AI hype is already here – Nvidia's Q2 earnings report is set to drop on Wednesday. The AI chip company set high expectations after exceeding revenue expectations in May. The financial community is eager to see if they are justified. Let's take a look at what Wall Street is expecting from Nvidia's upcoming earnings report.
Investors are keeping a close watch on Nvidia as the company prepares to reveal its second-quarter earnings report after the market closes on Wednesday. Nvidia stock price reached a record high of nearly $481.87 per share on Tuesday, ending the day at $456.68 per share, and started slightly higher on Wednesday.
The company is expected to report a gain of $2.18 per share on $11.09 billion in revenue, which would be a record-breaking performance for the company. On the other hand, the so-called Whisper number suggests earnings of $2.13 per share. Among investors, Nvidia is seen as the clear leader in AI technology. Propelled by the AI boom, the company's stock has surged over 200% year-to-date, giving it a $1.1 trillion market valuation.
From our perspective, the most crucial aspect is what Nvidia will reveal about its future outlook. If the chipmaker falls short as to its long-term goals and its ability to manage supply issues and upcoming competition, we can expect the stock to be quite volatile. Staying up to date with announcements and news is incredibly valuable when making trading-related decisions. You should always build your own research-informed view of things before upgrading your portfolio.