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On August 27th, the US stock market closed with all three major indexes rising, but the gains were very different: the Nasdaq rose by 1.57%, while the Dow Jones Industrial Average only rose by 0.20%. On August 27th, the US stock market closed with all three major indexes rising, but the gains were very different: the Nasdaq rose by 1.57%, while the Dow Jones Industrial Average only rose by 0.20%.

Pre-Market Briefing on Aug 27: NVIDIA Guides Approximately 70% Growth for Fiscal 2027 — Yet the Day's Biggest Gainer Is MSTR With 840K BTC

2026/08/28 16:17

Poin Utama

U.S. stocks ended mixed — Nasdaq surged 1.57% on NVIDIA’s earnings, while the Dow barely budged. NVIDIA jumped 8.74% on a $96.2B quarter and ~70% FY2027 growth guidance. But the day's biggest winner was Strategy (MSTR), up 11.54% on its 840,000 BTC holdings.

On August 27th, the US stock market closed with all three major indexes rising, but the gains were very different: the Nasdaq rose by 1.57%, while the Dow Jones Industrial Average only rose by 0.20%. The driving force came from NVIDIA's financial report the night before - quarterly revenue 96.20 billion US dollars, an annual increase of 106%, and guidance for revenue growth of about 70% in 2027. The underlying stock rose by 8.74% to close at 227.98 US dollars. However, the stock that rose the most that day was not Strategy (MSTR), which rose by 11.54% to close at 137.40 US dollars.On the same day, Bitcoin only rose by 1.77%. Today, the US Stock Academy reviewed a financial report for 2022: five companies that sold advertisements on the same day had a nearly 8-fold difference in decline. Tonight at 14:00 UTC, it is the first Jackson Hole keynote speech by the Federal Reserve Chairperson since taking office. The data in this article is based on the closing of the US stock market on August 27th, and the school's part is a historical case in 2022.

1.Today's market: all three major indexes closed up, but the increase was nearly 8 times worse

On August 27th, all three major US stock indexes closed higher. The Nasdaq Composite Index rose 1.57% to close at 26,541 points, the S & P 500 Index rose 0.71% to close at 7,730 points, and the Dow Jones Industrial Average rose 0.20% to close at 53,569 points.

The three indices are in the same direction, but the difference is nearly eight times - this gap itself is the most informative number of the day .

If the driving force behind the market is a universal good thing (such as expectations of interest rate cuts or overall economic data exceeding expectations), the gains of the three major indexes are usually relatively close. When they differ so much, it indicates that the driving force is concentrated on a certain type of component stocks. The Nasdaq has the highest technology weight and the Dow has the lowest, and the ranking of gains is just following the technology content.

The driving force came from the night before. NVIDIA's quarterly report was released: Single-quarter revenue of $96.20 billion, a year-on-year increase of 106% . But what really made the stock price rise 8.74% that day, closing at $227.98, was its guidance for revenue growth of about 70% in 2027 - close to twice the market's original expectations.

Two things need to be distinguished here: 96.20 billion is achieved performance, and 70% is guidance The former is a fait accompli, and the latter is management's statement about the future, which may be revised at any time next quarter. The market's willingness to pay for which one after the financial report is released often determines the trend of the day - this time it is the latter.

A reading that can be taken away: The difference in gains between indices is telling you "what is rising today" All rising in the same range is usually macro; the gap is usually a certain sector. After reading the points, take a look at the distance between the three indices.

2.Today's Star: Strategy (MSTR) rose 11.54%, while Bitcoin only rose 1.77%.

The star of the day on August 27th was Strategy (MSTR), a digital asset vault company with a market capitalization of $45.40 billion. It closed at $137.40, up 11.54% in a single day, with trading volume expanding to 2.1 times the daily average.

On the same day, bitcoin rose above $80,000 and closed at $80,421, up 1.77% .

Putting the two numbers together is the most understandable thing today: the same catalyst, the reaction of the stock price is about 6.5 times that of the underlying asset .

Let's first look at its position in the five dimensions.

Three highs and two lows.

The three dimensions of high are: industry relative strength of 98.0, industry ranking of 90.0, industry valuation temperature of 89.3. In plain language, there is almost no stronger target in this category on that day.

The low two dimensions are the key.

Volatility Control 0 points , corresponding to Beta 3.56. This number means that for every 1% movement in the market, it moves an average of 3.6%. 0 points is not a lack of data, but the most extreme end of this scoring system. This sentence reads like "it rose sharply", but what really needs to be remembered is the second half: amplification is bidirectional . While the upward amplification is 3.6 times, the downward amplification is also 3.6 times. On the day it rose 11.54%, this coefficient was at work; on days when it changed direction, the same coefficient still worked.

The trend position is only 19.6 , which means that the price is still standing at the low point of its one-year range.

These two things together seem contradictory: the strongest of the day, but the price is low. But they are not the same thing -

Industry ranking is "who rose more today", is a horizontal, single day comparison;
Trend position is a comparison of how far it is from its high point, a vertical, cross-time comparison.

A stock can be the strongest among its peers today, while still being far below its price a year ago. Separating these two dimensions is the most practical habit of reading the five-dimensional score - Only looking at the ranking will make you think it is strong, only looking at the trend position will make you think it is weak, only looking at both will know its current situation.

From the perspective of money: the market value is more than 4.70 billion dollars a day

The closing price was $137.40, up 11.54% in a single day, and the market value went from $40.75 billion to $ 45.45 billion in one day, more than 4.70 billion.

The trading volume has caught up this time - enlarged to 2.1 times the daily average This is different from many shrinking volume increases: the price has risen by more than 10%, and more people have participated. The meaning of volume increase and shrinking volume increase is different for the follow-up, so it is worth looking at together with the increase.

From a business perspective: 840,000 bitcoins on its balance sheet

Strategy's business structure is straightforward: it holds 840,447 bitcoins on its books .

At $80,421 on August 27, the market value of these holdings is about $67.60 billion .

So there is a contrast worth pondering: its stock market value is 45.40 billion, and the position itself is 67.60 billion . Divide the two by about 0.67.

This ratio has a name called mNAV (the ratio of market value to holding market value). Greater than 1 means the market is willing to pay more for the position; less than 1 means the market value is cheaper than the position itself.

But the limits must be made clear: The algorithm only takes stock market value, and Preference Share and debt are not included in the numerator To be more accurate, the entire capital structure must be included. The company stated on the same day that its dollar reserves were close to covering all debt, and the specific details will be disclosed in subsequent regular reports. Until then, the number 0.67 can only be used as a rough comparison, not a complete valuation conclusion.

3.Star of the Day Extension: With the same catalyst, the increase has risen from 1.3% to 11.5%.

Bitcoin rose 1.77% on the same day. The performance of the US stock market under the label of "cryptocurrency stocks" on the same day was as follows:

Strategy +11.54%、CleanSpark +6.32%、Coinbase +4.92%、Cipher Mining +4.68%、Riot Platforms +1.31%、CoreWeave −1.37%。

With the same catalyst, on the same day, the increase went from 1.3% to 11.5%.

This ranking is not random, it is almost the degree of fit with the bitcoin price of each sort :

Strategy holds the coin directly, and 840,000 coins lie on the Balance Sheet. When the coin price moves, its Net Asset Value directly follows and is amplified by the stock price again.
CleanSpark self-built self-operated mine, income is the price of the currency multiplied by their own computing power, mining on the same day settlement - close, but separated by a layer of production costs.
Coinbase is an exchange and earns fees. The price increase will drive trading volume, but its revenue does not directly equal the price.
Cipher Mining and Riot Platforms are mining companies, and the income structure is also sandwiched with long-term contracts, custody, equipment and other parts unrelated to currency prices.
CoreWeave transformed from a mining company to an AI cloud, closing down 1.37% on the same day - it no longer relies on currency prices to make a living.

The last level is the most valuable information in the whole picture All five levels of stocks with Bitcoin exposure rose, while the only level that transformed into computing power fell. This shows that the leader of the day was not the "encryption concept" label, but the real currency price exposure .

A judgment that can be reused every day: When you see a sector moving as a whole, don't explain it with a label first, but look at how close the income of each company under this label is to that catalyst . The label is pasted by people, and the income structure is hard coded in the financial report.

Adding a statement: The daily average of the industry to which Strategy belongs is + 1.94%. It exceeds the industry average by about 9.6 percentage points - this is due to its own position structure.

4. US stock primary school: How to hit a whole row of companies with a financial report

This Friday's US stock school is a case review, talking about a period of history in 2022 . The entry point is a contrast: on the same day, the same financial report, the decline of five companies was nearly 8 times.

(The following are all historical data for 2022 and earlier, and are not related to the current market conditions.)

The story begins in April 2021. Apple launched tracking pop-ups on the mobile system, and ad targeting now requires users to nod and agree. At that time, almost no one priced it - it seemed like just a privacy setting.

After the close of trading on February 2, 2022 , Meta released its financial report and turned it into numbers: DAU showed a quarter-on-quarter decline for the first time, and the revenue guidance for the second quarter was $270-29 billion, which was lower than the market's expected 30.15 billion.

On February 3, 2022 , Meta's market value evaporated more than $232 billion in a single day, closing down 26.4% , setting a single-day record for the US stock market.

On the same day, Google, which also makes money from advertising, fell only 3.3% .

The complete rankings are: Meta 26.4%, Snap 23.6%, Pinterest 10.3%, Twitter 5.6%, Google 3.3%.

This ranking is almost the dependency ranking of various advertising targeting on mobile system data.

Meta : Using user time on Facebook, Instagram, and WhatsApp to exchange advertising space, advertising contributed about 97% of total revenue in 2021, almost a single-income business; targeting heavily relies on third-party data.
Snap : Snapchat parent company, the user is young, almost all of the income from advertising, small size, targeting a failure impact more directly.
Pinterest : picture inspiration platform, users come in with "want to buy what", the dependence on third-party tracking is lower.
Twitter : In addition to advertising that year, there was also data licensing revenue, with a thicker buffer. (The company was delisted after being acquired in October 2022.)
Google : It also sells ads, but the intention comes from the words that users type into the search box themselves - The data grows on itself and does not need to be borrowed from anyone .

The conclusion is only one sentence: the more you outsource the key links to others, the deeper you fall when others change the rules.

And the other half the next day

On February 4, 2022 , Snap announced its own financial report, showing that the targeting has been rebuilt and handed in its first single-quarter profit since listing, with a single-day rebound of 58.8% .

It fell 23.6% the day before and rose 58.8% the day after. There was only one thing in between: it released its own financial report .

This is the most easily overlooked but practical layer in this case: The neighbor's financial report can only push the stock price for one day. It is always its own business that can price a company. When a company plummets due to news from its peers, it is worth asking not "how serious this news is," but "whether this news will really appear in its financial report when its own numbers come out."

5.Getting to know a company: Meta and the switch that is not in your hands

The company I met today is Meta (META).

The first question: What is it selling to whom?

Meta is not selling social software. The time users spend on Facebook, Instagram, WhatsApp is packaged into advertising space and sold to merchants - Merchants pay, users are raw materials .

This sentence sounds like a tongue twister, but it determines what will affect Meta's revenue: not whether users like new features, but whether merchants are willing to pay for "precise reach".

And the concentration of this business is very high.

Advertising accounted for about 97% of total revenue in 2021, and will still account for about 98% in the second quarter of 2026. Four years have passed, and the revenue structure has hardly changed - it is still a single-income business .

Second question: Whose things do we need to borrow for this business?

Advertising targeting and effectiveness measurement rely on data provided by the mobile system. That switch is not in Meta's own hands.

In 2021, the year Apple took away the switch, management estimated that it would lose about $10 billion in revenue.

This is the core of the entire case: a company that once ranked among the top in market value, its most critical production factor is written in the product design of another company.

The third question: What future is it buying with its current money?

The Metaverse department had a full-year operating loss of about 10.20 billion US dollars in 2021; by the second quarter of 2026, it would lose about 4.60 billion US dollars in a single quarter.

Putting these three questions together, Meta's portrait becomes clear: a business with extremely high concentration, key links to borrow from others, and continuous payment for a direction that has not yet been realized These three sentences can better illustrate where its risks are than any valuation multiple.

Transferable criterion

The real risk of a company is often not in its own financial report, but in "whose things it uses when doing business".

When getting to know an unfamiliar company, in addition to looking at what it sells and to whom, ask one more question: Are its key links held by others? Is it channels, data, licenses, or the production capacity of a certain supplier - these things will not appear on any line of the income statement, but they determine how much the company will fall on the day someone changes the rules.

6.What to watch tonight: The four rulers of inflation, which one will he take?

Tonight at 14:00 UTC , the President of the Federal Reserve will deliver his first Jackson Hole keynote speech since taking office. At the same time, the final value of Michigan consumer confidence for August will be released, and the Chicago PMI for August will be released earlier at 13:45 UTC. This week (8/25-8/28) earnings season has ended, and only macro remains tonight .

Why is this speech more important than usual?

Jackson Hole is not a resolution site, it is the only time in a year that the chairperson is not bound by the format of meeting notes and can directly talk about policy frameworks .

This year is even more special: the chairperson took office canceled forward guidance and did not hand over dot plot forecasts. That is to say, the market does not have any official roadmap on hand - the wording of this speech itself became the only source of direction for the next few months.

The current interest rate range is 3.50% -3.75% , and it has remained unchanged for five consecutive meetings.

Inflation is not a number, it is four

To understand why he is standing still, we must first see one thing clearly: "Inflation" these two words correspond to four different numbers in the official US caliber .

Latest data (CPI and PCE for July): overall PCE 3.7% , overall CPI 3.4% , core PCE 3.3% , core CPI 2.5% .

All four rulers are above the 2% target, but they are far apart from each other : the highest overall PCE is 3.7%, the lowest core CPI is 2.5%, separated by 1.2 percentage points .

The difference between these four rulers lies in two dimensions.

CPI or PCE : The basket weights and alternative assumptions of the two are different, and PCE covers a wider range and usually reads slightly lower - but this time the overall PCE is higher than the overall CPI.
The whole is still the core : the core is the reading after excluding food and energy, because these two fluctuations are too large and easy to cover up the trend.

The Fed's official policy target is written as the core PCE - that is, the 3.3% one, the second highest of the four. This is why the interest rate has not moved for five meetings: according to its own ruler, it is still 1.3 percentage points away from 2%.

So the first thing to hear tonight is which ruler he's anchored to. If you talk about the core throughout and call energy a temporary factor, that's one way of saying it. If you talk about the overall reading and the actual feelings of the family, that's another way of saying it. The same data, with a different ruler, the answer to the question "how far is it from the goal?" is completely different.

7.Drill down: Where is the 0.9 percentage point between the overall and the core stuck?

Overall CPI 3.4%, core CPI 2.5%, with a difference of 0.9 percentage points in between. What exactly is this 0.9 percentage point?

Break the July CPI into four non-overlapping segments - energy, food, services other than energy, and goods other than food and energy (core commodities) - and the answer immediately appears.

Energy + 14.7% (of which gasoline + 24.6% ), services other than energy + 3.0% , food + 3.0% , core commodities + 0.8% .

The difference between the whole and the core almost entirely comes from the energy source.

The other three directions are actually good: core products only increased by 0.8%, services increased by 3.0%, and they are all going down. The energy sector that really pushed the overall reading above 3% increased by nearly 15% year-on-year.

The trouble is that energy is the least of Monetary Policy's reach.

The transmission path of interest rate hikes is to raise borrowing costs, suppress demand, and thus lower prices. However, oil prices are mainly determined by global supply, geopolitics, and production capacity decisions - raising interest rates cannot suppress the price of a barrel of crude oil.

The result is an awkward combination: The core reading the Fed uses to judge is improving, but the overall reading that the public actually feels is held up by energy The former supports no more tightening, and the latter makes it impossible to say "inflation has been resolved".

The second thing to hear tonight: whether he touches energy or not. If he explicitly calls energy a temporary factor that is not within the policy range, it is equivalent to endorsing the core reading; if he emphasizes the price that households actually pay, it is another direction.

There is a third thing, listen to whether the forward guidance will come back.

The chairperson took the initiative to remove the forward guidance after taking office. Any form of path commitment tonight - even if it's just a sentence "we expect at some point in the future" - is the real variable tonight. The presence or absence of wording is more important than the content of the wording.

8.Eight, Frequently Asked Questions (FAQ)

Q1: Bitcoin only rose 1.77%, why did Strategy (MSTR) rise 11.54%?

Because it directly holds 840,447 bitcoins on its Balance Sheet. Changes in the price of the coins will directly change the value of these holdings, and the stock price's response to this change is greater than the assets themselves - the daily multiple is about 6.5 times. This amplification is bidirectional: its volatility control score is 0, corresponding to Beta 3.56. If the market moves 1%, it will move an average of 3.6%, which applies to both upward and downward movements.

Q2: What is mNAV? What does 0.67 represent?

mNAV is the ratio of stock market value to holding market value. Based on the closing price on August 27th, Strategy's market value is 45.40 billion USD, and 840,000 bitcoins are converted to about 67.60 billion USD at 80,421 USD, with a ratio of about 0.67 - the market value is cheaper than the holding itself. However, it should be noted that this algorithm only takes the stock market value, and Preference Share and debt are not in the numerator, so it is a rough comparison and not a complete valuation conclusion.

Q3: Why do "industry ranking 90" and "trend position 19.6" appear at the same time in the 5D score?

Because the quantities of the two are not the same thing. The comparison of industry rankings is based on "who has risen more in the same category today", which is a horizontal single-day comparison; the comparison of trend positions is based on "how far it is from the high point of its one-year range", which is a vertical cross-time comparison. A stock can be the strongest today, while the price is still at its own low level. Only by looking at both can we know its true situation now.

Q4: Both are cryptocurrency stocks, why is there such a big difference in the daily increase from 1.3% to 11.5%?

Due to the same label, the income structure is different. The treasury company directly holds the currency, and the currency price changes are directly reflected in the Net Asset Value; the income of mining companies is the currency price multiplied by the computing power, with production costs in between; the exchange earns transaction fees, and the currency price only indirectly affects the trading volume; CoreWeave, which has transformed into an AI cloud, even closed down 1.37% that day. When seeing the overall movement of the sector, instead of explaining it with labels, it is better to look at how close each company's income is to that catalyst.

Q5: Meta fell 26.4% in 2022, while Google only fell 3.3%. Why is there such a big difference in advertising sales?

The difference lies in who has the data on ad targeting. Google's user intent comes from the words they type into the search box themselves, and the data is generated by themselves; Meta's targeting relies on the data provided by the mobile system, and the switch is not in their hands. After Apple launched the tracking pop-up window in 2021, the management estimated that the revenue would be reduced by about $10 billion. The ranking of the decline is almost the ranking of the degree of dependence on third-party data.

Q6: What should I ask first when I meet a new company?

Three questions: what it sells to whom, who the business needs to borrow from, and what future it is buying with its current money. The second question is the easiest to overlook, but often the most crucial - the real risk of a company is often not in its own financial report, but in whose things it needs to use when doing business: channels, data, licenses, or the production capacity of a certain supplier.

Q7: Why does the US inflation have four numbers? Which one should I look at?

The difference lies in two dimensions: CPI or PCE (basket weights and alternative assumptions are different), and overall or core (core excludes volatile food and energy). The July data were overall PCE 3.7%, overall CPI 3.4%, core PCE 3.3%, and core CPI 2.5%. The Fed's official policy target is anchored to core PCE, so when judging policies, look at this one; but what the public actually feels is overall CPI, which is now 0.9 percentage points apart, and this difference is almost entirely from energy.

Disclaimer: This article is compiled and written by the MEXC US stock spot team (MEXC RealStocks) . The data in this article is based on the closing of the US stock market on August 27, 2026; the content is compiled from public market information, and the individual stocks are publicly discussed targets, which do not represent the recommendation or opinion of MEXC, and do not constitute any investment advice. More US stock content: @MEXC | @Alpha_MEXC | @MEXC_Research

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