New Delhi, Aug. 29 -- For three days this week, Nvidia looked like it could do no wrong. Then Kevin Warsh walked to a podium in Wyoming.

when the company's fiscal second-quarter report sent the stock up nearly 8.7% in a single session. The driver of Friday's reversal was not Nvidia's business, which by every measure continues to defy the expectations of analysts who specialize in setting very high expectations. The driver was the Federal Reserve.

Fed Chair Warsh used his Jackson Hole address to signal that the central bank's appetite for rate cuts remains limited, citing persistent services inflation and a labor market he described as still "meaningfully tight." Rate-sensitive technology stocks sold off broadly. Nvidia, which had absorb...