Futures point to a weak opening for tech stocks ahead of Nvidia earnings later today. Oil prices continue to fall, while long-term Treasury yields are catching their breath after a sharp drop yesterday. The release of the Fed’s preferred inflation gauge for July will provide another data point in the tug of war between U.S. Treasury Scott Bessent and bond investors.

When tech companies started amping up spending on AI about three years ago, David Cahn, a venture capitalist at Sequoia Capital, asked a simple question: What was the gap between AI investment and the revenue generated from AI? Back then, he called it AI’s $200 billion question. That, he estimated, was roughly the total revenue needed for investments to make financial sense. It seemed like a lot.

In 2024, it became a $600 billion question. In 2025, $840 billion. This year, it’s $1.5 trillion.

These days, fewer people seem to care about the answer. It certainly won’t weigh on investors this afternoon, when Nvidia—the main chip supplier to the AI boom—reports quarterly results. Why not? Well, Nvidia’s immediate demand signals have been strong.

Customers continue to buy huge numbers of its AI chips. Tech giants signaled that capital spending on AI was going to stay high when they reported earnings this summer.