Editorial companion

What stands out

Nvidia slipped as traders braced for earnings that will show whether hyperscalers keep accelerating AI spending or start to pull back, because Nvidia has become the clearest barometer of capex on chips and cloud. Intuit fell after a full-year forecast that came up short, reviving fears about AI disruption to tax and small-business software despite solid historical growth. The contrast with J M Smucker lifting its outlook is striking, a reminder that defensive consumer businesses can still find simple profit levers while tech sentiment swings.