Global investors are bracing for Nvidia’s fiscal 2026 second-quarter earnings, scheduled for release after Wednesday’s closing bell. The chip designer’s market value has swollen to roughly $4.4 trillion—about 8% of the S&P 500—making its results a pivotal barometer for the broader artificial-intelligence trade that has powered equity benchmarks to record territory this year. Analysts surveyed ahead of the report expect revenue of about $46-48 billion, implying year-on-year growth near 53%, and earnings of roughly $1.00 a share. If delivered, the figures would mark a ninth consecutive quarterly ‘beat’. Brokerage sentiment remains bullish, with 71 buy recommendations and an average price target near $196. Stifel this week lifted its target to $212, arguing that AI-hardware demand remains strong. Beyond headline numbers, the company’s guidance on next-generation ‘Rubin’ processors and on sales to China is viewed as critical. An FT report notes Nvidia has secured a licence to sell lower-spec H20 chips in China by remitting 15% of related revenue to the U.S. government, a concession that may offset some of the drag from Washington’s export restrictions. Equity markets are treading water ahead of the release. Europe’s STOXX 600 recovered 0.4% from its biggest one-day drop in nearly a month, while Tokyo’s Nikkei 225 closed 0.3% higher at 42,520.27, led by chip-testing specialist Advantest. U.S. stock-index futures were flat in early New York trading, as concerns over Federal Reserve independence and French political risk were eclipsed by anticipation of Nvidia’s numbers.