Deadline Night Summary: Nvidia's Impressive Earnings Inject Confidence into the Market, Fed Minutes Disagreement Heightens December Rate Cut Uncertainty

BlockBeats News, November 20th, NVIDIA (NVDA.O) announced this morning that its Q3 revenue for the 2026 fiscal year was $57 billion, compared to $35.082 billion in the same period last year, with the market expectation at $54.923 billion. It is also expected that Q4 revenue for the 2026 fiscal year will be $65 billion, with the market expectation at $61.6 billion. The chip sales growth rate at the core of the artificial intelligence boom exceeded Wall Street's expectations, while providing a strong outlook for the current quarter's revenue, which has led investors to believe that the artificial intelligence investment frenzy will continue. NVIDIA CEO Jensen Huang stated, "I don't see an artificial intelligence bubble." The market rebounded after NVIDIA's earnings report, with Bitcoin rising to $91,500, Ethereum rising to $3,000, NVIDIA's stock surging over 5% after hours, and Nasdaq futures opening 1% higher on Thursday.

In addition, the Federal Reserve released the minutes of its October meeting this morning, revealing a division among policymakers on whether to cut rates in December, with several attendees opposing a rate cut, intensifying internal Fed divisions. Expectations for a rate cut in December have significantly cooled off, as there are no key data points available before the meeting, and the market now estimates the probability of a rate cut in December to be at 31.6%.

The minutes of the meeting showed: "Many participants supported reducing the target range for the federal funds rate," but also indicated that some members who supported a rate cut also found the option of keeping rates unchanged acceptable. Several officials directly opposed a rate cut, expressing concerns that the committee's progress in achieving the 2% inflation target has stalled and warning that if inflation does not return to 2% promptly, long-term inflation expectations could rise. Most participants noted that further lowering the policy rate could exacerbate the risk of persistent high inflation or be misinterpreted by the market as a lack of the committee's firm commitment to achieving the 2% inflation goal. These minutes reflect officials' efforts to seek consensus in a data-deficient context, balancing the risks of both rising inflation and a weak job market, and warning that a "sharp reassessment" of AI investments by the market could lead to "disorderly stock market declines."