Tech stocks now move in Nvidia's shadow. That means if Nvidia misses, the whole sector feels the pain. And if you're underinvested, when Nvidia soars, you miss out big time. So combine both of these charts, and you can clearly see stalling leadership and sky high correlation. They spell asymmetric risk ahead of the earnings print. If Nvidia delivers a blowout, then tech likely moves higher, but the gains might not be broader. So, if Nvidia disappoints, expect tech stocks to drop in lockstep. The bottom line for investors, short-term traders might scale in or hedge ahead of the report, but longer-term investors, ask yourself, is Nvidia still the engine of tech, or has it turned into a potential liability? We'll find out next week. Tune into Stocks and Translation for more jargon-busting deep dives. New episodes on Tuesdays and Thursdays on Yahoo Finance's website or wherever you find your podcast.