Nvidia earnings preview: In chips we trust…

• Nvidia shares only ↑18% year-to-date
• Competition, data centre revenue and fiscal Q2 2027 guidance in focus
• Shares could move 5.5% ↑ or ↓ post earnings
• Analysts remain bullish with 12M target price at $277
• Technical levels – $220, $235, $240

If Nvidia were a country, it would be the third-largest on Earth behind only US and China.

Let that sink in…

With a monster market cap fluctuating between $5.4 to $5.7 trillion, it now eclipses the entire silver market – making Nvidia the world’s second largest asset class. The only thing worth more than Nvidia is gold, which has been around for thousands of years.

So, when this tech titan reports earnings, the whole world is listening with the outcome either sparking an AI gold rush or reinforcing concerns about a bubble.

When & what to expect

• Out today: Q1 FY2027 results drop after US markets close.

• EPS: $1.78 expected vs $0.96 a year ago, an 85% jump.

• Revenue: $79.15B forecast vs $44.1B last year, up 80%.

• The call: Markets expect a beat-and-raise quarter. The real question is what Nvidia says next.

What to watch

• Competition: Can Nvidia stay ahead as Google, AMD and Cerebras race to build rival AI chips?

• Guidance: Q2 2027 outlook is everything — Wall Street wants $87.2B.

• Data centre: Any update on its $1 trillion revenue target.

• Diversification: Nvidia is moving into CPU-only computers — a big departure from its GPU roots.

• China: Jensen Huang joined Trump’s trip to Beijing. What doors did that open?

How will Nvidia shares react to earnings

Markets are forecasting a 5.5% move, either Up or Down, for Nvidia stocks on Thursday post earnings. 

This is equivalent to a move of almost $300 billion, bigger than the entire market cap of many large companies in the S&P500 and Nasdaq 100. 

Analyst forecasts

According to Blomberg consensus, 95% of analysts are bullish on Nvidia with the 12-month price target at $277.19 – roughly 24% away from current prices.

Technical forces

• A solid breakout above $235 may open a path toward fresh all-time highs at $240 and beyond.

• Weakness below $220 could trigger a decline back toward $200.