Nvidia to report earnings tonight in the market's most watched event of the quarter
Nvidia will release its quarterly results after the US market close, around 22:00 CET, in what is being called the most consequential corporate event of the quarter. Investors are focused less on the headline numbers and more on CEO Jensen Huang's outlook for the months ahead.
Nvidia, the chipmaker whose products underpin the artificial intelligence boom, reports its latest quarterly earnings tonight after the US close, around 22:00 CET. The company has become something of a barometer for the entire AI-driven rally, meaning its results carry weight well beyond Silicon Valley.
The report arrives after a rough stretch for Nvidia stock, which fell for seven consecutive sessions — its longest losing streak since 2022. Shares have recovered about 3% since Monday but remain more than 6% below last week's open. For August overall, the stock is still up around 8%, and it has gained over 13% since the start of the year.
European chip companies also have a stake in tonight's outcome. Dutch group ASML, whose lithography equipment is essential to Nvidia's supply chain, has raised its 2026 sales forecast twice this year on AI-driven demand. Shares of ASML, along with Dutch chip-equipment maker BE Semiconductor and German optics firm Jenoptik, tend to track Nvidia's guidance.
Analysts polled by Bloomberg expect adjusted earnings of $2.09 per share on revenue of roughly $92 billion, which would mark 96% growth compared with the same quarter last year. Nvidia itself had guided toward about $91 billion, so the consensus estimate sits only slightly above the company's own forecast, raising expectations for what would count as a strong result. Data centre revenue is projected to reach $85.4 billion, up around 105%. Nvidia recently began breaking out revenue separately for large hyperscale and cloud customers versus industrial and enterprise clients.
The key risk: customer concentration
A large share of Nvidia's revenue still comes from Amazon, Google and Microsoft, all of which are developing their own chips to reduce reliance on Nvidia. As a result, Huang's comments on demand heading into 2027 are expected to draw particular scrutiny. To bolster confidence in the sector's growth, Nvidia this month helped assemble a $500 billion capital pool with Wall Street firms and is backing an eight-gigawatt data centre in Ohio together with OpenAI.
The week holds other market-moving events as well: US inflation and GDP data are due Wednesday, followed by the Federal Reserve's Jackson Hole symposium in Wyoming on Thursday and Friday, where new Fed Chair Kevin Warsh will deliver his first keynote address in the role.
