# Shares Flat in Asia Before Iran Sanctions News, Nvidia Results > Source: > Published: 2026-08-24 01:06:28+00:00 **August 24, 2026**, (Inside AI) — Asian equities traded flat on Monday as investors braced for two defining events this week: U.S. sanctions details on Iran and Nvidia's quarterly results. The chipmaker's Wednesday earnings report has become a referendum on the artificial intelligence boom's durability. Analysts expect Nvidia to report quarterly revenue near **$92 billion**, nearly double from a year earlier. Full-year earnings guidance is projected between **$103 billion** and **$105 billion**. Those figures reflect extraordinary demand for AI accelerators, yet they also set a bar that even Nvidia may struggle to clear. The broader market's anxiety extends beyond one company. Federal Reserve Chairman **Kevin Warsh** speaks Friday at **Jackson Hole, Wyoming**. Traders want clarity on interest rates, but Warsh's known reluctance to offer forward guidance may frustrate them. Markets currently price a **40%** chance of a rate hike at the Fed's **September 16** meeting, with a December move fully priced in. **Bruce Kasman**, chief economist at **JPMorgan**, cautioned against expecting fireworks from Warsh. "There are several reasons to expect to be underwhelmed," Kasman said. He noted that past chairs have avoided front-running Fed decisions at the annual symposium. "Warsh will rather likely focus on aspects of his 'regime change' agenda," Kasman added. "As the Fed has already been moving toward shrinking the balance sheet, and the committee gave the balance sheet some attention in the July minutes, that might be the most likely topic for him to expound upon." Those words carry weight for AI companies. Higher bond yields make future earnings less valuable in present terms, pressuring valuations of high-growth tech firms. The **30-year Treasury yield** sits at **5.2760%**, not far from a **19-year peak** of **5.3371%**. Treasury Secretary **Scott Bessent**'s announcement last week of a doubling in bond buybacks has done little to tame yields. Bessent is scheduled to hold a news conference later Monday outlining sanctions on Iran. The country has shown no sign of relinquishing control over the **Strait of Hormuz**, a critical chokepoint for global oil shipments. **Brent crude** slipped **1.0%** to **$93.43** a barrel, following a **6.6%** gain last week. **U.S. crude** eased **1.1%** to **$86.14**. ## Nvidia's Numbers Test the AI Trade's Staying Power Nvidia has become the clearest proxy for AI infrastructure spending. Its data center segment, which includes **H100** and **Blackwell** platform sales, drives most of the revenue growth. Hyperscalers like **Microsoft**, **Google**, and **Amazon** continue to expand AI capacity, but questions about return on investment linger. Any miss on guidance could trigger a sharp repricing across semiconductor stocks. The **Philadelphia Semiconductor Index** remains highly correlated with Nvidia's share price. A strong report, by contrast, could reignite enthusiasm for AI-related equities that have traded sideways in recent weeks. Currency markets added another layer of uncertainty. The **Canadian dollar** dipped **0.1%** to **1.3784** per U.S. dollar after Prime Minister **Mark Carney** said Canada would retaliate against U.S. tariffs. Canada plans levies on U.S. steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics. The trade dispute could disrupt North American supply chains, including those for electronics components used in AI hardware. The **U.S. dollar index** held at **96.832** after losing **0.8%** last week. The euro traded at **$1.1675**, while the dollar was flat at **159.00 yen**. Gold firmed **0.4%** to **$4,623** an ounce, up more than **14%** for August. If that gain holds, it would mark the metal's biggest monthly rise on record. ## Warsh's Jackson Hole Speech Could Reframe Rate Expectations Warsh's appearance carries unusual weight because of his "regime change" agenda. He has previously signaled interest in shrinking the Fed's balance sheet more aggressively. The **July FOMC minutes** showed committee members discussing balance sheet policy, giving Warsh a natural opening to elaborate. Core inflation data due this week could shift rate odds. Median forecasts expect core inflation to hold at **3.3%** in July. A hotter reading would strengthen the case for a September hike, pressuring growth stocks. A cooler print could ease yields and offer relief to AI valuations. For Nvidia, the macro backdrop matters as much as the earnings print. The company's forward price-to-earnings ratio remains elevated compared to the broader market. Sustained high yields make that multiple harder to justify, even with explosive revenue growth. Investors across Asia reflected the cautious mood. The **Nikkei** traded near flat after falling almost **4%** last week. South Korean shares eased **0.8%**, while Taiwan dipped **0.5%**. **MSCI's broadest index of Asia-Pacific shares outside Japan** slipped **0.2%**. European and U.S. futures were little changed. The week's events will test whether the AI trade can withstand tighter financial conditions and geopolitical friction. Nvidia's results may provide the clearest answer yet.