Global equities traded cautiously on Wednesday as investors waited for Nvidia Corp.’s fiscal second-quarter results, due after the U.S. closing bell. Wall Street expects revenue of roughly $46 billion and adjusted earnings of about $1.01 a share, while options markets are pricing a 6.1% move—equivalent to a $270 billion swing for the world’s most valuable company. Nvidia’s $4.4 trillion market capitalization now accounts for about 8% of the S&P 500, making the update a potential catalyst for broader benchmarks. Attention is focused on whether the chipmaker can sustain explosive demand from hyperscale cloud clients and clarify its strategy for China, where U.S. export restrictions and Beijing’s preference for domestic semiconductors threaten growth. Analysts remain broadly positive, with 71 buy ratings and an average price target of $196.48, but note that Nvidia’s revenue growth has cooled from triple-digit rates recorded last year. While Nvidia’s guidance hangs over global markets, its Chinese rival Cambricon Technologies reported a blow-out first half. Revenue surged 4,348% year-on-year to RMB 2.88 billion ($403 million), and the company swung to a net profit of RMB 1.04 billion. The results sent Cambricon’s Shanghai-listed shares up almost 10% to CNY 1,464, lifting its market value above RMB 580 billion and briefly dethroning liquor maker Kweichow Moutai as the priciest onshore stock. The rally, alongside a 3% jump in the CSI AI Index, underscores Beijing’s drive to foster alternatives to Nvidia’s processors. The juxtaposition of Cambricon’s meteoric rise and the high stakes surrounding Nvidia’s earnings highlights intensifying competition in the AI-chip market and the growing influence of a handful of semiconductor names on global asset prices.