Nvidia Corp investors appeared in a cautious mood as the chipmaking giant’s Wednesday results drew ever closer.
Shares sat flat in pre-market trading on Wednesday ahead of the third quarter update, having surged by 4.9% through Tuesday and by 5.4% since the start of the week to $147.01.
A positive reaction to Wednesday’s after-hours earnings could take the stock to a fresh all-time high, following the latest peak of $149.77 seen earlier this month.
Swissquote Bank analyst Ipek Ozkardeskaya noted options pricing earlier in the week pointed to a potential 8% to 10% swing for the shares immediately after the earnings.
“It’s hard to say that good results will lead to a good market reaction,” Ozkardeskaya added.
“Over time, and at the current valuations, investors have become harder to satisfy and increasingly worried about what could go wrong.”
Expectations are for Nvidia to slightly exceed its own revenue guidance of $32.5 billion, or roughly an 80% year-on-year increase, for the quarter.
Outlook on future demand for artificial intelligence, commentary on delays around its latest Blackwell chip and any political risks will also be in focus, Ozkardeskaya said.