A disappointing Nvidia earnings report could spell trouble for certain stocks closely connected to the market behemoth. All eyes are on the chip giant as it readies to report earnings after the bell Wednesday. Nvidia is widely expected to top estimates, with Wall Street laser-focused on its guidance and Blackwell commentary as concerns mount over artificial intelligence spending and potential production delays. To find the names with the most riding on the print, CNBC Pro screened for the stocks with the highest correlation to Nvidia’s trading over a 20-week period. Whenever a correlation coefficient moves closer to 1, it means the two equities are more closely related and are more likely to rise and fall together. However, if that number heads closer to -1, they are more likely to trade in opposition to each other. Here are the stocks that made the cut: Micron Technology is the most highly correlated stock to Nvidia based on CNBC’s screen. That is no surprise since the company supplies its high-bandwidth memory chips for Nvidia’s graphics processing units. Many also expect Micron’s products to be used in the latest Nvidia chips. Micron shares have added about 14% year to date. MU NVDA YTD mountain Micron and Nvidia shares this year Pure Storage also made the list, with shares up 70% this year. The company provides data storage solutions to Nvidia and a host of other megacap names. Many expect the company to benefit as power-hungry AI workloads require higher-performance data and storage solutions. Power management provider Monolithic Power Systems was also included in the list. Semiconductor companies Applied Materials , Analog Devices and Marvell Technology also made the cut.
