Nvidia steps into the spotlight just as yields stage their own rally. Two storylines, one week.

It is Nvidia week. After nine months of trading in a tight range, the stock has finally broken out roughly 25%. The setup is loaded with expectations — Jensen Huang told the market just a few months ago that he had visibility into $1 trillion of revenue through the end of 2027. Now Wall Street wants to see that confidence reflected in the numbers.

To put the scale of this company in context: Nvidia’s market cap hit $5.5 trillion last week. That is bigger than the entire German economy. Which is also why the policy proposal floating around to push corporate earnings to a semiannual cadence feels off. When companies get this large and this concentrated in major indices, less frequent reporting is the wrong direction. Investors need more visibility on the businesses driving the market, not less.

Bond yields are running the show, again.

The other storyline is the bond market. Hot inflation, mostly driven by the oil situation around the Strait of Hormuz, is pushing yields higher across the curve. The 10-year is at 4.6%. The 30-year is at 5.1%.

Earlier in the cycle, the pressure on this administration came from a stock market sell-off, which produced a quick response on tariffs. This time the pressure is coming through the bond market. How the White House reacts to a sustained move higher in long-end yields is the question worth watching.

One more thing. We came away from last week’s Chinese summit underwhelmed by the lack of concrete news. So we’re looking for anything that helps the economy this week — whether that is Jensen offering specifics on H200 sales, or the administration moving toward a coordinated effort to unlock Hormuz.

Buckle in. Nvidia hits Wednesday.