Shares of Nvidia closed up 2.3% at an all-time high of $504.20 on Monday. The record comes ahead of the company's fiscal third-quarter results on Tuesday, when analysts are expecting to see revenue growth of over 170%.
If that's not astounding enough, the company's forecast for the fiscal fourth quarter, according to LSEG estimates, is likely to show an even bigger number: almost 200% growth.
Heading into the Thanksgiving holiday, Wall Street will be closely scrutinizing the company that's been at the heart of this year's artificial intelligence boom.
Nvidia's stock price has ballooned 245% in 2023, far outpacing any other member of the S&P 500. Its market cap now sits at $1.2 trillion, well above Meta or Tesla . Any indication on the earnings call that generative AI enthusiasm is cooling, or that some big customers are moving over to AMD's processors, or that China restrictions are having a detrimental effect on the business could spell trouble for a stock that's been on such a tear.
"Expectations are high leading into NVDA's FQ3'24 earnings call on Nov-21," Bank of America analysts wrote in a report last week. They have a buy rating on the stock and said they "expect a beat/raise."