NVIDIA Corp (NASDAQ:NVDA) could have extra pressure to save the recent declines in valuation for technology stocks when the company reports fourth-quarter financial results on Wednesday after market close.
• What’s ahead for NVDA stock?
An analyst thinks Nvidia could help provide some relief for the market.
Wedbush on Nvidia Stock
“The Street is eagerly waiting for good news,” Wedbush analyst Dan Ives said in a new investor note.
The analyst said Nvidia’s earnings come at a key, pivotal moment for the technology sector.
“At a time with tech stocks volatile and greater worries around the AI narrative with the ‘AI Ghost Trade’ black cloud over tech stocks … it all comes down to gauging the AI Revolution demand story which starts and ends with Nvidia,” Ives said.
Ives said the “entire global market” will be watching Nvidia’s earnings and guidance on Wednesday.
“We fully expect the leading supplier of AI chips will comfortably exceed estimates and guide above Street.”
The analyst said Nvidia has positive data points …