and the supreme court outlawing affirmative action the process is growing more competitive and therefore parents are not skimping on those extracurriculars >> not enough time >> thanks for watching "power lunch. >> a nice rally. "closing bell" starts right now. thank you very much. welcome to "closing bell," i'm scott wapner this make or break hour begins with the countdown to one of the most highly anticipated earnings reports arguably ever. nvidia set to report in overtime the stock one of the best performing of the year and so emblematic of the enormous hype around ai. we'll get you set up for what may happen tonight here's your score card with 60 minutes to go in regulation. the story today is simple, a drop in yields means that picture is green, a rise in stocks the dow getting a boost from tech names like apple, microsoft, intel, all three helping the nasdaq outperform

today. rates, no t story after another read on m manufacturing comes in ugly. that part of the economy is not doing so hot and look at that foot locker, ouch. down 30% worst day ever that after earnings disappointed and the ceo warned of slowing consumer trends. what does today's report from nvidia mean to your money this week ahead we have adam parker, founder and ceo of triveria research brin tarkenton, a shareholder of nvidia stephanie link, chief investment strategist at high tower adam, you're here. i will start with you. you used to be a chip analyst. what does this mean? what does this mean here and now? >> somebody emailed me today,

it's like anticipating the "gam of thrones" ending for me, investing is changes in perception about rates, that's jackson hole, and changes in growth, that's nvidia. these are at duel this week. so 120 billion plus or minus on the stock this big they need goldilocks on the guidance if they guide too good, people will doubt the sustainability. there will be questions about that again if it's a bit -- if the guidance isn't strong enough, people will say pin in the balloon i think it will be -- expectations are incredibly high earnings are up 10% from july 1st. >> the stock is up 50% in the past three months. you talk about where expectations are stock is up 200% year-to-date. the last guide was $4 billion ahead of the street. $4 billion

because of where tech has gone this month, right, the market has been edgy, tech has been dicey. does it matter more now because that narrative on ai needs to stay wholly intact >> yeah. the thing is, ai being intact, it is not all -- nvidia has a special position and an outsized excellent position in that category there's some fake ai that has gone up, too nvidia is not that >> this underscores where this whole hype is. >> sure. >> i think everyone expects them to beat and beat by a healthy margin and guide for upward revisions. if not, the nasdaq goes down there is hype about ai that is unrealistic. yeah i think this is a big one. it's a big one for where growth hinges and i think the expectations are high you and i talked about it in late march when i wrote that big

note on ai i wrote that nvidia could be 2 trillion market cap in five years. >> you meant five months >> yeah. i had no idea. we're getting there, maybe changing it more to two years. the challenge everyone what is everyone is expecting this to roll over and it will disappoint most people did not participate as they should have in the trade up or were overweight. i don't know if it -- if it goes -- i hate to make that triple breaking put call, maybe it sells off a little bit and everybody wants to buy it from this wave. most people know i will need this for years 3, 5, and 10. >> brin has owned it for a while. tell me how you're feeling now ahead of the number. >> i mean, there's such a frenzy around this. there is no hype around nvidia i agree with adam. i think that nvidia is not even remote i think nvidia is not emblematic of the hype because they are

actually delivering the numbers. the hype is or what's unknown is all of these companies, whether they're in china or the u.s. or the hyper scalers or the vcs are clamoring to get these a-100 chips. the reality is maybe it's hype, maybe it's not, but nvidia will monetize it until we find out. what i don't see outside of a few companies is how these companies are trying to have their own chatgpt. to me, i think that what you're seeing in the options market today is so fascinating, scott so, we were looking at today the most heavily traded options contract for nvidia. nvidia is two days, a 500 strike, 30 points away it's trading at of $11 it's 30 points out of the money. it should be trading around 10 cents. it's like $11.

i think there's so much energy in this market underneath with options. it could move much higher than 10% just because of what i'm seeing in the options market and how many people are long this stock going into the earnings. >> i know, but you got to admit, you're really telling me, bryn, you don't think there's a lot of hype around this name? i read what the stock has done in a really short period of time ahead of the realization of a lot of the guidance and the numbers that they suggest they can do the whole ai story at this point is somewhat based on hype and hope >> okay. >> the numbers are on the calm, they won't happen for a long time we're giving these companies the benefit of the doubt >> let's separate nvidia from the other companies, you're totally right, that are getting the benefit of the doubt let's look at year over year with nvidia. this time last year, the

revenues were 6.7. their estimates are they'll come in at 11.1 billion earnings this time last year were 53 cents. we're looking for $2.09. those are real numbers so, what the analysts -- what the analysts are saying is that nvidia has had a step function up and to the right in earnings and that will continue to grow that's what i'm not sure about how much of china was literally grabbing all of these chips until the bands come in? i don't know my feeling is over the next couple of quarters, this stock -- these earnings will be very strong and very real. after that, i totally agree. we'll have to start seeing these companies deliver products that actually do things that we're interested in. right now, i just think this is the company at the time that actually has the earnings versus so many other ones, scott, to your point, are betting on the

calm >> stephanie link, not an owner of nvidia, you choose to play it through broadcom you're looking at two different valuations for the stocks. there's a lot of hype around broadcom, too. you understand hype around ai. what do you think is hanging on these results now in overtime? for the market at large, just given what this month has done and the kind of swoon we've seen >> yeah. i think there are very high expectations for nvidia and other names, in addition to broad kam. i think lam research will also benefit. i think if the stock in any way tonight, if they disappoint, i think the weakness will get bought we know they're the primary beneficiary of ai data center and the transformation i guess it depends on what you think the total addressable market can be in the next five years. it could go from 80 billion to, if you listen to amd, 150

billion. tsmc thinks it's a 50% curve over the next five years this is total addressable market, data center, gpus. it depends on what number you believe. these guys will benefit from it. the data center number tonight is about 8 billion i think they'll do that and i think the number will be good. if it sells off on sell the news i think people will buy it you have a huge mixed shift happening in nvidia's business to higher performance gpus, it's 2.75 times greater in terms of performance than existing gpus that mix alone is powerful if it's down, i don't think it will stay down i'm choosing to buy other names off the beaten path. >> this is why we are talking so

heavily about what the importance of this stock is to the overall market if steph's right, then maybe a miss is not such a big deal because people step in and buy do you believe people would buy the weakness or do they sell tech if this misses? >> i think i said before, i think if it sells off people want to own it i would -- steph, i think if they miss, the stock is going lower. if they beat by less than the bulls are hoping and it sells off, then people say the fundamentals are there, it's not bad. i think if they miss tonight, it would be very surprising i think that surprise would mean the stock is down 10%, 15% >> maybe the more important thing is by what degree do they beat >> yeah. >> considering what they did last time -- >> i think that's where we are if it's by what degree do they beat, i think when they guided they knew they had a lot of that in the bag we doubt an nvidia gpu because

we can do the language processing and it's way, way faster if small companies like mine are buying it, i'm sure a lot will over time. i think they're still short. i think the runways is long -- you can't get them in the volume you want >> the supply is a real big issue. >> i think it will last for two, three quarters at a minimum. if they give a hint if that's not the case, i think this stock will sell off. i'm with steph, i know people want to own this thing because most people were not really overweight all year. we talked about it a couple months ago the biggest firms preview this year and none of them mentioned ai for a factor for 2023 it's not only the biggest upward sales revision of any company mega cap ever, but it's not what people thought would happen going into the year. >> that underscores how offsides they were coming into the year, which is one of the reasons why you had such a dramatic move higher in those names because

you had pile in once the ai story hit. bryn, jackson hole begins tomorrow and you have jay powell on friday. where is the market overall right now? if you take nvidia back out of the picture and bring the fed chair into the picture, what's riding on that >> we can't take nvidia out of the picture, that's where animal spirits and the positivity is. if you say the bull case this week is the nasdaq was oversold, we're above 4300 on the s&p, you have nvidia kicks off, if they deliver, and you have the 2 and the 10 continuing to foul, if powell does the opposite of what he did last year, that's setting up to say, hey, even though we have, like, pmi down, china and germany don't look so great, china looks terrible, but in the u.s. over here, because we're onshoring, we have a different set of circumstances, we're data dependent, that sets up for a

bounce off small correction. that's a bunch of ifs that i'm walking through. i would say on the longer term side, i still think avoid small caps we have not liked financials i do think interest rates matter though they don't matter to nvidia now, they don't matter to tech, they matter to the broad economy. i think with financials, with small regionals that have not managed their balance sheets, there are more lurking out there like silicon valley bank i think stay high quality, steer clear of the financials. >> steph, i said at the outset today, it's a simple picture to make it as simple as you can make it. rates down, stocks up. rates have been putting pressure on stocks for the better part of the last month the ten-year has been at these elevated levels. stocks have thought that was too hot to handle. rates go down today, the manufacturing pmi number was ugly some of the retail numbers were ugly rates down, stocks up.

is it literally that simple? >> for a day or two. rates are still absolutely high. and i think on friday we'll get an in-line powell commentary, but that in-line commentary is that growth while strong, inflation is persistent. it's coming down but it's persistent whether rates go another two times or not, i don't know none of us do. they don't even know we will be data dependent, but they are not going to reverse course any time soon i think if rates do stay high, that will be a struggle for the markets at large i think also you have a seasonally kind of sluggish period right now, august/september in the markets. make your shopping list and just kind of ignore the big picture and find some good stories on sale >> i like that phrase, one or two days, steph.

to me, the good news is bad narrative was about two days that was last monday and tuesday. i never like that narrative. to me, if we get good news, it will be good we have a chance to get in the dream quadrant, which is slightly dovish perception about commentary tomorrow combined with strong growth tonight from nvidia and then you have a runway back up we're in a vacuum on the next ten days on real data points after nvidia i don't see anything where i'll say this matters after labor day. maybe we'll get some fuel of they're not incrementally hawkish and growth is strong and we can get back to an upward trajectory in the market >> do you think we should be paying more attention to dick's sporting goods, mac macy's? the consumer is looking a little

dicey to them. once you get past summer travel season where people have obviously spent on travel and experiences and the like, they're not spending on some retailers, though abercrombie & fitch's ceo would say look at our stock today. >> there's one or two executing, as you know, we've been writing about the three things we have problems with retailers, stealing, which they call shrink >> they're talking about consumer trends. >> dick's st ishgs krshgs kshgs big problem. >> the consumer has been the big story. >> the store doesn't need to exist, everybody knows that. what do you need foot locker for? some of thosebusinesses are terminal financing conditions are starting to deteriorate. you've seen that you've seen shrink and growth in the footage slow, new products

slow because they can't make money. i think the retailers are in bad shape as a structural issue. they could only get bailed out by idiosyncratic things or the fed. >> i'm trying to get to a strong consumer are these warning signs that the consumer's going to get tapped and then we have a problem look at the manufacturing number today. >> i'm just saying walmart and amazon are gaining share because nobody wants to walk into a retailer where everything is glassed up, you have to ask a guy to open it up for you, you have to check it out yourself. they don't have half the stuff you need the comps at the existing stores will be bad, these companies will realize they can't make money there. i don't realize target couldn't go in half two or three years. that's structural. i don't think that's a problem with the consumer. i think the consumer, no matter what macro data you take in,

it's in good shape but getting worse. >> steph, is that how you see it do you take anything from what we've gotten this week and say, oh, what i was banking on looks like we may have some red flags to worry about >> no. i think the consumer is fine it's attributed to jobs, wages and inflation coming down. i think you have some that are structurally challenged. dick's, not only did they have shrink but they're going against covid where they were knocking the cover off the ball in terms of sales, traffic, trends. that's normalizing for them. macy's has been losing share to amazon and others forever. the stock is down 65% since february 2021. so, this is not new. foot locker is going through a transition away from nike, which was 69% of their sales, the others are not big enough or

popular enough to offset that. >> nike is down ten straight days >> yes but that is -- but this company is a good company. this is absolutely what you want to be buying you may not want to buy it today. maybe let the dust settle. down ten straight days for a quality company that has an earnings power of 650 in the next two years with ebit margins in the 15s up from 11 today, that's upside. they have pricing power, dtc that will help their margins as well they're number one in china and their brands are still strong. foot locker even highlighted that on the conference call today. quickly on other parts of consumer, i think you want to own housing companies. look at tollbrothers today, look at home depot and lowe's. you want to own some services companies, that's not exactly unknown. look what wynn put up, delta put up, carnival cruise put up

just well-run operators. when tj is putting up a 6 comp and the expectation was for 2, that shows they benefited from the higher inventories in the industry there's places you can own in consumer i don't think it's dead. i feel like these other ones that have disappointed, it's for good reason. >> okay. bryn, you get the last word. do we need to worry about what has been the strongest part of this economy >> always, right recessions start when unemployment is at all-time lows i'm not in the recession camp. i think you need an event to cause a recession. look at 30-day credit card delinquencies. they're snapping up quickly. what happens 30 becomes 60 becomes 90 it's not evident today, but you are seeing these cracks in the system i think people spent all this money on travel this summer and i do think the consumer, they have spent that covid money and people are putting their budgets

in i think on individual names like foot locker and dick's, i agree with adam. 55% of stocks, scott, going back 30 years don't outperform a rolling 30-day t bill. you should continue to watch the consumer and we're ramping up that credit card spending plus that 30-day delinquency, that's something you shouldn't ignore >> all right great. i think we're in general agreement, there's some things you can own. steph's points on travel resonate with me the physical box retailers are the things i'm most negative on. >> we'll leave it there. thank you. our question of the day, we want to know are you tempted to buy nvidia before tonight's earnings report? go to cnbcclosingbell.

let's get a check on top stocks to watch from kristina partsinevelos who i know is watching nvidia. >> i'm biased. >> but you will tell us about other names. >> i want to talk about retail stocks, they're on the move today. abercrombie & fitch, i talked about them three times with colleagues today it's at the highest level in a decade after hiking its full-year sales guidance abercrombie & fitch up just over 22.5%. williams-sonoma also higher on an earnings beat and improved market outlook, up almost 13%. foot locker, not the case. heading for its worst-day ever after reporting a sharp drop in sales due to ongoing consumer softness that's weighing on nike, which has already been under pressure and now heading for its longest losing streak on record, almost down 3%. there's been a lot of talk around the retail theft world, shrink this week

truist says avery dennisson could be a beneficiary avery makes the smart labels that can track theft and stolen products shares are up 3% $182 shrinkage. scott? >> thank you we'll see you in a bit we continue to count down and ramp up to nvidia's earnings eric woodring is out with a new note today it's surprising what he has to say about how owned apple really is biggest stock in the market, is it the most overowned? he'll drill down on the tech trade after this break we're live from the new york stock exchange you're watching "closing bell" on cnbc. when it comes to getting your flu shot, cvs is pretty... flex. wanna schedule one online while prepping dinner? gravy.

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shares of apple trading higher, still on track for the worst month of the year. a new note from morgan stanley says it is the most underowned large cap stock by institutional investors ahead of microsoft, nvidia, amazon and alphabet. let's bring in erik woodring good to see you again. >> thank you for having me i think people would see this and say what i thought everybody owned apple. you mean there's people who don't? >> i hear you. what we do is compile a bunch of 13f filings 45 days after the close of the quarter, and we look at the top 100 institutional active managers,

aggregate their relative weighting in these 15 different mega cap or large cap tech stocks, ultimately what the answer is apple's weighting in the s&p is just shy of 8%. apple's weighting in the top 100 actively managed institutional portfolios is closer to just 6%. the answer is, yes apple is underowned. more so than any other mega cap tech stock today for the first time in four years taking the baton from microsoft. >> it would seem to me the obvious answer as to why this is is because all of those other companies that we think about are all the ones that are laying out their ai strategies and that's where all the hype is and we're still kind of waiting to find out what this will mean for apple moving forward is there any truth to that >> i think that's fair i think the other angle here, too, is this is as of june 30th. this is pre-apple earnings

if we think about what happened in the june quarter, apple has been on fire effectively since february it was a massive out-performer this is the market reaction to valuation frankly, looking at numbers and saying, well, apple is still declining in the near-term. there's the potential to get back to growth in 2024, which i'm bullish on, but they need to put those numbers up i think incrkvestors got concer with where valuation was as we got towards the end of the quarter and apple is trading 30 times pe it's partially ai. i think it's partially also valuation and investors just being mindful of apple's run up year to date >> makes me also wonder whether you think apple's near-term direction is not going to be apple's decision to make there's nothing that will happen in the very, very near future -- of course they have the upgrade cycle coming in september.

it's potentially going to be driven by in part by what nvidia does after the bell today or whatever the ai story continues to go. and the overall drag higher that that story has meant to mega cap. >> i think you're exactly right. i was listening to your prior group. i think a lot of what they said resonates with me in terms of if you get a positive report from nvidia tonight, if you look at interest rates and they do fall lower in the near-term, that's ultimately positive for stocks apple included in that group we are in a bit of an information vacuum we won't get any real news on apple until mid-september when the iphone launch comes. i do believe that can be a catalyst to drive numbers higher i think this will be actually a good iphone 15 cycle you're dead right, within the next 30 days, a lot of the way that apple will trade will be dictated by broader macro movements and by nvidia tonight.

>> what's your pushback to those who say it's too rich, it's too expensive. 30 times the fundamentals are not phenomenal in the environment we're in with rates where we all know they are. how do you push back on that >> when you started working at morgan stanley in 2015, i heard the same narrative apple was expensive. if you made that call, you ultimately would have massively underperformed because apple has been a great out-performer it's gone through different business model pivots that have driven the multiple higher listen, i think today it's fair that apple has done from 190 to 175. this is a bit of a consolidation that was needed after the stock was effectively up and to the right for the better of six months what i think needs to happen is that numbers need to move higher ultimately that will give investors kind of the confidence to say, okay, i am willing to pay whatever it may be, 25 times, 30 times for this stock,

not just because of the near-term, but you have to think big picture and longer term. apple just added 150 million new users to their install base last year that are at the beginning of their monetization curve. i would argue they're not impacting the model. when we look at fiscal '24 eps is that reflective of the past users or the new users coming on board? i would argue the former ultimately maybe what i'm saying is the "normalized earnings power" of apple's install base is not necessarily what we're seeing in fiscal '24, it's what we're seeing further out on that basis, apple would be cheaper than the market thinks it is today. >> is apple ever going to buy something larger than beats? >> i remember last time i was on here we talked about espn. >> it's part of the story people talk about they have a mountain of cash what will they do with it? >> they'll continue to buy back

$20 billion of stock a quarter, grow the dividend of time and use the rest to reinvest i don't think apple will do something big and flashy ultimately their goal for cash is to use it internally, build versus buy, so to speak. you've seen them build an entire tv platform off of nothing when everyone thought five years ago they would buy netflix unfortunately for the story, i don't think apple will go out and buy anything like espn or something flashy, as cool as that may seem. this will be an internally drivenbusiness, build versus buy. >> thank you coming up, a top technician mapping out his forecast and what he sees from here. and a look at what to watch when nvidia reports.

and snowflake also reporting this afternoon "closing bell" is coming right back

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the major averages rebounding today, but our next guest says this bounce could stall. joining us is jonathan krinsky why are we only halfway through? >> there's two issues we're looking at short-term we got oversold conditions last week seeing relief this week. when we look at the medium-term picture, some of the momentum gauges that we would classify as medium-term are starting to flip over we are close to that on the s&p. the other issue that not a lot of people are talking about is this volume profile. most people look at volume over a time series, we like to look

at it on a price basis if you think of what happened last time nvidia reported earnings in late may, we went straight up from 4200 to 4600 in the s&p. that creates what we call a volume pocket. i think we're halfway through the volume pocket. >> you suggested that some of the -- you know, more recent strength in the nasdaq is more than meets the eye under the surface there are more stocks -- you know, the day the nasdaq this week had the best day since july, you're like wait a minute, more stocks were still down than up on that day, portending underlying weakness >> i think strength from mega caps is nothing new. it's not as weak to start the year monday, for instance, we had only the ninth time where the nasdaq was up at least 9.5% but

more stocks were down than up. there were other times, the last time nvidia reported in may. that was a catalyst. and the march of 2022, the tail end of that counterrally and occurrences in 2008. >> in fairness you haven't liked this market for a while. you have, from my recollection, please correct me if i'm wrong, a lot of the march up you've suggested, well, this can't last, can't last, can't last, and it lasted. why was that maybe the technicals that, you know, you're relying so heavily on are not telling the whole story. is that a fair depiction of the case i can't remember you coming on in any recent memory and saying this is totally justified. i think we're going back to new highs or 4600. >> i think the breakout of 4200 in the s&p accelerated the move. that was the trigger where we

saw a bit of breadth expansion up to that point it was a magnificent seven led rally. you have not seen that follow through. for instance, the percentage of stocks has yet to exceed 75% in some ways, yes, it's been much stronger than anticipated in other ways we've never seen a new bull market that started this week internally >> you have to be careful when you do that. technicians would always say, well, we've never ended a bear market without dramatic capitulation event and we never got that that's what you were saying back then >> totally one of these two situations will be true. either it will be the weakest start to a new bull market we've seen or one of the biggest head fakes in bear market rallies we've seen we don't think we have to go back to the lows, but a retest

of 4200. >> set things up for us, tonight, nvidia. given everything you've said, to what degree does that play a role in whether you're right or wrong? >> we don't have a view on nvidia fundamentally, nor do we know what the stock will do. all i can say is antidotally speaking, this is the most anticipated hyped up earnings release we can recall in some time nvidia has gapped up strongly the last two earnings reports. our thought is a gap up this time will be sold into looking short-term, the nasdaq broke below the 50-day, and now it's retesting that. we have not been below the 50-day since january i think that's an important retest we think it will act with some resistance >> good stuff. that's jonathan krinsky. coming up, we're tracking the biggest movers as we head into the close kristina partsinevelos is standing by with that.

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. back to kristina partsinevelos for what she's watching >> shares of amc getting crushed

today. down about 12% tomorrow is the last trading for its ape shares, those will be converted to common amc stocks on friday. amc plans to do a reverse 1 for 10 stock split ams is down 12%. ape down 6% today. you might be breaking a sweat if you look at shares of peloton. the company posted a much wider-than-expected loss citing a recall of its bike seat post which snaps off if you pedal too hard the ceo, barry mccarthy, wrote that consumer spending shifted towards travel and experiences instead of peloton hardware. shares down almost 23% >> brutal. thank you. >> thanks. we're also keeping an eye on netflix. julia boorstin has more on that

move today >> netflix shares are up about 4% today and it's because of a bullish note from oppenheimer with an overweight rating on the stock and a $515 12 to 18-month price target saying ad sharing should boost netflix 40% higher than it was last year saying the increase will be in high incremental margins. oppenheimer saying their analysis indicates a clear path back to double-digit revenue growth netflix shares are up about 46% year to date and netflix may be benefiting from the fact that it appears better positioned to ride out the writers and actors strikes than its rival media giants and this, of course, comes as the studios and writers standoff

continues. >> all right thank you. julia boorstin last chance to weigh in on our question of the day. the question of the moment are you tempted to buy nvidia before no, itonight's earnings report head to cnbcclosingbell. the results are after this break.

the results of our question of the day, are you tempted to buy nvidia before tonight's earnings report. the majority of you said nope. i'll just wait and see what happens. see what happens in overtime is there a score of the vote was it close we don't have one today. all right. you take my word for it. no is the answer

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we're in the market zone mike santoli is here to break down the crucial moments of this trading day, plus two major tech earnings we're waiting for in overtime kate rooney on snowflake, kristina partsinevelos on nvidia mike, what's at stake? >> there was nothing particularly wrong with microsoft or apple's results, but the stocks and the markets sold off because it was ready to do so. i think we're going into the nvidia report in a more neutral

setup. we were oversold, we have had relief, yields are down, we've had our 5% pullback. the question is was that enough? for as much as nvidia is up and as far as it is above the trend line, it's been more overbought in the past, november of 2021, and it's done nothing for a month. i think it's a bit of a crap shoot. there's going to be a quarter where people have an oh-no moment who knows if it will be this one. >> should we also note, nice move in the s&p here, as we move to the close, better than 1% gain rates down, stocks up. >> that's basically what it has been banks found their footing. that's important that has been a vulnerable spot in the pullback. i would say it's come up to a neutral level. we're up a percent in the 50-day average. it's constructive but it has not proven quite anything yet. >> kate, you can hear snowflake, don't forget about us. we matter.

>> right i know it's been all about nvidia guidance is key, snowflake typically provides product revenue guidance the street is looking for 675 million for q3 there's been a lot of talk about optimization headwinds software customers spending less in prior quarters as they are optimizing spending, as it is called the street looking for any signs that some of that pressure is mitigating any silver linings of booking improvement and momentum would be seen as a positive in this tougher budget environment any sign that consumption trends have bottomed based on june and july trends that we'll see today. snowflake cut its forecast in the last report, it was down that quarter on the lower outlook. it's been on a streak lately of d downbeat reports maybe today that will turn around we'll see. >> kate rooney, thank you very

much kristina partsinevelos, as we count down to the big report, you -- you feel the magnitude of what's at stake here as well, as closely as you cover a lot of these companies. this just feels dicfferent. >> because of its influence on the s&p 500 and the whole ai theme and whether it will be hype or not. nvidia is one of the few plays seeing a material bump in its numbers from ai. that's why there's so much emphases placed on its data center revenues since it contributes 60% of total revenues and includes those sought-after ai chips. analysts calling for $15 billion in the coming quarter. that's a big goal when total revenues are only expected to be about 11 billion in this q2 quarter. citi has it at 12 billion.

buyside is saying 12 billion some think the cfo will need to bring up the backlog since capacity is so constrained so give investors confidence about the visibility of future orders heading into 2024 and that should run the stock higher the options market is definitely calling for at least a 10% swing post-earnings in either direction. >> all right we will see you in o.t. when it all goes down. mike santoli, 45 seconds or so left do we find our footing in tech >> yeah. >> do we fall further? >> or is nvidia such a unique species within the market it doesn't necessarily have coattails directly for other macro or fundamental factors those are the questions. big picture, not to overthink it, if you thought four weeks ago valuation was stretched, sentiment was too excited, technicals were overbought, you

have taken care of some -- in some measure all those things, but the question is, is it enough maybe nvidia gives it a push one way or the other >> i can't wait to see what happens over the next 30 minutes or so. don't go anywhere. "overtime" right now that was a strong day on wall street. welcome to "closing bell: overtime." i'm jon fortt, morgan brennan is off today. nvidia's second quarter earnings report is minutes away one expert called it the single most important print of the entire year. nvidia has been the poster child of the ai-driven tech gains propelling the stock above a $1 trillion market cap this year. it has seen huge moves after earnings this year after q4 results in february,