Wall Street’s attention is turning to Nvidia ahead of the chipmaker’s earnings report this week. The megacap technology stock, which has been a symbol of the artificial intelligence boom and a retail investor favorite , shares results after the bell on Wednesday. Given Nvidia’s size as a company worth more than $3 trillion in market cap, its postearnings moves will likely drive the broader market. The report takes on even more importance in the wake of Friday’s market sell-off, which was catalyzed in part by a TD Cowen report that raised concerns around fellow Big Tech stock Microsoft and data centers. In turn, the note cast doubt more broadly on the AI trade. The S & P 500 slid 1.7% in Friday’s session, while the tech-heavy Nasdaq Composite dove 2.2%. Wall Street is expected to follow Nvidia’s quarterly results and commentary from CEO Jensen Huang during the company’s earnings call closely. Nvidia has become known for beating analysts’ expectations and raising its forecasts. However, some analysts said there is the potential for Nvidia to provide a lighter hike to guidance than in previous quarters. NVDA 1Y mountain Nvidia, 1-year Beyond headline numbers and the company’s outlook, Wall Street’s focus is on Nvidia’s Blackwell and Hopper chips. The earnings print also comes at an important point for the stock. Shares are near flat this year after surging more than 230% and 170% in 2023 and 2024, respectively. Most analysts have a buy rating with a price target suggesting the stock can rally nearly 30%, per LSEG. Here’s what some analysts are thinking about the report and how to play the stock, as shared in notes with clients released over recent days: Cantor Fitzgerald analyst C.J. Muse: “The beat and raise for NVDA is becoming clockwork at this point — essentially beating the guide by $2B and guiding revenue growth of + $2-2.5B Q/Q, a trend that has generally held since early 2023. The problem with this consistency … the bar has now been reset and standard beats/ raises are no longer being rewarded. And this quarter, we look for NVDA results/guide to fall in line with these recent trends, offering a solid beat, but only a very modest raise to consensus (with upside and a potential breakout from the recent trend more likely into the July Q with Blackwell in full swing).” Morgan Stanley analyst Joseph Moore: “We continue to think that near-term fundamentals are strong — more so than 60 days ago as we have seen improvements on multiple levels. Earlier in the quarter, we expected the company to beat expectations for January and guide to consensus for April, but thought it would have to work to do so, because we saw Hopper demand as slow, and early growing pains around Blackwell, particularly the GB200 form factor. As we articulated a couple of weeks ago … we are now more comfortable on both issues.” Melius Research analyst Ben Reitzes: “We’ll want to hear CEO Jensen Huang’s views from DeepSeek to China to the ramp of Blackwell. The stock is in a rut, basically flat for a full 8 months now and down 10% from its high due to these concerns. It is well known that Nvidia was already dealing with a product transition to Blackwell (B100s, B200s, GB200s). This transition has been a little bumpier than anticipated in terms of ‘constraints’ and complexity (requires liquid cooling). However, sales prospects still seem great by F2Q26 – and there is already a lot of chatter about the Blackwell Ultra (GB300), likely to be unveiled at its GPU Technology Conference (GTC) in March and shipping by CY-end. All told, it could mean that Nvidia guides more ‘in line’ for F1Q26 than usual for a quarter or even two before a really big bump.” Raymond James analyst Srini Pajjuri: “We won’t be surprised if management ‘soft’ guides the next few quarters in case of any near term weakness due to supply. We are not overly concerned about the impact from efficient models such as DeepSeek and/or competition from ASICs, and view any pullback as an opportunity, especially heading into GTC conference.” Rosenblatt analyst Hans Mosesmann: “We expect a modest beat and raise for Nvidia’s January quarter and March quarter outlook versus consensus estimates. All eyes will be on Blackwell commentary, where we see management reaffirming Blackwell shipments beginning in F4Q25 and demand continuing to exceed supply through FY26. We see shipments of Blackwell accelerating as we progress through the year, with a stronger F2H26.”
