Nvidia Stock Climbs Ahead of Chipmaker’s Highly Anticipated Earnings

Nvidia (NVDA) shares climbed Wednesday amid rising expectations for the AI chipmaker’s fourth-quarter results, due for release after the bell. 

Shares were up over 4% in recent trading, leading gains on the Dow Jones Industrial Average. Shares of other semiconductor firms like Broadcom (AVGO), Qualcomm (QCOM), and Advanced Micro Devices (AMD) also rose, as well as shares of Nvidia partners such as Micron Technology (MU) and TSMC (TSM). The PHLX Semiconductor Index (SOX) was up nearly 3%.

With a market capitalization of $3.2 trillion, second only to Apple (AAPL), swings in Nvidia’s stock price in the wake of its results could have an outsized impact on the market. Analysts are overwhelmingly bullish on Nvidia’s results and stock, expecting record revenue, but the chipmaker could face an increasingly high bar to impress investors as several analysts lifted expectations ahead of the report.

Jefferies analyst Blayne Curtis told clients Tuesday he expects “another beat and raise” as Nvidia’s Blackwell line ramps. UBS recently doubled its estimate for Blackwell’s contribution to fourth-quarter revenue, citing supply chain improvements. 

Bank of America analysts said Tuesday they expect Nvidia’s sales could top Street estimates by $1 billion to $2 billion, with Wedbush anticipating a “$2 billion beat and $2 billion raise,” adding that a majority of Nvidia customers they spoke with have boosted their budgets for AI spending. 

Nvidia’s stock has had a tough start to the year, with shares about 2% lower for 2025 so far. Still, they’ve added about two-thirds of their value over the past 12 months.