A sign for a Nvidia office building is shown in Santa Clara, Calif., Wednesday, Aug. 7, 2024. FILE - President and CEO of Nvidia Corporation Jensen Huang speaks at the Computex 2024 exhibition in Taipei, Taiwan, June 2, 2024. Investors are fleeing the Big Tech names that until recently had powered the U.S. market as U.S. stocks are set to open sharply lower Monday, Aug. 5, 2024. A sign for a Nvidia office building is shown in Santa Clara, Calif., Wednesday, Aug. 7, 2024.
Wall Street expects the company to report second-quarter adjusted earnings of 65 cents per share on revenue of $28.74 billion, more than double what it earned in the comparable quarter one year ago, according to FactSet. In the past three quarters, revenue has more than tripled on an annual basis, with the vast majority of growth coming from the data center business.
Demand for generative AI products that can compose documents, make images and serve as personal assistants has fueled sales of Nvidia’s specialized chips over the last year, but Wall Street is also looking for any indication that AI demand is waning. The Santa Clara, California-based company carved out an early lead in AI applications race, in part because of founder and CEO Jensen Huang’s successful bet on the chip technology used to fuel the industry. The company is no stranger to big bets. Nvidia’s invention of the graphics processor unit, or GPU, in 1999 helped spark the growth of the PC gaming market and redefined computer graphics.
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