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Nvidia (NVDA) is set to report earnings after the bell with a lot riding on the results of the AI chipmaker.
Nvidia stock has struggled since the start of the year, but shares rose around 5% in Wednesday afternoon trading.
The AI chipmaker’s earnings results are a major test for the AI trade as investors closely watch whether Big Tech is maintaining its torrid pace of spending on artificial intelligence infrastructure, including investments in Nvidia’s $40,000 GPUs (graphics processing units). Microsoft (MSFT), Amazon (AMZN), Google (GOOG), and Meta (META) together purchased an estimated $44 billion worth of Nvidia GPUs in the 2024 calendar year, according to a DA Davidson analysis.
Wall Street once again has high expectations: Analysts expect revenue to rise 73% to $38.2 billion and earnings per share to jump 63% to $0.84 for the quarter.
Analysts maintain bullish outlooks on Nvidia stock ahead of the company’s earnings results. Of the 60 analysts tracked by Yahoo Finance, 56 have Buy ratings on the stock and, on average, see shares rising to $171.64 over the next 12 months.
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