Nvidia Stock Falls. Don't Bank on an Earnings Surprise This Time.

Nvidia shares were dropping Tuesday. The market looks like it’s taking a cautious approach ahead of the chip maker’s earnings upcoming report.Nvidia shares closed down 0.1% at $726.13 on Friday, ahead of the Presidents Day holiday. The company will report its January-quarter earnings after the market close on Wednesday.

“We believe overall market expectations have risen significantly as consensus earnings are now approaching our forecasts. Hence, we see limited room for further earnings upside in 2024 relative to the sales and earnings surprise that we saw in 2023,” wrote Lee in a research note on Monday.

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