Nvidia , the poster child of the AI trade, will report earnings Wednesday night. The fundamentals and the charts suggest investors should proceed with caution. For a variety of reasons, sentiment around the AI buildout beneficiaries has started to sour. Pushback on data centers has become a key topic heading into the midterms. Memory bottlenecks are also driving up the cost for each additional gigawatt of compute. Plus, declining costs for each unit of AI compute, known as tokens, are calling into question the ability of proprietary AI labs, namely OpenAI and Anthropic, to make good on their massive financial obligations. The result is that Nvidia went from registering its highest close since mid-May on Aug. 13 to a seven-day losing…
