Nvidia Earnings Aug 28 5pm EST #nvidia

Nvidia is gearing up to release its highly anticipated Q2 FY2024 earnings report on August 28, 2024, which could have significant implications for both its stock price and the broader market. Analysts are expecting strong results, with a projected 133.3% increase in earnings per share (EPS) to $0.63 and a 109% rise in revenues to $28.24 billion. Given Nvidia’s history of surpassing expectations, there is speculation that the company might once again exceed its guidance, potentially reporting over $30 billion in revenue.

The anticipation surrounding Nvidia's earnings has led to bullish sentiment in the market. Analysts predict that Nvidia’s stock could reach a new all-time high of $157 following the report, with key support at $115 and resistance at $140.76. Investors are particularly focused on updates regarding AI demand and the launch of Nvidia’s next-generation Blackwell chips, both of which are crucial for sustaining the company’s growth trajectory.

Additionally, strong performance in the data center segment and Nvidia’s strategy for utilizing its cash reserves, including potential buybacks or acquisitions, are critical factors that investors will be watching closely. While the outlook is positive, any negative surprises, such as delays in product launches or a slowdown in AI demand, could lead to a decline in the stock price.

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