This report comes from today’s CNBC Daily Open, our global market newsletter. CNBC Daily Open brings investors up to date on everything they need to know, no matter where they are. Like it? You can subscribe here.

Nvidia: Great is not good enough
Nvidia’s numbers continue to astonish. The chipmaker beat earnings per share and revenue expectations: net income, at $16.6 billion, was more than double the year-ago level, while revenue rose 122%. In addition to the profit, Nvidia also announced a $50 billion share buyback. Still, shares fell about 7% in extended trading.

Fluctuating stocks
Major US indexes fell on Wednesday, led by Nvidia, as investors tensed ahead of earnings reports. Supermicrocomputer was also a major disappointment, with shares falling 19% after the company said it would not file its annual report on time, and Hindenburg Research revealed a short position on the company. On the other hand, European markets closed broadly higher.

The ride isn’t over yet
Stocks took investors on a bumpy ride this August. Spooked by worse-than-expected U.S. economic data, we saw a sharp sell-off at the start of the month. While the S&P 500 has recovered its losses, Goldman Sachs’ Christian Mueller-Glissmann sees it as cause for concern. People aren’t interested in the thrill of a rollercoaster ride anymore.

Large non-technological
Berkshire HathawayWarren Buffett’s conglomerate, which hit $1 trillion in market cap on Wednesday, is the first non-tech U.S. company to reach that milestone. Berkshire has risen more than 28% this year, far outpacing the S&P 500’s 18% gain. It could be the best birthday present yet for Buffett, who turns 94 on Friday.

(PRO) Nvidia’s Market Position
What moves markets? In recent years, thanks to inflation; the U.S. Consumer Price Index; the Personal Consumption Expenditures Index; the Nonfarm Payrolls Report. And now, thanks to the explosion of artificial intelligence, Nvidia’s earnings reports. Here’s how the S&P has moved over the past year after Nvidia has released earnings reports.

Is it fair to say that Nvidia has exceeded expectations, when retail investors have always expected the company to exceed expectations based on the chipmaker’s performance over the past year?

For the recently ended quarter, Nvidia earned $30.04 billion in revenue, ahead of the $28.7 billion expected. Even better, the company said it expects about $32.5 billion in revenue for the current quarter, topping analysts’ estimates of $31.7 billion.

That boost comes as the company expects to “deliver several billion dollars in Blackwell revenue,” according to Nvidia Chief Financial Officer Colette Kress. Blackwell is Nvidia’s next-generation artificial intelligence chip.

It’s all good news, right? So why did Nvidia stock fall more than 7% in extended trading?

There was one thing that stood out: Nvidia’s gross margin fell to 75.1% in the current quarter from 78.4% compared to the previous period. The company also said it expects gross margins for the full year to be in the “mid-70s.”

That may be the only figure that came in below consensus expectations. Analysts were looking at 76.4% for the full-year margin.

Falling margins mean that revenues aren’t growing as fast, even if sales are exploding, so that’s a legitimate concern.

Nvidia’s earnings were announced after the market closed, but investors were on edge and broader U.S. indexes fell on Wednesday.

Investors in general are concerned about the sustainability of the Big Tech boom. The tech-heavy Nasdaq Composite fell by 1.12%, the S&P 500 decreased by 0.6% and the Dow Jones Industrial Average fell 0.39%.

When U.S. trading reopens on Thursday, Nvidia’s effects on the broader market will likely be more apparent. The options market “implies a +/- 10% move after earnings, higher than the four-quarter average of 7%,” John Marshall, a member of Goldman Sachs’ derivatives research team, said in a note to clients.

If you are expected to exceed expectations, you are essentially applying double standards, which may put unfair pressure on a company and its stock.

— CNBC’s Kif Leswing and Jesse Pound contributed to this report.