Wedbush said to “expect good news” from Nvidia’s (NVDA) third quarter results, when the AI chip giant reports its earnings on Nov. 19.
The firm has an Outperform rating and a $210 price target on Nvidia’s stock.
“At a time with tech stocks volatile and investor worries around an “AI Bubble” forming….it all comes down to gauging the AI Revolution demand story which starts and ends with Nvidia. This Wednesday after the bell we will get earnings and guidance from the Godfather of AI Jensen and Nvidia and will be able to hear a pin drop on Street trading desks as the entire global market will be carefully watching these results and commentary from Jensen,” said analysts led by Daniel Ives.
The analysts noted that Nvidia is a foundational piece of this AI Revolution and they expect the company will handily exceed Street estimates given several positive data points they have picked up from their Asia supply chain checks along with big tech cap-ex numbers seen by the hyperscalers in late October earnings.
The analysts believe robust demand for Blackwell will be “front and center” on the conference call and these results have a huge void with the China chip restrictions from the Trump Administration still in place and under ongoing trade negotiations.
“In our opinion Nvidia’s earnings/guidance and general bullish commentary from Jensen will be a positive catalyst for tech stocks into year-end and give an important validation moment around global demand drivers/ magnitude for the AI Revolution from Jensen’s key perch,” said Ives and his team.
The analysts added that data points from Nvidia this week will be important to convince “on the fence investors” that this AI spending trend is an unparalleled moment in modern tech history and is not a bubble moment.
“We believe Nvidia’s earnings will be another major validation moment for the AI Revolution and be a positive catalyst for tech stocks,” said the analysts.