Here’s what Wall Street expects from Nvidia’s second-quarter earnings today

Here’s the skinny on what traders are looking for when Nvidia, the most important stock in the world, reports earnings for the three months ended July 31 after the close today.

Wall Street has been getting increasingly bulled up on Nvidia ahead of this release, with the average price target now up 8.1% in the month leading up to this report, the most the sell side has boosted its view on how high the stock can run this year.

The options-implied move for the stock on earnings is about plus or minus 6.1%, or a $269 billion swing in market cap. For reference, that’s nearly the equivalent of adding (or losing) the entirety of the market value of Advanced Micro Devices, the third-largest US chip stock.

That would also be the biggest move for the stock in market cap terms since April 9, when President Donald Trump paused and watered down his reciprocal tariffs. The only two times the stock has shed at least that much in market value this year were on February 27, in the wake of its Q4 earnings release, and on January 27 amid the DeepSeek-induced freak-out across AI names.

Nvidia has moved an average of plus or minus 5.9% the day after its last eight earnings reports.