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On August 26th, the US stock market closed narrowly and all three major indexes fell slightly, with a decline of less than 0.25%. The market is waiting for one thing: NVIDIA's quarterly report will noOn August 26th, the US stock market closed narrowly and all three major indexes fell slightly, with a decline of less than 0.25%. The market is waiting for one thing: NVIDIA's quarterly report will no

NVIDIA Earnings Highlights: $96.2B in Q2 Revenue, $108B Q3 Outlook— Yet the Day's Biggest Gainer Was AI Networking Switch Stock ANET

#US Stocks

2026/08/27 16:33

Key Takeaways

U.S. stocks edged lower ahead of NVIDIA's earnings. The standout name of the day was ANET, up 5.92%, while SMCI fell 2.78% — an 8.7-point divergence within the same sector.Elsewhere, four mining stocks under the same AI contract bucket showed wildly different payment schedules: deals signed this year, but cash may not arrive until 2028.

On August 26th, the US stock market closed narrowly and all three major indexes fell slightly, with a decline of less than 0.25%. The market is waiting for one thing: NVIDIA's quarterly report will not be released until after the close. The most memorable one that day was Arista Network (ANET), which rose 5.92% and closed at $202.25, while Supermicro Computer, which belongs to the "computer hardware" category, fell 2.78% on the same day, with a difference of 8.7 percentage points.Today, the US Stock Academy broke up the AI long-term contract of mining companies: four companies listed on the same "mining stock" list have completely different payment rhythms. The contract was signed this year, and the money may not come in until 2028. At 12:30 UTC tonight, there were initial jobless claims, and after the market closed, it was Mywell Technology (MRVL) - a company that does not sell GPUs but has taken the second place in computing power expansion. The data in this article is based on the closing of the US stock market on August 26th.

1.Today's market: the three major indices are in a narrow range, waiting for the after-hours financial report

On August 26th, all three major US stock indexes closed slightly lower. The Dow Jones Industrial Average fell 0.21% to close at 53,463.88 points, the Nasdaq Composite Index fell 0.08% to close at 26,130.20 points, and the S & P 500 Index fell 0.04% to close at 7,674.55 points.

None of the three indices rose by 0.25% that day, and the transactions were also rather wait-and-see. This pattern itself shows the problem: The market is not without a sense of direction, but deliberately does not express its position . NVIDIA's quarterly report ranked after the close, and the cost-effectiveness of betting on the direction during the day was very low before the financial report landed.

The trend after the financial report is released is worth recording separately.

NVIDIA's quarterly revenue was $96.20 billion, an increase of 106% year-on-year, of which Data Center was $89 billion, an increase of 117% year-on-year, and the next quarter guidance was $108 billion. The stock closed down 1.59% to $209.66 on the same day; After-hours financial report was released, the stock price fell about 1% first, and then rose nearly 5% during the conference call .

The same financial report, reading the numbers and listening to the phone will lead to two different conclusions - this is a straightforward reminder for ordinary investors: The first reaction after the financial report is released is often not the final reaction The numbers themselves are a fait accompli, but how management explains and gives foresight is often the part that determines the direction.

Another noteworthy sector is Mywell Technology (MRVL), which closed up 1.97% to $245.11 on the same day, following the sentiment of the computing chain to complete its last full trading day before its financial report.

2.Star of the Day: Arista Network (ANET) rose 5.92% in a single day, ranking full marks in the industry

The star of the day on August 26th is Arista Networks (ANET), a cloud network equipment manufacturer with a market value of 254.7 billion US dollars. It closed at 202.25 US dollars that day, with a single-day increase of 5.92%.

Let's first look at its position in the five dimensions.

Four of the five dimensions are high: industry ranking out of 100, trend position 87, industry valuation temperature 71, industry relative strength 60. The shortest dimension is volatility control, only 55 points .

This dimension of volatility control corresponds to Beta 1.61 - for every 1% movement in the market, it moves an average of 1.6%. This sentence reads like "it rises more sharply", but What should really be remembered is the second half of the sentence: amplification is bidirectional . While the upward amplification is 1.6 times, the downward amplification is also 1.6 times. Trend position 87 means that the price has already stood at the high point of its one-year range. These two things stacked together are a combination that needs attention.

Money perspective: the market value is more than 14.20 billion dollars a day, but the trading volume has not kept up

The closing price was $202.25, up 5.92% in a single day, corresponding to a market value of about $14.20 billion more in one day.

It is worth noting that the transaction volume on that day was only 0.84 times of the average volume, which is lower than the usual level. In other words, this is not a rise caused by explosive volume . The price was pushed up by nearly 6%, but the number of participants did not increase, which usually means that there were fewer people willing to sell on that day, rather than buying was particularly strong.

From a business perspective, it sells the cable that connects to the GPU

Arista made the Ethernet switch connected to the GPU in the AI room.

This position is worth mentioning. In an AI data center, the GPU is the most expensive and discussed part; but if thousands of GPUs cannot communicate with each other at high speed, the computing power cannot be exerted. Switch is responsible for connecting these chips into a whole device - It does not produce computing power, it determines whether computing power can be used .

The business is already big: it reported its first $3 billion quarter on Aug. 4, up 37.7% year over year, and raised its full-year target by 20%.

3. Star of the Day · Extension: Is the sector market or its own business?

On the same day, Arista rose 5.92% and Supermicro Computer fell 2.78%. Both companies are considered "computer hardware" in the industry classification.

Within a day, two stocks in the same category differ by 8.7 percentage points . At this time, the reader should learn a distinguishing action: First, look at the average rise and fall of the industry that day .

On August 26, the Nasdaq computer hardware industry rose by 3.91% (semiconductor was -0.16% on the same day).

With this benchmark, the properties of both sides are immediately clear.

Arista is "the plate is rising, it is rising more". 5.92% minus the industry average of 3.91%, the excess of about 2 percentage points is the part it earns itself. The remaining 3.91% is given by the industry.
Supermicro is the opposite. The sector is rising, but it is down 2.78%. The reason is not in the industry: earlier this week, Taiwanese prosecutors charged nine people in an AI server output case, including its employees (the company itself was not charged). This is its own business.

Understand this layer, then you will know the rise and fall of a stock, how much is given by the industry, how much is earned by the company itself This is a judgment action that can be used every day: when you see a certain stock rise, don't rush to find its own reasons, first look at how much the industry it is in has risen on average that day.

Another detail of the same day: NVIDIA's quarterly report was released after closing , but the sector moved first during the day. This indicates that what drove the hardware sector that day was the market's expectation of that financial report, not the financial report itself.

In terms of supporting roles, VRT Technology (VRT) closed up 3.15% on the same day. It is doing the power supply and heat dissipation equipment in the computer room - the AI server is getting denser and denser, and the power consumption and heat of a cabinet are going up. Power supply and liquid cooling are becoming hard constraints for covering data centers .

4 US stock primary school: four rhythms for collecting money while selling computing power

This Thursday's US stock school is divided into coin-share links, with the theme of AI long-term contracts for mining companies. The entry point is a contrast: the contract is signed this year, and the money arrives in 2028 .

The AI orders of mining companies are getting bigger and bigger, but the stock price follows the US bond yield. To understand this, we must first see a fact that has been ignored: Companies that are also on the list of "mining stocks" have a very different pace of collecting money .

Four companies, four models:

CleanSpark (CLSK) Self-built and self-operated mining farm, not renting a single machine. Its income is the price of the currency multiplied by its own computing power, mining on the same day, settlement on the same day . This is the most direct and closest to the currency price.

Cipher Mining (CIFR) goes to the other end and leases power and machine slots to cloud vendors on multi-year contracts. The contract amount may be large, but the revenue will not increase until after 2027 .

Core Scientific (CORZ) Do escrow, run mining machines and GPUs for others, and earn a fixed service fee. Collect money on a monthly basis, and do not eat the rise and fall of the coin price - You can't eat it when it goes up, and you won't be hurt much when it goes down.

Riot Platforms (RIOT) In addition to mining, there is also a production line of self-made power distribution equipment. The equipment is delivered and credited in the current season , without waiting for the data center to be built. It is the only Line of Business among the four that "receives cash now".

These four rhythms correspond to four completely different risk structures. Under the same currency price environment, their financial reports will look very different.

How the market reacted: the contract amount did not support the stock price

According to the closing price on August 26, Bitcoin has retreated 37.6% from its one-year high. Among the five US mining stocks, four have fallen deeper than it : Core Scientific 42.8%, Cipher Mining 46.8%, CleanSpark 48.4%, and MARA Holdings 52.2%. Only Riot Platforms' 32.0% is shallower than one Bitcoin.

This sort is worth pondering. The shallowest drop is just the only one of the four with "quarterly income" cash business ; the deepest drop is only digging and not renting, and the income completely follows the currency price.

In other words, this batch of stocks is not entirely following the currency price . What the market is calculating now is when these data centers will start collecting money.

5.Get to know a company: Riot Platforms and the contract that has to wait until 2028

The company I met today is Riot Platforms (RIOT).

It sells three things at the same time. Mining Bitcoin, renting the computer room to AI customers, and making its own distribution cabinets to supply Data Center and power companies. In the second quarter of 2026, the revenue of 174.20 million dollars was 37.3 million for mining 113.70 million and engineering equipment, and 23.2 million for Data Center.

This structure is not common in this group of companies: One of the three lines is "receiving cash now" . Distribution equipment can recognize revenue in the quarter it is delivered, without waiting for a data center to be built, powered on, and running.

But the biggest one hasn't started yet. It has a 20-year lease with a cutting-edge AI lab for 191 trillion watts, totaling about $9.10 billion. The first 96 trillion watts are scheduled to be delivered in December 2027 , and the full amount will have to wait until June 2028 .

9.10 billion dollars look great on the title. But once the delivery time is included, the meaning of this number is completely different - It is a total of twenty years, and the first batch will not be online for more than a year .

When will a big contract become money?

This is the most worthwhile method to take away today. When you see any big contract, ask three questions:

First, look at when the contract starts to be delivered. The total contract amount is a number that adds up many years and looks best on the news headline; what really determines this year's financial report is "when will the first batch go online". Riot's 191 trillion-watt lease, the first batch will not be delivered until December 2027.

Second, look at who pays the money in the middle. The data center needs to be built first, the GPU needs to be bought first, but the income is two years later. The funding gap in the middle can only be filled by borrowing money or customer prepayment. As a reference: IREN and Microsoft's $9.70 billion, average five-year contract, the customer paid 20% in advance. The customer prepayment ratio is a specific indicator to judge the gold content of such contracts.

Third, finally look at interest rates. The lower the income, the thinner the discount today. The 10-year US Treasury yield on August 26th was about 4.65% , close to a year's high - which means that the cost of borrowing and the discount rate are both raised. This also explains why these stocks will follow the US Treasury yield.

Transferable judgment : To know a company, in addition to asking what it sells and who it sells to, ask another question: " When will the money arrive ?". If the income falls this year, look at the orders; if the income falls two years later, look at what it has to support these two years.

6.What to watch tonight: What is Maywell Technology's business and why only look at Data Center?

Tonight at 12:30 UTC, the number of initial jobless claims will be announced, and the market is expected to be about 206,000; there is also the July commodity trade account. The macro dish of this week has been finished yesterday, and only these two second-line data are left tonight. The attention of the market is basically given to the financial report .

Before the market opens, there are three retailers: Best Buy (BBY), Dollar General (DG), and Dollar Tree (DLTR), which are a group of signals observing the consumer end. Around 20:05 UTC, after the market closes, tonight's protagonist, MRVL, will make a phone call at 20:45 UTC.

It doesn't sell GPUs, it picks up the second stick

What Mywell did, in a word: help cloud vendors turn their self-developed accelerator design into a real chip (known as custom XPU in the industry), and then use optical DSP and Ethernet switch to connect thousands of chips into a working cluster.

This positioning is crucial. When the market talks about AI computing power, the first reaction is usually GPU; but when cloud vendors decide to design their own accelerators, they need a partner who is capable of tapeout, packaging, and mass production of the design, as well as someone to solve the problem of high-speed communication between chips. The more computing power is piled up, the more work it has - it is the second leg of computing power expansion, not the first leg.

The market expects revenue for the quarter to be about $2.71 billion, about + 35% year-on-year, and the median guidance of the company is $2.70 billion.

Why only look at Data Center?

Data center already accounts for 76% of last quarter's revenue (Total revenue last quarter was $2.42 billion). This means that total revenue is basically the shadow of this line - if it goes up, total revenue goes up; if it goes flat, total revenue goes flat. Looking at total revenue is like taking a detour to look at the same thing.

The real amount of information is in this line's own acceleration. The four quarters are 14.9, 15.2, 16.5, and 1.83 billion dollars, corresponding to a quarter-on-quarter growth rate of + 3%, + 2%, + 9%, and + 11% .

The shape of this curve is important: it is not flattening at a high level, but getting faster and faster . When a business grows in size while its growth rate is still rising, it usually means that the demand side is still expanding, rather than digesting existing orders.

The first thing to confirm tonight is whether this acceleration curve has broken .

7.What to watch tonight · drill down: what's in that 24%, and after the division merger

Data center accounts for 76%, what about the remaining 24%?

Here is a trap in financial report reading: Starting from FY26 Q4, the company merged the four lines of enterprise network, operator infrastructure, consumer electronics, and automotive industry into one "communications and others" . After the merger, the performance of these four lines is no longer visible in the financial report.

The following chart shows the last quarter disclosed before the merger.

The year-over-year growth rates for each line in FY26 Q3 (total revenue for the quarter 2.07 billion USD) are: Carrier Infrastructure + 98%, Enterprise Network + 57%, Data Center + 38%, Consumer Electronics + 21%, Automotive Industry - 58%.

Two details are worth noting:

The fastest runner is not the Data Center. Carrier infrastructure + 98%, close to three times that of the Data Center. But it only had $170 million in revenue for the quarter, The scale is less than one-ninth of the Data Center (1.52 billion) - no matter how fast it runs, it cannot pull up total revenue This is a good reminder: growth rate and scale should be looked at together. Only looking at growth rate can easily mistake the rebound of a small base for a growth story.

Automotive Industry - 58% is not a collapse in demand. That is the gap left after selling the automotive Ethernet business in August 2025. The year-on-year figure will be distorted in the year of divestiture, which is also a common source of misreading.

The company merged its branches, can we still see the year-on-year comparison?

This is the second method that can be taken away today. When encountering a company changing branches, follow these three steps:

① For the total number. The sum of the old quarters after restatement matches the total revenue announced at the beginning, which means that it is only a re-grouping, not a caliber injection.

② Ask about motivation. Hide shrinking or divested businesses in a big bucket (such as the -58% auto industry) to make the noise disappear; merge high-growth businesses into low-growth ones to make the overall look good. Different motivations lead to different interpretations.

③ Supplement granularity. The customer concentration in the annual report, the qualitative description in the conference call, the product release rhythm, the three cross-look, can roughly restore the missing piece.

For any company that changes its division or fiscal year, the first question to ask is "Is granularity getting thicker or thinner?" - If it gets thicker, you have to find alternative indicators to make up for it.

What should we specifically focus on tonight?

First, the data center. Last quarter + 11%, this time if it falls below + 8% , it is the first signal to accelerate the interruption.

II. FY28 revenue target. It was just raised from 15 billion to 16.50 billion dollars last quarter. Let's see if it will be adjusted this time. When the target is raised, it usually means that management's visibility of the orders in hand has increased.

8.Eight, Frequently Asked Questions (FAQ)

Q1: Arista rose 5.92%, Supermicro fell 2.78%. Both companies are considered "computer hardware", why is there such a big difference?

Because the rise and fall of a stock can be divided into two parts: those given by the industry and those earned by itself. On August 26th, the Nasdaq computer hardware industry rose by an average of 3.91%, so Arista is "the sector is rising, it is rising more", and the excess of about 2 percentage points is its own; Supermicro is held back by something that belongs only to it - earlier this week, Taiwan prosecutors sued nine people in an AI server output case, including its employees (the company itself was not prosecuted).

Q2: How to determine whether a rise is a "sector trend" or a "company's own business"?

The simplest action is to first check the average rise and fall of the industry that day, and then subtract the increase of individual stocks. If the difference is positive and obvious, it indicates that there are factors of the company itself; if the direction of the individual stock is opposite to that of the industry, it can be basically determined that it is a unique event of the individual stock. This action only requires a number, but can avoid misreading the general rise of the industry as good news for the company.

Q3: The trading volume is only 0.84 times the average volume, why mention it specifically?

Because it indicates that the rise did not come with an increase in the number of participants. The price has risen by nearly 6%, but the trading volume is lower than usual, which usually means that there are fewer people willing to sell on the day, rather than particularly strong buying. The meaning of the rise in volume and the rise in volume is different for the subsequent trend, so it is worth looking at together with the rise, rather than just looking at the rise.

Q4: Mining companies signed AI contracts worth billions of dollars, why did their stock prices fall deeper than one bitcoin?

Because the market is not calculating the total contract amount, but when the money will arrive. Based on the closing price on August 26th, Bitcoin retreated by 37.6%, and four of the five mining stocks fell deeper; Riot Platforms (32.0%), which fell the shallowest, happened to be the only cash business with "equipment delivery for the quarter". The lower the income, the more affected by borrowing costs and discount rates - the 10-year US Treasury yield was about 4.65% at the time, close to a one-year high.

Q5: When you see a large contract, which number should you look at first?

First look at the delivery time of the first batch, not the total amount. The total amount is often added up over many years; what determines the financial report of the year is when the first batch goes online. Riot's 20-year lease of 191 trillion watts, about $9.10 billion, the first 96 trillion watts will be delivered in December 2027, and the full amount will have to wait until June 2028. Then look at who will pay for the funding gap in the middle (the customer prepayment ratio is a good indicator), and finally look at the interest rate environment.

Q6: Why should we only look at the Data Center when reading Maywell, and not the total revenue?

Because Data center has accounted for 76% of last quarter's revenue, the total revenue is basically the shadow of this line. The real information is the acceleration of this line itself - + 3%, + 2%, + 9%, + 11% in four quarters, not flat at a high level, but faster and faster. Looking at the total revenue, the signal will be diluted by other businesses that account for less than a quarter.

Q7: Can the year-on-year data still be used after the company merges several Lines of Business into one division?

It can be used, but three things need to be added: first, compare the sum of the old quarters after restatement with the total revenue originally announced, and confirm that it is only regrouping; then ask about the motivation for the merger, whether it is to hide the shrinking business or to make the overall look good; finally, use the customer concentration of the annual report, the qualitative description of the phone conference, and the product release rhythm to cross-restore the missing granularity. The principle is: for any division or fiscal year adjustment, first ask whether the granularity becomes thicker or thinner, and if it becomes thicker, you have to find alternative indicators yourself.

This article is compiled and written by the MEXC RealStocks team . The data in this article is based on the closing of the US stock market on August 26, 2026, and the financial report and forward-looking data are as of pre-market on August 27, 2026; the content is a compilation of market public information, and the individual stocks are the subject of public discussion, which does not represent the recommendation or opinion of MEXC, and does not constitute any investment advice. More US stock content: @MEXC | @Alpha_MEXC | @MEXC_Research

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