Nvidia and Jensen Huang

Nvidia reports on Tuesday without Jensen Huang. The number that matters will be set in Washington, not Santa Clara

Wall Street expects another record quarter. But Nvidia's outlook still assumes no China data-centre sales, and whether that changes runs through Howard Lutnick's embattled department and a Shenzhen summit the same week. Traders now see Nvidia's year-end value as a coin flip around $4tn.