Overview
- Nvidia reports fiscal third-quarter results after Wednesday’s close, with consensus near $54.8 billion in revenue and about $1.25 in non-GAAP EPS, and gross margin expected around the mid-73% range.
- Wall Street says the pivotal factor is the fourth-quarter outlook, where estimates cluster around $61.3–$61.6 billion and a guide above roughly $61.5 billion is viewed as necessary to validate sustained AI spending.
- Options pricing points to a roughly 6%–8% post-earnings swing as traders weigh the high bar for a beat-and-raise against recent volatility and concerns about overinvestment in AI infrastructure.
- Analysts broadly reiterate bullish calls and higher targets into the print, while JPMorgan highlights a short-dated call-spread as a way to position for an upside move if results and supply commentary clear expectations.
- Key risks on the call include U.S. export limits that kept China-bound H20 shipments out of guidance, accelerating competition from AMD and in-house chips, and scrutiny of chip depreciation practices spotlighted by Michael Burry.