I would wait for both Nvidia earnings and Jackson Hole to clear. Nvidia’s fundamentals remain exceptional, with consensus revenue around $92bn and Rubin potentially becoming the next major growth driver, but expectations are already demanding. A routine beat may not be enough, especially after four consecutive negative post-earnings reactions.

The reported 15%+ server price increases also show Nvidia retaining pricing power despite soaring memory costs, although that could pressure customers’ AI returns.

For me, the better risk/reward is to avoid chasing before two major catalysts. If Nvidia delivers strong guidance and Warsh does not trigger another yield shock, I would add afterwards. Suppliers, especially memory and AI infrastructure names, remain attractive as a secondary way to play the spending cycle.