New York —

For markets, the most important story of the week was, somehow, not the president’s attempted firing of a top Federal Reserve official. Instead, it was Nvidia’s earnings report, a quarterly event that, in the financial world, has taken on Super Bowl-level enthusiasm. (Seriously, the company has fans who throw watch parties for the occasion, complete with Mardi Gras beads.)

It’s not hard to see why folks are all fired up. If you’d invested $1,000 in Nvidia ( NVDA ) shares just two years ago, you’d be sitting on a $3,000 profit right now. The stock is up 30% this year, versus the S&P 500’s 10% gain. And quarter after quarter, Nvidia tends to blow past the consensus forecast on Wall Street. What’s not to love?

Well, for some investors, at least, the market around Nvidia

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