The entire market is waiting for NVDA's earnings report, but today we have an appetizer first.

The U.S. government approved the purchase of NVDA H200 chips by about 10 Chinese tech companies. Once the news broke, Nvidia's stock price jumped directly by 3.7%.
This is the most direct follow-up action after Huang Renxun's group visit to China, and the logic of export controls has been hit with a very tangible gap.
This news is great; now the market's expectations for NVDA's earnings report tomorrow night have been pushed to a dangerous high.
Morgan Stanley upgraded its rating, BofA raised its target price, and Polymarket's odds of breaking $240 after the earnings report are increasing. Huang Renxun himself said demand is off the charts, and today's H200 unlock adds fuel to the fire.
All the good news came early, which is actually the most dangerous time to be cautious.
This kind of situation has happened many times in history; everyone said it would explode, but the earnings were good, and the stock reacted calmly or even fell that day. Because the good news was already priced in, everyone who wanted to buy had bought, and when the earnings come out, it’s just about realization.
The real risk is not NVDA crashing, but that even a slight miss below Wall Street’s extremely high expectations, combined with the linkage of the Nasdaq and $BTC , could lead to a very rapid decline.
Before the results come out tomorrow night, my attitude is: do not add positions, wait for the direction.
DYOR, not investment advice.