Global stock markets are hovering near record highs as investors eagerly await Nvidia's earnings report, which is poised to significantly impact the tech sector and overall market performance. Nvidia, now valued at over $3 trillion, has seen its stock price surge approximately 3000% since 2019, positioning it as a key player in the AI boom. Analysts suggest that the company’s second-quarter revenue, expected to show a 262% increase, will gauge the health of the semiconductor industry and influence other major tech stocks. Meanwhile, the Dow Jones and S&P 500 have recorded slight gains, reflecting optimism in the market despite ongoing concerns over economic factors and geopolitical tensions affecting oil prices, which have retraced due to fears about Chinese demand. Traders are also eyeing potential interest rate cuts from the Federal Reserve, anticipated to be announced in September. The overall sentiment suggests that Nvidia's performance could either trigger a sector-wide rally or lead to significant market downturns.