Nvidia reports fiscal second-quarter results after the closing bell on Wednesday, August 26, and Wall Street is treating the print as a referendum on the AI rally rather than a routine quarterly update.
According to Investopedia, options traders are bracing for a big move in the stock. Blockonomi reports analysts expect roughly $92 billion in revenue, about 95% year-over-year growth, with 32 of 33 ratings at Buy and an average price target near $305 — implying about 41% upside. BofA, per AOL, expects a beat and has flagged $260 to $263 as the next technical level after shares cleared $217. BMO Capital initiated coverage with an outperform rating, calling Nvidia a top pick, according to Investing.com UK.
The setup is unusually tense. BeInCrypto notes the stock just logged its longest losing streak since 2022, when Nvidia fell seven straight days into September 6, 2022 and shed 24%. Crypto Briefing points out that despite record revenue of $81.6 billion, the stock has gained a muted 12%; Blockonomi puts the 2026 gain at 17%. One MSN report argues shares now trade at 33 times earnings, the cheapest in five years — a sign expectations have cooled even as growth has not.
What bulls want to hear: progress on the Blackwell Ultra ramp, including VR200 during the quarter, per Invezz. Yahoo Finance highlights a subtler upside case — a boost in small language models would lower the barrier to enterprise inference and expand Nvidia's addressable market. Nvidia is also investing $1.5 billion in the SoftBank data center developer behind an OpenAI project, TechCrunch reports.
The spillover is real: MSN reports D.A. Davidson's Gil Luria has one of the Street's boldest semiconductor targets on Micron, a bet Nvidia's results will test. The Financial Times frames it as Wall Street betting Nvidia's chips will "defy the laws of finance."
Why it matters: as Reuters puts it, Nvidia's earnings and the Fed's Jackson Hole symposium together test the assumptions holding up this year's AI-driven market rally — so a miss wouldn't stay confined to one stock.