Nvidia's latest earnings report, released after market close, could exacerbate risks in the cryptocurrency market if US stocks continue their downward trend. The tech giant, part of the influential "Mag7" group that makes up about 33% of the S&P 500, is a key indicator of AI trading performance. However, Nvidia faces challenges, including an MIT study indicating that 95% of AI projects are unprofitable and diminishing returns from new AI models. QCP Capital highlights concerns over the Federal Reserve's independence, with potential shifts in board member alignments towards Trump's policies. This political dynamic, coupled with the Fed's growing worries about the job market and inflation, sets the stage for a possible rate cut in September. The interplay of these factors could impact Bitcoin confidence among traditional financial asset allocators, especially if US stock declines persist, leading to increased market risk.