0852 GMT - Nvidia's earnings will serve as "the acid test" for artificial-intelligence supply-chain stocks, Tickmill Group's Patrick Munnelly says in a note. Nvidia is due to report its fiscal 2Q earnings Wednesday after market close. Munnelly notes that the immediate pressure on tech stocks has eased lately after a sharp slide in the Philadelphia Semiconductor Index amid rising Treasury yields and geopolitical tensions. "Nvidia's multi-day losing streak reflects proactive portfolio de-risking rather than structural distress, but the market's tolerance for anything less than a flawless report is extremely limited," he says.
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