After Nvidia's strong print last night, Marvell is tonight's test of whether the AI-chip rally still has fuel.
Tonight's US session comes down to one question: can the artificial intelligence (AI) trade broaden beyond Nvidia? Last night Nvidia posted revenue of US$96.2 billion, up 106% year over year, and guided next quarter to roughly US$108 billion, above market expectations.
That result eased some of the worry about an AI-spending slowdown. Nasdaq index futures rose about 1% in early trading, and the focus now shifts to Marvell, which reports its quarterly results after the US close tonight.
A fintech and consumer read, outside the chip theme
Tonight's Catalysts
Marvell is the next AI-chip test
Marvell (MRVL) reports after the close. Analyst consensus points to revenue near US$2.71 billion and earnings per share around US$0.92. Marvell builds custom AI silicon, chips designed specifically for cloud giants, so its results are the cleanest read on whether AI spending is broadening beyond Nvidia. The stock fell about 4% into the print, a sign expectations are running high.
Nvidia has already set the tone
Nvidia (NVDA) posted data-center revenue of US$89 billion last night, up 117% year over year, and guided next quarter to US$108 billion. That upbeat tone lifted the whole chip complex. Broadcom (AVGO) and AMD (AMD) often move in the same direction.
Fintech and consumer also report
Affirm (AFRM) also reports tonight, offering a read on consumer credit health and buy-now-pay-later adoption. Alongside several retailers reporting this week, it is a reminder that tonight is not only about chips.
Major index futures lean higher this morning, led by the Nasdaq up about 1% after Nvidia's guidance. As this note is written, US pre-market trading is only just opening, so each stock's early move in the Watchlist will be filled near publish time.
Macro Note 📝
July PCE inflation data, the Fed's preferred gauge, just landed with core monthly prices up 0.2%, in line with forecasts. That relatively tame reading keeps the rate-policy path a key swing factor for risk appetite in tech stocks.
Conclusion
Tonight brings one important AI-chip report, a reference point from Nvidia, and a consumer-sector read in a single session. Together they could set the tone for the rest of the week, especially for the AI-themed names that many retail investors favor.
The key is to set your watchlist early and track not just the reported numbers but the forward guidance and the market's reaction. Remember, this is not a promise of direction, just a map of what to watch. What stocks are you watching tonight?
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Gotrade is the trading name of Gotrade Securities Inc., which is registered with and supervised by the Labuan Financial Services Authority (LFSA). This content is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR) before investing.
M. Alfathan Rahman is a content writer with over 3 years of experience developing digital content strategies across various industries, including fintech. He has experience producing content for tax-related websites and financial education platforms registered with Kominfo (Indonesia's Ministry of Communication and Informatics). His focus areas include data research, and crafting financial articles that are informative, accurate, and accessible to investors of all experience levels.
