According to analyst estimates compiled by LSEG, Wall Street is expecting:
- Earnings per share: $2.10
- Revenue: $92.17 billion
The revenue forecast would represent a significant increase from the $46.7 billion Nvidia reported in the same quarter a year earlier, underscoring just how rapidly demand for AI computing infrastructure has expanded.
AI Remains at the Centre of Nvidia's Growth
Nvidia has become a central player in the global AI industry, with its graphics processing units (GPUs) powering many of the world's most advanced artificial intelligence models.
The company's chips are used both to train AI systems and to run them once they are deployed. As technology companies pour billions of dollars into AI infrastructure, demand for Nvidia's hardware has surged alongside spending on data centres.
Nvidia's role in the AI ecosystem has also expanded beyond simply supplying chips. The company has increasingly provided financial support through backstops and other arrangements designed to help new AI data centres secure funding and move forward with construction.
That combination of hardware demand and deeper involvement in AI infrastructure has helped Nvidia maintain exceptionally strong growth nearly four years after OpenAI launched ChatGPT and accelerated the latest wave of consumer and enterprise interest in generative AI.
Investors Are Becoming More Cautious
Despite the company's strong operating performance, enthusiasm around the stock has cooled somewhat after an extraordinary three-year rally.
Nvidia shares were up about 14% as of Tuesday's close, only slightly ahead of the Nasdaq this year. That performance is modest compared with the massive gains recorded during the earlier stages of the AI boom.
Investors are now looking beyond Nvidia's headline growth figures and asking whether the company can maintain its dominance as competitors strengthen their own AI offerings.
Advanced Micro Devices and Google's AI hardware efforts are among the competitive threats attracting attention. At the same time, Nvidia and the wider technology industry are dealing with rising memory costs as a global shortage continues to put pressure on supply chains.
Vera Rubin Becomes a Major Test
Another major focus of the earnings report will be Nvidia's latest product cycle.
The company's new Vera Rubin AI systems have begun shipping to customers including Microsoft and OpenAI. Investors will want to know how quickly those systems are being adopted, whether production is scaling as expected and if Nvidia is encountering any supply constraints as it ramps up shipments.
Nvidia CEO Jensen Huang has already set an extremely ambitious target for the company's latest generations of AI infrastructure.
Earlier this year, at Nvidia's GTC conference, Huang told attendees that he expects the company's current-generation Blackwell chips and Vera Rubin systems to generate $1 trillion in sales through 2027.
The earnings report and subsequent conference call could provide investors with an important indication of whether that expectation remains on track.
All Eyes on the Outlook
Beyond the quarterly numbers, Nvidia's forward guidance is likely to be just as important as its earnings and revenue figures.
Investors will be listening for details on AI infrastructure spending, Blackwell and Vera Rubin demand, supply availability, memory costs and the competitive landscape.
The company is scheduled to hold its conference call with investors at 5 p.m. ET, where executives are expected to provide additional details on the quarter and outlook.
Later, Nvidia CEO Jensen Huang is scheduled to join CNBC's Jim Cramer on “Mad Money” to discuss the company's earnings and the outlook for the AI industry.
The results will offer investors another test of whether Nvidia can continue delivering the extraordinary growth that has defined its rise during the AI boom—or whether increasing competition, supply constraints and higher costs are beginning to put pressure on its trajectory.