The Week Ahead: Warsh Makes Jackson Hole Debut as Nvidia and Marvell Earnings Test AI Investment Demand

Jackson Hole Economic Symposium and Warsh's Speech: Key Signals for September Rate Path

From Thursday to Saturday (August 27–29), the Jackson Hole Economic Symposium will be held at Jackson Lake Lodge in Wyoming, with this year's theme being "Financial Innovation: Implications for Payments and Policy."

On Friday morning (August 28), Fed Chair Kevin Warsh will deliver his first Jackson Hole keynote address since taking office.

Markets will closely monitor whether Warsh continues his communication style of reducing forward guidance, and whether he will further elaborate at Jackson Hole on the Federal Reserve's views on inflation, employment, and the policy trajectory.

If Warsh delivers unexpectedly hawkish signals emphasizing inflation pressures, U.S. Treasury yields and the U.S. dollar could firm up again, putting pressure on high-valuation tech stocks and gold. Conversely, if he focuses more on weakening consumption and the restrictive nature of current policy, it could ease market concerns over further policy tightening and reinforce expectations of keeping interest rates unchanged in September.

Revised Q2 GDP and Core PCE: A Dual Test of Economic Resilience and Inflation Trajectory

On Wednesday (August 26), the U.S. Bureau of Economic Analysis will release the revised second-quarter annualized GDP growth rate. Markets will watch whether U.S. economic resilience remains as robust as indicated by the preliminary estimate, as well as the revision directions for personal consumption expenditures and business investment.

On the same day, the U.S. will also release the July Core PCE Price Index. Core PCE is a key inflation metric closely watched by the Federal Reserve. A higher-than-expected reading could reignite rate-hike expectations, whereas a continued slowdown would help solidify expectations for holding rates steady in September.

Nvidia Earnings: A Bellwether for Global AI Capital Expenditure

After the market close on Wednesday (August 26), Nvidia will report its second-quarter fiscal 2027 results, making it one of the most anticipated events of next week and the entire earnings season.

Markets will focus heavily on Data Center revenue, shipping progress of Blackwell architecture chips, gross margin trends, and management's guidance for the next quarter.

As AI unicorns such as Anthropic and OpenAI accelerate expansion and major cloud providers continue to scale up AI infrastructure, Nvidia's performance is viewed as a bellwether for the global AI capital expenditure cycle.

If Nvidia's earnings top expectations and offer strong guidance, it could drive gains across the broader AI and semiconductor sectors. Conversely, if Data Center revenue growth slows or gross margins miss expectations, it could trigger a chain-reaction adjustment across the AI supply chain.

Salesforce and CrowdStrike Earnings: Enterprise Software and Cybersecurity Health Under the Microscope

After the market close on Wednesday (August 26), Salesforce (CRM) and CrowdStrike (CRWD) will also report earnings. The two companies represent the enterprise software and cybersecurity sub-sectors, respectively.

Salesforce's earnings will reflect enterprise customers' willingness to spend on AI agents and CRM software, with the progress of its AI strategy and subscription revenue standing out as key highlights.

CrowdStrike serves as a crucial window into the health of the cybersecurity industry. Markets will watch for management stability following the departure of CTO Elia Zaitsev, as well as whether AI-related security demand can continue to support the company's growth and valuation.

Marvell Technology Earnings: A Major Test for the AI Custom Chip Leader

After the market close on Thursday (August 27), Marvell Technology will release its second-quarter fiscal 2027 earnings report. Analysts expect Q2 revenue of approximately $2.71 billion, up roughly 35% year-over-year. With Marvell Technology's stock surging over 190% so far this year, the market is paying close attention to whether these earnings and forward guidance can justify its lofty valuation.

Monday (August 24)

Key Events: July Chicago Fed National Activity Index, PDD Holdings earnings

U.S. economic data will be relatively light on Monday, with the Chicago Fed National Activity Index providing a reference point for overall U.S. economic activity in July. The index synthesizes multiple dimensions including employment, production, income, consumption, sales, and orders.

On the corporate front, PDD Holdings (PDD) will report Q2 2026 earnings before the open, with the market focusing on the latest GMV growth rate of its overseas e-commerce platform Temu, geopolitical policy response strategies, and the profit margin performance of its core domestic platform.

Tuesday (August 25)

Key Events: August Conference Board Consumer Confidence Index, Zoom earnings, Bank of Montreal earnings, Intuit earnings

The U.S. will release the June S&P/Case-Shiller Home Price Index and FHFA House Price Index, reflecting real estate market price trends. The July New Home Sales and August Conference Board Consumer Confidence Index, released on the same day, will gauge housing demand and consumer sentiment. Meanwhile, the August Richmond Fed Manufacturing Index will reflect manufacturing activity in the Fifth Federal Reserve District.

On the corporate front, Intuit (INTU) and Zoom Video Communications (ZM) will report earnings after the close, while Bank of Montreal (BMO) and Dick's Sporting Goods (DKS) will release their results before the open. Market focus will cover the hidden AI asset value from Zoom's early investment in Anthropic, as well as business sentiment trends across the retail consumption and financial services sectors.

Wednesday (August 26)

Key Events: July Core PCE Price Index, Nvidia earnings, Salesforce earnings, CrowdStrike earnings

This will be the most data-intensive day of the week. The U.S. will release July Durable Goods Orders, the revised Q2 annualized GDP growth rate, July Personal Income and Spending, and the Core PCE Price Index. The data outcomes will directly influence market expectations for the September FOMC policy decision.

On the corporate front, Nvidia, Salesforce, CrowdStrike, Synopsys (SNPS), and HP Inc. (HPQ) will report earnings after the close, making AI infrastructure, enterprise software, and cybersecurity the key market focuses for the day.

Thursday (August 27)

Key Events: Jackson Hole Economic Symposium, Marvell Technology earnings, Bilibili earnings, Autodesk earnings

The U.S. will release the advance July Goods Trade Deficit and the Kansas City Fed Manufacturing Index. The 2026 Jackson Hole Economic Symposium will also kick off on the same day, with the market warming up for Warsh's speech on August 28.

On the corporate front, Marvell Technology, Autodesk (ADSK), Workday (WDAY), Best Buy (BBY), Bilibili (BILI), Dollar General (DG), and Dollar Tree (DLTR) will report earnings, putting consumer electronics, Chinese internet, discount retail, and chip design sectors in the spotlight.

Friday (August 28)

Key Events: August Chicago PMI, August University of Michigan Consumer Sentiment Index

The U.S. will release the August Chicago PMI and the final reading of the University of Michigan Consumer Sentiment Index, providing fresh clues on manufacturing and consumer sentiment.

The highlight of the day will be Federal Reserve Chair Warsh's keynote address at Jackson Hole, with the market paying close attention to phrasing regarding inflation, employment, and the interest rate path.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.