Global equity markets are trading cautiously higher ahead of Nvidia’s fiscal second-quarter earnings on Wednesday, a report seen as a crucial barometer for the year-long rally in artificial-intelligence stocks. The chipmaker’s outsized weight in major benchmarks—about 8 percent of the S&P 500—and a market capitalisation exceeding $4 trillion mean even a modest share-price swing could ripple through broader indices. Analysts expect Nvidia to post roughly $46 billion in revenue and earnings of about $1.01 a share, implying year-on-year growth of more than 50 percent and potentially a ninth consecutive ‘beat-and-raise’ quarter. Brokerages have tightened their projections in recent days: Stifel raised its price target to $212, while Baird lifted its forecast to $225, citing accelerating demand for the company’s latest GB-series accelerators. In all, 71 firms rate the stock a buy, with the average target near $196. Investors are also looking for guidance on how U.S. export controls will affect sales of Nvidia’s H20 processors in China. Shipments of the restricted chips reportedly resumed in July, but Beijing’s pushback and Washington’s licensing requirements continue to cloud the outlook for one of the company’s largest markets. Broader sentiment has been underpinned by Federal Reserve Chair Jerome Powell’s hint of a possible interest-rate cut as early as September, lifting Asian shares at the start of the week. Yet concern over the Fed’s independence resurfaced after President Donald Trump moved to dismiss Governor Lisa Cook, a development that briefly unsettled U.S. Treasury markets. Against that backdrop, traders say Nvidia’s results could determine whether the recent technology-led advance extends or stalls.