S&P 500 futures were up 0.14% this morning after the index closed up 0.77% yesterday, a sign that traders feel that Monday’s 1% decline on fears that AI will trigger an economic doom cycle was overcooked.Instead, the stock markets are looking forward to Nvidia’s Q4 2025 earnings call this evening. Nvidia has the largest market cap in the world ($4.7 trillion); it makes the high-end chips that the AI revolution depends upon; it earns more revenue from AI-related clients than any other company; and it is a big investment funder of the AI ecosystem. Which is to say, its earnings will definitely move markets after the closing bell today.“We will … be able to hear a pin drop on Street trading desks as the entire global market will be carefully watching these results and commentary,” Dan Ives at Wedbush told clients. “We fully expect the leading supplier of AI chips will comfortably exceed estimates and guide above Street [forecasts] given continued positive data points through 4Q as well as seemingly healthy spending set up through 2026.”ING was a little more anxious. “It looks tentative ahead of today’s high‑stakes Nvidia earnings. With some investor unease around AI stocks still lingering, Nvidia will probably need to beat consensus and offer strong guidance to provide meaningful reassurance. At this stage, the downside risks to global risk sentiment from a miss appear larger than the upside from a beat,” Francesco Pesole said in a note to clients.