Nvidia earnings live updates: Chipmaker’s results the next big catalyst for AI stocks, report and call coming after market close

Goldman Sachs sees AI demand staying strong, fueling another big quarter.

Goldman analysts led by Toshiya Hari expect Nvidia’s revenue and earnings-per-share to beat estimates, as the firm’s fundamentals will support more upside.

Strength will come from data center revenue and the company’s strong operating leverage, Goldman said. Meanwhile, the bank cited that Nvidia’s hardware is still sought after by leading cloud service computers, and the firm maintains its competitive lead in the AI computing sector.

For investors concerned that AI spending has not yet yielded meaningful results, Nvidia’s earnings should combat this narrative, Goldman said.

“We expect Nvidia management to provide ROI metrics available from select customers on this upcoming earnings call as a way to instill confidence in investors,” Hari wrote.

However, investors should anticipate some immediate volatility, Hari wrote, given the Blackwell chip delay.

But this will be a short-term headwind, and Nvidia does not lack solutions. The impact will depend on three factors: the delay’s extent, whether customers are willing to take on the older Hopper chip, and Nvidia’s capacity to ramp up production of a simplified Blackwell model.

Goldman holds a “Buy” rating on Nvidia and a price target of $135 per share.