Late-session fireworks hit the markets yesterday. NVIDIA dropped earnings guidance that absolutely crushed expectations, and suddenly the mood flipped. The Nasdaq 100 ETF and S&P 500 both staged sharp reversals, erasing earlier losses as traders recalibrated their AI growth models on the fly.

What's wild is the backdrop this happened against. The Fed's latest minutes came out hawkish—no rate cuts on the horizon. Crypto assets were bleeding. Oil kept sliding. Corporate earnings reports were flooding in from every direction. Yet none of that mattered once NVIDIA's numbers hit the tape.

Investors clearly decided the AI infrastructure story still has legs, and they're willing to look past macro headwinds when chip demand signals stay this strong. The volatility we've been seeing? Brushed aside in minutes. Risk appetite came roaring back, at least for the tech-heavy indexes.

It's a reminder that in today's market, a single earnings beat from the right company can override a dozen macro concerns. NVIDIA just proved it still has that kind of gravitational pull.