Six of Nvidia’s past eight earnings reports have been followed by stock declines, including the last four, even when results were strong.
Street expectations are elevated into Wednesday’s report, with analysts looking for about $92 billion in revenue and $2.09 EPS after the stock beat the S&P 500 by 5 percentage points over the past month.
UBS said investors are focused more on the numbers than management’s narrative, arguing the call could reinforce a path to more than $15 EPS in 2027 and $20 in 2028.
HSBC said a bigger rerating may require a fresh story beyond earnings and product roadmaps, pointing to Nvidia’s role in open-source AI and small language models as a potential new driver.
That shift could widen Nvidia’s market beyond frontier labs to enterprise inference, developers and sovereign customers, supporting longer-term AI infrastructure demand.