Nvidia (NASDAQ:NVDA) stock is a hot topic among traders as they prepare for the graphics card and artificial intelligence (AI) company to report earnings on May 22.
Nvidia’s earnings report will be a major event for both tech and AI investors. It will provide them with insight into its performance while also giving them details about what to expect for the rest of 2024.
The true effects of Nvidia’s earnings report won’t be felt until Thursday. That’s due to the company’s earnings report coming out after markets close on Wednesday. That’s also likely when many analysts will be updating their views on NVDA stock depending on how the company performs.
What to Expect from NVDA Stock
Whether NVDA rallies or falls will all depend on its Q1 2024 performance. For the record, Wall Street is expecting the company to report EPS of $5.59 and revenue of $24.65 billion for the period.
Niles Investment Management founder Dan Nils said the following about NVDA’s potential to CNBC.
“We’re still really early in the AI build. I think the revenue will go up three to four times from current levels over the next three to four years, and I think the stock goes with it.”
NVDA stock is down close to 1% on Tuesday morning as investors prepare for its earnings report. However, the shares are up 95.3% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
