TradingKey – Global capital markets are experiencing the most dramatic swap of technology valuations, ever, and it is largely AI capex and earnings. At the heart of this transformation is Nvidia Corporation (NVDA), which has become the foundation of global AI infrastructure after moving away from being a niche graphics chipmaker. The company’s recent earnings have highlighted its dominance of the industry, sparking an intense debate on the trajectory of its equity valuation.

Market sentiment is still very tied to Nvidia’s results. Revenue guidance for next-generation hardware architecture deliveries, in particular, is an important indicator if the technology rally has more room to run. Structural demand in enterprise software…