The chipmaker has added more than $370 billion in market value since its last update, and is the biggest contributor to the Nasdaq 100’s 36% rally this year. Nvidia’s processors are the picks and shovels in the AI gold-rush that has fueled markets this year, making its report much more significant than a typical earnings release.
“Although market expectations have clearly risen for Nvidia and the overall AI supply chain, we expect bullish AI server momentum continued to surpass market expectations,” Lee wrote in a research note on Monday, arguing that the long-term earnings potential still isn’t reflected by Nvidia’s stock price.
One wildcard is supply. Some on Wall Street are warning that sales might be limited by Nvidia’s ability to secure enough chips from TSMC. Still, most don’t see it being a problem for the stock if forecasts are good, because those sales would be pushed into subsequent quarters. But Morgan Stanley’s Michael Wilson — a stalwart equity bear — cautioned that souring sentiment about the macroeconomic backdrop means that even blowout results may not be enough to propel markets higher this time.
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