The Chip Reported. The Grid Gets Paid.

Nvidia cleared every bar last night, with $89 billion in data center revenue and a $108 billion guide for next quarter. The stock is up about 6% pre-market with Nasdaq futures leading the tape higher.

The trade is not Nvidia however, it is the industrials and power names that get paid to build what all that money actually buys, and the Jackson Hole Symposium opens today.

Nvidia's quarter was not close: $96.2 billion of revenue, up 106% in a year, $89 billion of data center sales against $86 billion expected, and a $108 billion guide for this quarter where the street modeled $104 billion. Jensen Huang then pointed to roughly 70% growth next fiscal year.

Here is the part most readers skip: a guide like that is not really a fact about one stock, it is a spending commitment, and that money lands on transformers, switchgear, cooling systems, land and electricians long before it reaches a chip. Nvidia is the loudest link in that chain and the one already up 6% this morning, which is exactly why the interesting money is further down it.

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Bird's Eye: Industrials led Wednesday, up 1.09%, while health care fell 1.00%. Money was already leaning toward the builders before Nvidia confirmed the budget, which is the whole reason today's open matters more than last night's headline.

Ground Level: July PCE ran 3.7% year over year against 3.6% expected, but core inflation held at 3.3%, and core is the number the Fed actually steers by. Energy firmed as oil bounced off Tuesday's flush.

Under The Hood: The second estimate of Q2 GDP and weekly jobless claims land at 8:30am, Kansas City Fed manufacturing at 11am, Jackson Hole opens today, and Marvell reports after the close.

Quanta Services ($PWR): The Company That Plugs It In

Quanta Services is North America's largest specialty contractor for electric power: the crews who string transmission lines, build substations and wire data centers into the grid. It holds a $53.4 billion backlog of work already under contract, and Wednesday's $616.73 close ended six straight down days that erased roughly $18 billion of market value. Nvidia's $108 billion guide is the demand signal that says this backlog gets built.

Predicted, and it is a win. Our logged call on whether Nvidia's fiscal Q2 data center revenue would top $85 billion was resolved last night at $89 billion. The crowd sat near 78.5% YES. We called it underpriced at roughly 86% YES, and the direction was right.

The new primary is the September 16 Fed decision; the market moves tomorrow with Kevin Warsh’s first Jackson Hole keynote as Chair. The interesting part is that the three venues have converged: Polymarket 68%, Kalshi 71%, and CME FedWatch 69% for a hold, after futures spent a week pricing a far more hawkish path.

Our read is a notch higher at roughly 78%, because core PCE held at 3.3% and July payrolls lost 23,000 jobs, so the roughly 31% hike price is paying for Warsh's reputation rather than for the data he actually has.

BullBuzz Takeaway: Watch the 2-year Treasury yield during Friday's keynote, since it tracks Fed expectations most directly.

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