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Nvidia’s earnings will test the S&P 500’s US$4 trillion recovery

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The almost US$3 trillion rally in Nvidia Corp. shares over the roughly two years since ChatGPT’s unveiling has virtually rewired the U.S. stock market, giving the artificial intelligence chipmaking giant an outsized influence on a bevy of equity indexes.

Jonathan D. Corpina, senior managing partner at Meridian Equity Partners, joins BNN Bloomberg to discuss markets awaiting Nvidia's earnings tomorrow.

Going by the options market, Nvidia’s results are expected to send its shares careening nearly 10 per cent in either direction — a move that would shuffle some $300 billion in market cap. And that’s just its own stock. The chipmaker accounts for 6.7 per cent of the S&P 500, making it the second biggest company in the broad equities benchmark after Apple Inc.

That pivotal role has effectively transformed the once obscure semiconductor manufacturer into a key measure of U.S. economic strength. “Concerns about the Blackwell chip delay could weigh on the upside to expectations for fiscal 2025, making management’s comments — especially a reassuring 2025 outlook — critical,” Bloomberg Intelligence analysts led by Kunjan Sobhani wrote in an Aug. 21 note.Any commentary about Blackwell on the call is going to be dissected like a U.S. Federal Reserve announcement, according to Howard Chan, chief executive officer at Kurv Investment Management.

 

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