Nvidia's earnings report tomorrow afternoon will deliver insights into how the chip giant is navigating trade tensions with China and whether the AI economy is showing signs of cracking.

• Why it matters: Nvidia earnings reports have become arguably the single most important quarterly release for the broader market.

Zoom in: The market will be focused a few key issues, including:

• 🇺🇸 🇨🇳 How Nvidia addresses ongoing U.S.-China trade tensions. The company just agreed to give the U.S. 15% of its revenue from China in exchange for export allowances. But reports abound that the company has halted production for the market while it works to reassure Beijing on key issues.
• 🤑 What the company says about future demand from hyperscalers for AI infrastructure. The tech bull market has been fueled by massive AI spending, but potential cracks in that trajectory have emerged.
• 📈 Whether an earnings beat is enough to inspire investors to keep buying the stock, which is up more than 30% this year. The market is accustomed to Nvidia topping expectations, so it's more a question of how much it would actually take to wow investors.

What they're saying: "The worries are that if Nvidia doesn't deliver, then all the worries about AI overhype and extreme valuations wouldn't look so misplaced," writes Hardika Singh, a Fundstrat analyst. "And if not for Nvidia, can the AI party go on?"

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Cracker Barrel today received some unsolicited advice from the White House.

• 🗣️ President Trump blasted the restaurant chain's new logo on Truth Social, urging it to bring back the old one, "admit a mistake based on customer response (the ultimate Poll), and manage the company better than ever before," Axios' Jason Lalljee writes.
• 💸 Trump added that the company could score "a Billion Dollars worth of free publicity if they play their cards right."

Zoom out: It's the latest example of Trump inserting himself into a corporate America culture-war clash, following Sydney Sweeney's American Eagle ad to the Washington Commanders' name change.

• 📈 Cracker Barrel shares rose over 6% today, much like American Eagle's did after Trump weighed in.

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🤑 Polymarket landed an investment from Donald Trump Jr.'s venture capital fund, 1789 Capital. Trump Jr., who was already serving as an adviser to the prediction market's chief competitor Kalshi, will join Polymarket's board. (Axios)

💊 Eli Lilly got positive results from another clinical trial for an oral version of its GLP-1 treatments. CEO David Ricks told CNBC the company hopes to launch the pill in a year. (CNBC)

👾 IBM and AMD have agreed to collaborate on quantum computing, creating a powerful tech duo amid growing optimism that the technology will have real-world implications sooner rather than later. (Axios)

🛍️ Fintech firm Klarna is poised to resume its effort to go public at a valuation of $13 billion–$14 billion. The buy-now-pay-later offerer had paused its IPO plans in April amid market turmoil. (Reuters)

Before buying a house, try it out first.

• That's the increasingly common approach of home shoppers.

🛌 State of play: "More buyers are asking to stay overnight in a home before making an offer, and more sellers are extending an invitation," WSJ reports.

• "If you can drive a car off a lot, why not test-drive a home?" Compass real-estate agent Ari Afshar said.

In some cases, shoppers are paying for the sleepover.

• "Sometimes it really hits me, like, wow, we are making a big decision from a 10-minute showing," Douglas Elliman real-estate agent McKenzie Ryan told WSJ.

💭 Nathan's thought bubble: This actually makes a lot of sense. Just make sure, as Afshar says, to bring your own toilet paper.