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Jensen Huang CEO of Nvidia Houston Astros v Oakland Athletics
Nvidia CEO Jensen Huang stands on the mound (Thearon W. Henderson/Getty Images)

What Wall Street expects from Nvidia’s fourth-quarter earnings report

A big day for the $3 trillion chip designer.

Luke Kawa

Nvidia is on the move higher in the premarket trading — a welcome change for stock bulls after the $3 trillion chip designer had been limping into the release of its fourth-quarter earnings, due after the close on Wednesday.

The stakes of what this report means for the stock have gone up in recent sessions: the options-implied earnings move is now up to nearly plus or minus 10%.

Here’s what Wall Street’s expecting from the fourth-quarter results:

At a more macro level, traders will be looking for numbers and commentary good enough to serve as a circuit breaker and stanch the bloodletting in momentum stocks. Or not.

“It’s now been the biggest four-day decline for the S&P 500 since early September, and the Magnificent 7 was back in technical correction territory, having now shed more than -10% since their peak back in December,” Deutsche Bank macro strategist Jim Reid wrote. “That’s heightening the focus on Nvidia’s earnings after the US close tonight.”

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

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