Wedbush: NVIDIA's Q2 financial report to be released next week will be the "most important" event of the year
Nvidia will announce its second-quarter earnings after the market closes on August 28th, Eastern Time. Wedbush believes this is the most important event in the tech industry in years. Analyst Dan Ives pointed out that the market is focused on the Fed rate cuts and global economic trends, and this financial report may impact the stock market. Nvidia is expected to have revenue of $28.67 billion and earnings per share of $0.64 next quarter. Additionally, there is a continued growth in demand for artificial intelligence by businesses
According to the Zhitong Finance and Economics APP, NVIDIA (NVDA.US) is set to announce its second-quarter earnings after the market closes on August 28th Eastern Time. Wedbush stated that this event could be the "most important" event in the technology industry in years.
Analyst Dan Ives wrote in an investor report, "With the Federal Reserve and Powell beginning to communicate about rate cuts, this week the market and global economy are focused on Jackson Hole. But we believe that for the stock market, this week and the next few years' most important week will be next week, as AI pioneer Jensen Huang and NVIDIA will announce earnings."
Regarding the actual financial report, Ives added that NVIDIA may once again "lower the microphone performance," as he believes the company is the "only game in town" in terms of artificial intelligence and GPUs.
Analysts generally expect the company's revenue for the next quarter to be $28.67 billion, with earnings per share of $0.64.
Ives explained, "In the past few weeks of earnings season, Microsoft, Amazon, and Google's cloud computing and artificial intelligence data points have been very strong, indicating that large-scale enterprise AI demand is forming."
Ives further added that for every $1 spent on NVIDIA GPUs, the technology industry can generate an additional $8 to $10 in revenue