Week Ahead on Wall Street: Bracing for Nvidia

Estimated reading time: 6 minutes

Wall Street’s attention this week is really focused on only one thing: Nvidia’s quarterly results.

To set the stage, the big tech companies at the forefront of AI (the “hyperscalers”) were expected to invest $522 billion this year coming into earnings season. They’re now projected to spend $642 billion, over 23% more than initially estimated and 74% more than in 2025. These numbers are absolutely bonkers and show that growth in AI investment is still accelerating, somehow.

Since a massive portion of AI spending flows directly to Nvidia, the company’s results and guidance will serve as an important reality check on the AI boom.

The hyperscalers are spending a lot as agentic AI moves into the mainstream. The innovation frontier has moved past seemingly all-knowing chatbots to autonomous software that can actively conduct tasks like booking travel or writing code without a human operator. Naturally, these digital assistants require much more computing power, which should continue to support the spending bender we discussed in our 2026 outlook. 

Also worth noting, the fourth-quarter earnings season has been strong. As of Feb. 19, revenue for S&P 500 companies that have reported is up 9% over last year. Earnings have risen 12%. 

Economic and Earnings Calendar

Monday

• January Chicago Fed National Activity Index: This is a monthly index put together that incorporates 85 indicators from four categories: production and income; employment, unemployment, and hours; personal consumption and housing; and sales, orders, and inventories. 
• December Factory and Durable Goods Orders: These metrics give insight into underlying trends for leading cyclical indicators. 
• February Dallas Fed Manufacturing Activity: This is the Dallas Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• Fedspeak: Fed Governor Christopher Waller will discuss the economic outlook and give the keynote address at the National Association for Business Economics (NABE) annual economic policy conference.
• Earnings: Dominion Energy (D), Domino’s Pizza (DPZ), Erie Indemnity (ERIE), Diamondback Energy (FANG), Keysight Technologies (KEYS), ONEOK (OKE)

Tuesday

• February Philadelphia Fed Non-Manufacturing Activity: The Philadelphia Fed’s survey of services executives in the region on business conditions and their outlook. 
• December FHFA House Price Index: This is a broad measure of single-family house prices released by the Federal Housing Finance Agency. 
• February Richmond Fed Manufacturing Activity: The Richmond Fed’s survey of manufacturing executives in the region on business conditions and their outlook. 
• February Richmond Fed Non-Manufacturing Activity: The Richmond Fed’s survey of services executives in the region on business conditions and their outlook. 
• February Conference Board Consumer Confidence: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on job availability and the state of the labor market. 
• December Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain. 
• February Dallas Fed Non-Manufacturing Activity: This is the Dallas Fed’s survey of services executives in the region on business conditions and their outlook.
• Fedspeak: Chicago Fed President Austan Goolsbee will discuss the economy at the NABE conference. Boston Fed President Susan Collins will give opening remarks at the regional Fed’s conference on finance and payments. Atlanta Fed President Raphael Bostic will participate in a moderated discussion with Marketplace. Waller will deliver the keynote address at the Boston Fed conference. Fed Governor Lisa Cook will discuss artificial intelligence at the NABE conference. Collins and Richmond Fed President Tom Barkin will speak on a panel at the Boston Fed conference.
• Earnings: American Tower (AMT), Axon Enterprise (AXON), Constellation Energy Co (CEG), CoStar Group (CSGP), Expeditors International of Washington (EXPD), Fidelity National Information Services (FIS), First Solar (FSLR), GoDaddy (GDDY), Home Depot (HD), HP (HPQ), Henry Schein (HSIC), Keurig Dr Pepper (KDP), Mosaic (MOS), NRG Energy (NRG), Realty Income (O), Workday (WDAY)

Wednesday

• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.
• Fedspeak: Barkin will take part in a moderated Q&A at the Northern Virginia Chamber. St. Louis Fed President Alberto Musalem will discuss the role of the Fed in the St. Louis region.
• Earnings: Agilent Technologies (A), APA Corp (APA), Salesforce (CRM), EOG Resources (EOG), Lowe’s Companies (LOW), NVIDIA (NVDA), Pinnacle West Capital (PNW), Paramount Skydance (PSKY), Synopsys (SNPS), TJX Companies (TJX), TKO Group Holdings Inc (TKO), Trade Desk (TTD), Universal Health Services (UHS), Vici Properties (VICI), Warner Bros. Discovery, Inc (WBD)

Thursday

• February Kansas City Fed Manufacturing Activity: The Kansas City Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• Earnings: Autodesk (ADSK), AES (AES), Coterra Energy Inc (CTRA), Dell Technologies (DELL), EMCOR Group (EME), Hormel Foods (HRL), Intuit (INTU), NetApp (NTAP), Public Service Enterprise Group (PEG), Qnity Electronics (Q), SBA Communications (SBAC), JM Smucker (SJM), Solventum (SOLV), Sempra Energy (SRE), Vistra Energy (VST), Viatris (VTRS), Block, Inc. (XYZ)

Friday

• January Producer Price Index: The PPI tracks price trends that producers face and is down significantly from its peak earlier in the cycle. 
• February Chicago Business Barometer: The barometer provides information on U.S. economic activity and business conditions, consisting of seven activity indicators and three buying policy indicators. 
• December Construction Spending: Construction data is a leading indicator of business activity. 
• February Kansas City Fed Non-Manufacturing Activity: The Kansas City Fed’s survey of services executives in the region on business conditions and their outlook.
• Earnings: Monster Beverage (MNST)

Saturday

• Earnings: Berkshire Hathaway (BRKB)

Disclaimer
SoFi Securities (Hong Kong) Limited and its affiliates (SoFi HK) may post or share information and materials from time to time. They should not be regarded as an offer, solicitation, invitation, advice, recommendation to buy, sell or otherwise deal with any investment instrument or product in any jurisdictions. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
SoFi HK does not make any warranties about the completeness, reliability and accuracy of this information and will not be liable for any losses and/or damages in connection with the use of this information.
The information and materials may contain hyperlinks to other websites, we are not responsible for the content of any linked sites. The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi HK. These links are provided for informational purposes and should not be viewed as an endorsement. The risk involved in using such hyperlinks shall be borne by the visitor and subject to any Terms of Use applicable to such access and use.
Any product, logos, brands, and other trademarks or images featured are the property of their respective trademark holders. These trademark holders are not affiliated with SoFi HK or its Affiliates. These trademark holders do not sponsor or endorse SoFi HK or any of its articles.
Without prior written approval of SoFi HK, the information/materials shall not be amended, duplicated, photocopied, transmitted, circulated, distributed or published in any manner, or be used for commercial or public purposes.