Nvidia Corporation (NASDAQ:NVDA) shares traded higher on Monday ahead of the manufacturer of graphics processing units' highly anticipated third quarter financial report this week.
Its shares were up 2.2% at US$503.85 on Monday afternoon.
The stock has gained about 252% in the year-to-date with its market capitalization now sitting at about US$1.24 trillion - more than Meta or Tesla.
Expectations are high for Nivida going into its earnings report with Wall Street analysts forecasting an almost 480% year-over-year increase in earnings per share to US$3.36.
Revenue is expected to grow 170% to US$16.12 billion.
Analysts at the Bank of America wrote in a note last week that they expect a "beat and raise" from Nvidia for 3Q. They have a 'Buy' rating on the stock and US$650 price target.
Investors will be eyeing the impact of China restrictions and rising competition, particularly from Advanced Micro Devices, Inc. (NASDAQ:AMD)'s entrance into the artificial intelligence (AI) graphics processing unit market.
Nvidia will hand down its 3Q earnings report due on Tuesday, November 21 after the closing bell in New York.
Contact the author at emily.jarvie@proactiveinvestors.com
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