S. government needing to repay approximately $170 billion in revenue, potentially widening the fiscal deficit to around 6.6% of GDP [7][11]. - Economic growth in the December quarter missed forecasts, while core inflation surprised on the high side, affecting market expectations for a June rate cut from the Federal Reserve [8][11]. Currency and Commodity Movements - The dollar weakened against the Japanese yen by 0.4% to 154.36, while it gained 0.4% against the euro, reaching $1.1826 [9][11]. - In commodity markets, gold increased by 0.8% to $5,143 per ounce, and silver rose by 2% to $86.24 per ounce [9][11]. - Oil prices experienced volatility, with Brent crude down 0.6% to $71.29 per barrel and U.S. crude down 0.8% to $65.95 per barrel [9][11].

企业界方面，所有人都在关注英伟达(NVDA.US)的第四季度业绩，该报告将于周三盘后发布。这家全 球市值最高的芯片制造巨头的财报，将是衡量人工智能(AI)交易状况的关键风向标。 周三的赛富时(CRM.US)业绩也将为衡量软件板块的抛售状况提供参考，该板块的抛售在2月份重创了整 个行业。周二和周三分别公布业绩的家得宝(HD.US)和劳氏(LOW.US)将为投资者提供观察房地产市场 的替代指标;而Constellation Energy(CEG.US)和道明尼资源(D.US)的财报将有助于更深入了解美国电力市 场的状况。 智通财经APP获悉，过去一周，政策面主导了市场注意力，周五迎来了备受期待的最高法院裁决，该裁 决驳回了美国总统特朗普的大规模关税体系。随后，特朗普迅速签署10%全球关税反击最高法院裁决， 并于21日在社交媒体上发文称，前一天宣布对输美商品征收的"全球进口关税"税率将从10%提高到 15%。全球贸易体系正进一步面临稳定政策和增长的诸多挑战，且暗流不断变化。 上周五，受最高法院裁决提振，三大主要股指均转涨，并最终以上涨行情收官。标普500指数反弹，收 涨0.7%，上周累计上涨1.1%;蓝筹股集中的道 ...

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Core Message - The upcoming earnings report from Nvidia on February 25 is anticipated to significantly influence investor sentiment and the overall stock market performance, particularly for AI-related stocks [5][9]. Group 1: Nvidia's Role in AI Market - Nvidia is a central player in the AI growth story, providing powerful chips essential for AI tasks, which have generated billions in earnings [5]. - The company has a market capitalization of $4.6 trillion and has shown a gross margin of 70.05%, indicating strong financial health [7]. - Nvidia's performance is viewed as a bellwether for the tech industry, with positive news from the company generally signaling favorable conditions for AI development across the sector [7][10]. Group 2: Investor Sentiment and Market Impact - Investors have recently become more cautious about AI investments due to concerns over potential slowdowns in AI spending, which could negatively impact high-flying stocks [2]. - The earnings report from Nvidia is expected to provide insights into demand levels and AI spending, which are critical for investor confidence [2][9]. - A disappointing report from Nvidia could lead to broader market declines, affecting various stocks beyond just the tech sector [8]. Group 3: Future Outlook and Strategy - There is optimism surrounding Nvidia's upcoming report, as peers in the industry have reported continued high demand from AI customers [10]. - Despite potential volatility following the earnings report, the long-term outlook for AI investments remains positive, encouraging investors to focus on quality AI stocks [12][13]. - Investors are advised to remain calm and consider using any market fluctuations as opportunities to acquire shares in leading AI companies at favorable prices [13].

格隆汇2月23日｜机构分析称，随着对人工智能的怀疑情绪日益高涨，华尔街越来越担心，无论这家芯 片巨头本周的财报结果如何，都将拖累其股价。英伟达股价数月来一直横盘整理，自去年第四季度初以 来仅上涨1.7%，略低于同期标普500指数3.3%的涨幅。英伟达近期表现平平，很大程度上是由于投资者 对数千亿美元人工智能开发支出的担忧加剧，从而从大型科技股撤资所致。但股市也面临着地缘政治动 荡、降息预期减少等诸多外部风险。所有这些都使英伟达在周三公布第四季度及财年业绩时处于一个微 妙的境地。投资者预计其业绩将远超华尔街预期，并提高对未来几个季度的预测。但公司可能几乎无法 采取任何行动或发表任何言论来推动股价有意义的上涨。英伟达股价在最近两次财报发布后均出现下 跌。 ...

Core Insights - The upcoming earnings report from Nvidia is anticipated to provide significant insights into the company's plans for 2026 [1][2] Group 1: Earnings Report Expectations - Nvidia will report its fiscal fourth-quarter and full-year earnings after the market closes on February 25, which is a major event for investors [2] - The earnings report is viewed as a barometer for the entire AI market, with a focus on data center revenue and AI demand [3] Group 2: Data Center Revenue and AI Demand - Nvidia guided for $65 billion in total revenue for the fourth quarter, making it a key figure for investors to monitor [5] - The data center division is the primary revenue source, supplying GPUs and servers essential for AI model operations [6] - Investors will assess demand for Nvidia's powerful GPUs, particularly the Blackwell model, and the effectiveness of new technologies in training AI models [7] - Nvidia's CFO indicated a $500 billion opportunity for Blackwell and the upcoming Rubin GPU model by the end of 2026, which investors will be keen to validate [7] Group 3: Pricing Power - Pricing power is crucial as it reflects Nvidia's competitive position in the chip and AI hardware market, where it has historically maintained high margins [8] - Concerns exist regarding competition from hyperscalers designing their own chips, which could impact Nvidia's market dominance [8] Group 4: Operations in China - Investors are looking for updates on Nvidia's operations in China, particularly after U.S. government restrictions limited sales of older chips [12] - CEO Jensen Huang has been lobbying for improved access, and a potential deal with the Trump administration could allow sales of H200 chips in China [13] - The Chinese market was projected to be a $50 billion annual opportunity, with potential growth of 50% per year, but Nvidia is not factoring in any revenue from China in its fiscal 2026 guidance [15]

Nvidia, Warner Bros., Berkshire Hathaway, Home Depot, and More Stocks to Watch This Week - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Nvidia, Warner Bros., Berkshire Hathaway, Home Depot, and More Stocks to Watch This WeekByDan LamShareR ...

Markets enter a critical week dominated by Wednesday's Nvidia (NVDA) earnings and escalating geopolitical tensions as rising U.S.-Iran hostilities push oil prices higher, creating inflation concerns that could derail rate-cut expectations and pressure equities. Adding to the volatile backdrop, President Trump raised the new global tariff rate to 15% on Saturday, just one day after setting it at 10%, following Friday's Supreme Court decision striking down many of his previous tariffs. The rapid tariff esca ...