Global equity markets were subdued on Wednesday as investors awaited Nvidia’s fiscal second-quarter results, scheduled for release after the U.S. close. Europe’s STOXX 600 rebounded 0.4 percent following its sharpest one-day drop in nearly a month, while U.S. index futures and major Asian bourses traded narrowly mixed. Market participants said the chipmaker’s numbers could determine the near-term direction of the broader technology rally and, by extension, risk appetite across asset classes. Wall Street expects Nvidia to post about $46 billion in revenue and roughly $1 a share in earnings for the quarter ended 31 July, implying year-on-year top-line growth of around 53 percent. Some forecasts run higher, with bullish estimates as much as $48 billion. Beyond headline figures, investors will look for guidance on demand for data-center graphics processors, the pace of artificial-intelligence infrastructure spending, and any clarity on the impact of U.S. export restrictions and tariffs on sales to China. Nvidia’s sheer size underscores the stakes. At roughly $4.4 trillion in market capitalization, the company accounts for about 8 percent of the S&P 500— the largest weighting ever recorded by a single constituent. Options pricing implies a 6-percent move in the shares after the announcement, a swing that would add or erase roughly $270 billion in market value, comparable to the entire capitalization of Advanced Micro Devices. Analysts remain broadly constructive, with 71 buy ratings and an average target price near $196, but several have cautioned that even an earnings ‘beat’ may not satisfy elevated expectations.