TSM's leading-edge manufacturing demand is supported by strong Nvidia guidance and TSM's own strong earnings and guidance, indicating a positive outlook.

Next on the list is going to be Taiwan Semi. This connection is even easier. Nvidia needs someone to manufacture these advanced chips. Taiwan Semi is one of Nvidia's most critical manufacturing partners.

If Nvidia raises expectations for Blackwell and Rubin, that potentially means more advanced wafers, more advanced packaging, more capacity requirements, more demand for Taiwan Semi.

So, strong Nvidia guidance is another data point supporting Taiwan Semi's leading-edge manufacturing outlook. And we already heard from them. And they reported strong earnings and strong guidance, setting up the stage for strong demand.

supporting Taiwan Semi's leading-edge manufacturing outlook. And we already heard from them. And they reported strong earnings and strong guidance, setting up the stage for strong demand.

So, with that, there's really two scenarios that could take place after the report on Wednesday night. Scenario one, Nvidia crushes it. Revenue beats, EPS beats, margins hold, Q3 guidance comes in well above 104 billion.

Ruben remains on schedule, and Jensen says demand continues exceeding supply. If we get that combination, I think you could see a significant relief rally across AI, Nvidia, AMD, Taiwan Semi, Broadcom, Marvell, Credo, Micron, potentially even AI infrastructure and data center names because the market gets confirmation the AI spending cycle isn't over.

And to be clear, this is the scenario I'm not only hoping for, but also it's my expectation.

So, in conclusion, Nvidia reports Wednesday, and this is probably the most important earnings report remaining in the season. I'm watching 92 plus billion in revenue, $2.09 EPS, hoping for higher, 75% gross margins, and Q3 guidance versus roughly $104 billion.

What's the take on rumor demand? Is there any sales heading into China? And most importantly, Jensen Huang's commentary around infrastructure spending. Because if Nvidia tells us demand remains extraordinary, that doesn't just strengthen my Nvidia thesis, it strengthens my conviction across much of the AI investment stack.

AMD, Taiwan Semi, Broadcom, Marvell, Credo, Micron, and potentially many more. But if we start seeing cracks, I'm not going to ignore them simply because I'm bullish on AI. That's the entire purpose of following earnings.

Our thesis should follow the fundamentals, not the other way around. And Wednesday night, we're going to get one of the most important updates of those fundamentals we receive all year.