Nvidia may be the world’s most valuable publicly traded company, but the tech darling that makes up a significant chunk of the stock market looked less than stellar Wednesday. A tepid revenue forecast is already fueling concerns that the massive run-up in artificial intelligence spending (the one that has yet to actually pay off) is slowing.

Nvidia did say its sales will be roughly $54 billion in the fiscal third quarter, which was in line with the average Wall Street estimate. But the thing is that some analysts had projected more than $60 billion. Moreover, the forecast excluded data center revenue from China, a market where the US company has struggled with export restrictions and pressure from Beijing. Here’s your markets wrap. —David E. Rovella

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Donald Trump’s attack on Federal Reserve Governor Lisa Cook represents a major escalation that could end very badly, Bill Dudley writes in Bloomberg Opinion. Never before has a president tried to fire a Fed governor, and there’s much more at stake than one person’s job. If Cook goes, Trump will soon have appointed four of the central bank’s seven governors—a majority. The Board of Governors could refuse to reappoint some or all of the 12 regional Federal Reserve Bank presidents, whose five-year terms come up for renewal in February 2026—and five of whom vote on the FOMC on a rotating basis. In theory, this could be a way to populate the FOMC with members that would do Trump’s bidding, empowering the president to get the big rate cuts he seeks. What could happen from there, Dudley writes, is truly frightening.

The Trump administration formally limited the availability of Covid vaccines to Americans while approving two updated versions of the shots. The Food and Drug Administration restricted the medicines to a much smaller group of people, following the lead of Health and Human Services Secretary Robert F. Kennedy Jr., a vaccine skeptic who has repeatedly made false statements about the safety and efficacy of the medicines. Studies have shown the shots saved millions of American lives during the pandemic.

While people 65 and older and those who have underlying conditions that put them at higher risk remain eligible under the government’s new rules, people over 6 months who don’t fall into that category must first get the approval of a doctor. Last year, everyone was eligible for the shot without having to see a physician.

A niche hedge fund strategy involving convertible debt is having a moment, with market forces aligning to create ideal conditions for trading the hybrid securities. So-called convertible arbitrage, which seeks to profit from pricing discrepancies between convertible bonds and their underlying shares, has returned almost 6% through July—putting it among the top-performing hedge fund trades in the first seven months of the year. Inflows into the strategy, meanwhile, are on track for their biggest annual jump in 18 years.

Embattled Argentine President Javier Milei was attacked with stones while campaigning in the province of Buenos Aires. The right-wing politician, who was unhurt, is trying to increase his party’s support in a region that’s consistently voted for the left-wing opposition. His campaign comes as aides try to contain the fallout from bribery allegations against a Milei ally that are weighing on Argentina’s dollar bonds amid a liquidity crunch that’s sent interest rates soaring.

Eduardo “Lule” Menem, a close aide to Milei’s sister, denied any wrongdoing on Monday in a corruption scandal that erupted last week and dominated local media through the weekend. Economy Minister Luis Caputo, meanwhile, attributed market pricing to high political risk ahead of looming midterm elections. Rates will soon go back to levels where “we all would like to see them,” he said.

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