Key Points
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Nvidia is set to publish its third-quarter results after the market closes on Nov. 17.
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The company’s guidance calls for annual revenue growth of roughly 106%, but Nvidia will likely need to beat that for the stock to bounce following the report.
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Nvidia (NASDAQ: NVDA) is on the verge of a crucial moment. On Nov. 17, it will publish its third-quarter earnings results, and this event has huge implications for the whole stock market.
As the leading provider of the high-powered processing hardware used to train and power today’s most advanced artificial intelligence (AI) models, Nvidia has become the single most important company to watch when it comes to the health of both the AI industry and the broader market. That means that its upcoming report could spur substantial movement in the company’s share price, and could also have a reverberating impact on many other holdings in investors’ portfolios.
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All eyes will be on Nvidia on Nov. 17
Stock valuations in the AI industry have experienced an incredible run-up, but investors have recently been questioning the sustainability of their growth-dependent valuations. Along with macroeconomic dynamics, the market is wavering on AI-specific dynamics, including monetization efficiency, financing, and electricity sourcing. Nvidia’s stock price has pulled back as these concerns have intensified, and it’s now down roughly 13.5% from the high that it reached last month. In this environment, the company’s upcoming report is poised to be an important valuation test.
With the Q2 report that it published at the end of August, Nvidia issued strong guidance for the third quarter. Sales were forecast to grow by roughly 106% year over year to approximately $108 billion. The company also said that it expected a non-GAAP (adjusted) gross margin of roughly 74%.
Nvidia’s history of big earnings and revenue beats is creating high expectations for its third-quarter report. Simply hitting the company’s guidance targets or equaling the average Wall Street analyst estimates would probably provoke a bearish response. Investors are looking for the company to deliver strong indications that demand for advanced AI processors and related technologies remains sky-high. With AI stocks faltering recently, Nov. 17 won’t just be an important date to watch for Nvidia investors — it will be an important day in determining where the stock market heads next.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
