Expectations are high for Nvidia heading into its Q2 earnings report, with AI demand, next gen chips, and details on financing deals top of mind.

With that kind of growth, Nvidia stock has gotten significantly cheaper over the last year as earnings have soared while the share price has remained relatively flat. Based on the analyst earnings-per-share consensus of $9.02 for fiscal 2027, which ends in Jan. 2027, the stock is trading at just 23.6x, putting it roughly even with the S&P 500.

Here’s what Wall Street analysts have said they’ll be looking out for when the world’s most valuable company reports earnings Wednesday.

SpotGamma founder Brent Kochuba appeared on CNBC on Wednesday morning to share his belief that NVIDIA’s (NASDAQ:NVDA | NVDA Price Prediction) Q2 earnings today, August 26, is the most important news event in this earnings cycle.

Options traders expect Nvidia’s earnings report to cause swings in its stock. The options market is pricing in a 5.4% swing, higher or lower, in Nvidia shares during the session following earnings, according to Option Research & Technology Services.

Major indexes are finishing the week higher, after focus fixated on chips, Nvidia, inflation, and tariff tensions

Both NVIDIA and Palantir crushed earnings, raised guidance, and rode the same AI wave to triple-digit growth. But when two stocks tell the same story from opposite ends of the stack, only one valuation actually holds up.

Shares rallied as the chip giant forecast 70% revenue growth next year and defended its financial support of AI companies.