⚡ Nvidia's (NVDA) financial report has just been released! ---The numbers are good, but the market reaction is a bit complicated, and Nvidia's stock price is falling after the market closes! Let's first look at the hard data: According to CNBC, Nvidia's Q2 revenue was $96.22 billion, higher than analysts' expectations of $92.17 billion; Adjusted earnings per share of $2.22, higher than the expected $2.10; Data center revenue was $89 billion, higher than expected at $86.33 billion, a year-on-year increase of 117%; The gross profit margin is 75%, consistent with the company's guidelines. At the same time, several key pieces of information were also disclosed: (1) The total amount of future commitments has increased to 279 billion US dollars, mainly related to the procurement of storage chips. (2) Vera Rubin is fully operational. (3) Q3 guidance revenue was $108 billion (± 2%), higher than analysts' expectations of $104.2 billion. Just looking at the numbers, this is a very beautiful financial report. But after hours, the stock price is falling, where is the problem? This is a typical curse of 'falling after financial reports'. In the past four quarters, Nvidia's stock price has fallen after every financial report!! It's not because of poor performance, but because market expectations are too high, and 'exceeding expectations' has already been priced in advance. What the market is really playing with now are three deep-seated problems: Can Vera Rubin take over smoothly? The market is very concerned about the revenue contribution of the Rubin cycle. Although Nvidia announced that Rubin will be fully put into production, it still needs to confirm the specific pace and timeline for the volume increase. If Rubin climbs smoothly, the focus will shift from "exceeding expectations this quarter" to "whether Rubin can open up the next round of growth space". Has the revolving financing dispute been properly addressed? Nvidia has established AI computing power financing platforms with multiple financial institutions, and the market is concerned that this is "revolving financing": The money lent by Nvidia to customers to buy Nvidia chips ultimately carries the risk back to Nvidia itself. Analysts hope that the management can provide clearer explanations during the conference call. 3. Gross profit margin and storage cost pressure: 75% of gross profit margin meets guidelines, but storage chip costs are still rising, and HBM and DRAM prices are soaring. Nvidia has informed its customers that AI servers may experience a price increase of over 15%, which will be transmitted downstream and the market is concerned about profit margins being squeezed. What does NVIDIA's financial report mean for BTC? In the short term, Nvidia's financial report itself did not bring any additional macro positive news, and the curse of "decline after financial report" is being fulfilled, which does not provide any additional boost to BTC's risk appetite. Based on our discussion today about PCE exceeding expectations (3.7% higher than expected 3.6%), two things combined objectively indicate the pressure BTC is facing in the short term. Structurally speaking, the AI infrastructure is far from over: the $279 billion procurement commitment, full-scale production of Rubin, and Q3 guidance exceeding expectations are essentially saying one thing: the demand for AI computing power is still long-term. This supports BTC's medium-term logic (risk appetite, capital flow to technology assets). From a cross asset perspective, the correlation between BTC and Nvidia has dropped to nearly 0.014 in the third quarter of 2026, far exceeding the historical average of 0.5. In the past four Nvidia financial report windows, NVDA fell an average of 4.85%, while BTC fell an average of only 0.65% during the same period, a difference of 13 percentage points between the two. The linkage logic between BTC and Nvidia has been broken in the actual market. Short term: There is pressure for a pullback; Mid term: The AI narrative is not collapsing, the market is just re pricing. Two important things have come to fruition, and there is still Friday's statement from Walsh! It is estimated that Bitcoin is likely to fluctuate and digest at a high level, and will only choose a short-term direction next Monday.