Nvidia will report fiscal second-quarter earnings on Wednesday after the closing bell.
Wall Street will be closely watching for signs that AI-chip demand from hyperscalers like Microsoft, Meta, and Amazon is staying strong. Investors will also be looking for updates on how Nvidia is faring in China.
The earnings-release time is shortly after 4 p.m. ET, and its conference call with analysts will start around 5 p.m.
Nvidia’s stock was up 35% year-to-date through Tuesday’s close, handily outpacing the S&P 500‘s 10% increase.
Demand for Nvidia’s GB200 chip is expected to see a “significant acceleration” in sell-through shipments through July, with that momentum carrying through the second half of the year, Baird analysts wrote in a note.
Nvidia is also readying to release its GB300 AI chip, which could launch as soon as late September.
“The AI GPU competitive landscape remains very favorable to Nvidia for the second half as well as next year,” the firm wrote in a note on Monday.
Baird reiterated its “Outperform” rating on the stock and lifted its price target to $225 from $195 a share, implying 25% upside.
In Nvidia’s last earnings call, Huang said the chipmaker had more Blackwell orders than it had at its GTC conference.
The CEO said Nvidia would be increasing its supply chain in the US and “building it here on shore.” While companies typically can’t shift supply chains overnight, analysts will likely want an update on the chipmaker’s progress.
— Ana Altchek
Nvidia is likely to beat on revenue, JPMorgan said, estimating that the chipmaker would report $46 billion to $47 billion in revenue for the quarter.
The bank also predicted that Nvidia would issue a $53 billion-$54 billion revenue guidance for the fourth quarter, thanks to healthy demand for its GB200 chip and Blackwell rack.
“We believe near-term AI fundamentals are strong, driven by strong hyperscale capex spending. This trend is evident in the upward revision in capex during the Q2 2025 earnings season by the cloud/hyperscale companies, and the strong results/guidance telegraphed by other AI beneficiaries,” the bank said in a note to clients on Monday.
Analysts reiterated their “overweight” rating on the stock.
Chinese semiconductor company Cambricon reported record profit in the first half of the year, with revenue reaching $402 million.
Although that’s still far below Nvidia’s $44 billion revenue from last quarter, it marks significant progress as one of several local competitors gaining ground while Nvidia works to maintain its dominance in the region. Huang may face questions about how he plans to maintain an edge in China, especially amid ongoing US-China trade tensions.
— Ana Altchek
Analysts at Stifel said they expected Nvidia to beat earnings estimates for the quarter and post “healthy” guidance for the third quarter, thanks to strong demand for its chips.
“The longer-term bull-case emphasizes that AI-driven demand will remain robust and NVDA should maintain their market leadership in AI-accelerators into circa-2030 at the very least,” they wrote.
They continued: “As it stands today, we lean more toward the bull case, while underscoring that supply-side risk (including tariffs and trade regulations) is the key overhang to the name.”
Analysts reiterated their “Buy” rating on the stock and raised their price target to $212 from the prior $202, implying 18% upside.
Evercore analysts said they expected AI capex to soar 72% in 2025, adding that cloud demand at companies like Amazon and Azure suggested that AI “hit a tipping point at enterprises.”
Industry checks also suggest there’s strong demand for Nvidia’s Blackwell product line, and that the company’s software remains the “solution of choice” for training large language models.
“NVDA remains our top pick, near-term due to improving visibility, longer-term, as we believe it could ultimately capture up to 16% weighting of the S&P 500 Index,” they added. At the time analysts wrote the note, Nvidia made up around 8% of the benchmark index.
Evercore reiterated its “Outperform” rating on the stock and lifted its price target to $214 a share from $190 a share, implying 19% upside from current levels.
Second quarter
Revenue estimate: $46.23 billion
Third quarter
Full year 2026
Source: Bloomberg
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