USA & Canada Intelligence Brief — Thursday, August 27, 2026

USA & Canada Intelligence Brief for August 27: Nvidia triumphs, inflation at 3.7%, and Canada's 50% tariffs remain in place. The market buzzes with anticipation as one company drives the index, a central banker prepares tomorrow's speech, and a treasury secretary sets a self-imposed deadline. Nvidia reported $96.22 billion in revenue, beating the $92.37 billion consensus, with adjusted earnings of $2.22 per share versus $2.10 expected.

Data-center revenue soared to $89 billion, a 117% year-over-year increase. Wall Street projects $108 billion in revenue for the current quarter, assuming zero data-center revenue from China. Vera Rubin, the upcoming platform, is under production and is expected to contribute about a fifth of data-center revenue this quarter. Purchase commitments have surged from $119 billion to $279 billion, including an agreement for Amazon's cloud division to purchase two million GPUs over 2027 and 2028.

Hugging Face has been acquired for $12.9 billion, according to The Information. The company aims to grow near 70% in fiscal 2028. The Fed's annual meeting kicks off in the Tetons, focusing on financial innovation. Chair Jerome Warsh will deliver his keynote address tomorrow morning, Eastern time. The September 16 meeting follows, with the funds rate currently between 3.50 and 3.75%, with futures pricing indicating a 38% probability of a rate increase.

July's PCE inflation, the Fed's preferred indicator, rose to 3.7% year-over-year, slightly above the 3.6% forecast, with core inflation at 3.3%. The Fed is now watching inflation accelerate in the speech it cannot afford to miss. Wall Street closed Wednesday nearly unchanged, with the S&P 500 at 7,675.70, the Dow at 53,469, and the Nasdaq at 26,130.20.

The VIX remained under 15, and the index opened Thursday higher on Nvidia's results. The market has shifted from questioning if one company can drive the index to wondering what happens if it cannot. Nvidia's supply chain extends through Mexican assembly and Chilean copper, making its forecast a regional export document. Canada's tariff dispute mirrors Brazil's as both nations discover that the USMCA agreement and Mercosur aspirations are less valuable than executive orders. Operation Economic Outcast continues to reshape oil flows across the hemisphere.