NVIDIA earnings report 'kills valuations,' and did the Fed open a 'backdoor' overnight? When even NVIDIA's stellar earnings can't lift its stock price, it shows that the 'hardware infrastructure' narrative for AI is starting to lose steam. NVIDIA dropped 5%, and the hardware trio (ASML, TSMC, SK Hynix) completely collapsed. People have lost faith, and panic dragged BTC below 68k. At this critical moment, the Fed's Goolsbee stepped in to calm the market. A single line about 'a few rate cuts' forcibly kept the market alive, with gold and U.S. stocks rebounding in response. Next up, keep a close eye on March's Nonfarm Payrolls and CPI—this is the real test that will determine the direction for 2026.