Alpha is MetaMask's weekly market report—context, data, and signal.

TL;DR

NVIDIA reports Wednesday—Jensen Huang's first earnings call since his Beijing trip with President Trump
SpaceX now tradable as a pre-IPO perp on Hyperliquid
$130M in tokens unlock across 72 hours: PYTH today, ZRO and KAITO on Wednesday, May 20
The first Warsh-era Fed minutes drop Wednesday

The Number: $130M

The combined dollar value of three token unlocks hitting the market in a 72-hour window this week is around $130M. PYTH releases approximately 36.96% of its circulating supply (~$89M as of Monday) today; ZRO releases approximately 5.07% (~$33M) on Wednesday; KAITO releases approximately 4.70% (~$8M) the same day. Token unlock events of this scale create predictable supply-side pressure that traders typically position around via futures in the days before the unlock lands. PYTH, ZRO, and KAITO can be traded on MetaMask Perps.

Alpha Bites

SpaceX is on MetaMask—before the IPO. SpaceX is available as a pre-IPO perpetual contract on Hyperliquid, accessible via MetaMask Perps. It's among the first pre-IPO stocks to trade as a perp on the platform. Perpetual contracts on pre-IPO names let traders express a view on private-company valuation before a listing ever happens. Cerebras (CBRS) is also available—the AI chip company moved to public markets after trading on the same pre-IPO infrastructure.

ZEC is up 1,000% year-over-year. Zcash's privacy token reached approximately $574 Monday. This signal reflects growing institutional recognition of zero-knowledge privacy infrastructure. ZEC-USDC is available on MetaMask Perps.

HYPE stands alone. BTC, ETH, and SOL started this week in the red while HYPE flashed a solitary green. Hyperliquid's buyback-and-burn model routes protocol trading revenue into purchasing and burning HYPE, a mechanism that can partially decouple the token from broad market drawdowns when volume remains elevated. HYPE-USDC is available on MetaMask Perps.

The first Warsh-era Fed minutes drop Wednesday. The minutes from the April 28–29 FOMC meeting—the first to be released under Fed Chair Kevin Warsh—publish Wednesday, May 20. Any tone shift on rate direction could move BTC and ETH quickly.

The Setup

What to watch: May 19–22, 2026

Tuesday, May 19

G7 Finance Ministers meeting (day 2): Warsh's first G7 as Fed Chair. Crypto and stablecoins are explicitly on the agenda; watch for any joint communiqué language on digital asset policy.
Google I/O 2026: Watch for any blockchain, wallet, or web3 integration announcements.

Wednesday, May 20

NVIDIA earnings: Q1 2026. See the Big Story below.
Google I/O 2026 (day 2): The tentpole event continues.

Thursday, May 21

Walmart earnings: WMTon is available via MetaMask Swaps.

Friday, May 22

Japan CPI: Potential yen carry trade catalyst with downstream Asia-Pacific crypto sentiment.

Looking ahead to the week of May 26: Costco reports earnings May 28 — COSTon is live on MetaMask.

The Big Story

NVIDIA earnings are Wednesday, the chip and this print move everything

NVIDIA CEO Jensen Huang recently returned from a high-profile visit to Beijing last week with President Trump and an entourage of Big Tech elites. For an encore this Wednesday evening, Huang and NVIDIA report the company’s Q1 2026 earnings.

Huang traveled to China as part of the US trade delegation, with semiconductor export restrictions supposedly on the agenda. Those restrictions have been the single largest overhang on NVIDIA's data center order book since they were tightened in late 2024. But with no major news on the topic coming out of the much-hyped summit, attention has shifted to Wednesday’s earnings call.

What the world learns from the call—whether export curbs are easing, how hyperscaler demand is tracking, what Huang says about the H20 chip future—will land in markets right away.

NVIDIA has become the clearest real-time indicator of where the AI infrastructure cycle stands. And dependent sectors like semiconductors, cloud, and data center are the underlying current that equity markets, risk appetite, and crypto correlations have been running on for two years.

There’s so much to get into with NVDA that we produced a special deep dive into the company, the stock, this earnings print, and the massive macro implications driving it (or being driven by it).

NVDAon is available via MetaMask Swaps through Ondo Global Markets. Tokenized equities trade around the clock, which means there's no gap between when the print drops and when on-chain traders can move. The NVIDIA report lands after close on Wednesday; traditional equity markets don't reopen until Thursday morning. In that window, NVDAon keeps trading. Regional limits apply.

Find your next move on MetaMask Mobile.

Disclaimer: This content is for general information purposes only and does not constitute financial, investment, tax, or legal advice and is not a recommendation to buy or sell any particular digital asset or to employ any specific investment strategy.

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