The earnings season for U.S. stocks is far harder to cause a rally than the “good news” momentum in the crypto world

In crypto, “good news” is simple and crude—project teams issue an announcement, or a particular exchange lists a coin, and the price can instantly jump by 20% or 30%. It’s easy to judge, and even if it turns out to be fake, it doesn’t matter.

But U.S. stock earnings season is a completely different story.

On June 1, NVDA’s stock price surged 6% to a new high. I took a look at the earnings figures: Nvidia’s full-year revenue for fiscal 2026 was $215.9 billion, up 65% year over year, and fourth-quarter revenue alone was $68.1 billion, up 73% year over year. If that isn’t explosive, what is? Wall Street also provided even higher Q4 guidance, expecting revenue of around $65 billion.

So what happened? On the day the earnings were released, the stock opened higher in the morning, then went into a period of consolidation. Someone asked: with data this good, why didn’t it keep skyrocketing?

Because before the earnings were even released, expectations had already been fully priced in. Those big institutions may have already gotten in early. When retail investors see the news and chase after it, the institutions are already preparing to sell.

I’ve also been burned when placing limit orders on Gate—selling early before the price rises, then regretting it afterward. My strategy has changed now: I don’t reduce my position before earnings, and I don’t chase after earnings are announced. I just hold steady. After all, Nvidia’s fundamentals haven’t changed—Blackstone, Vera Rubin are both in mass production, and the AI computing power shortfall can’t be filled in the short term.

Think earnings reports are too complicated? Then just hold for the long term. There’s no need to guess short-term price moves.

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