Nvidia Corp (NASDAQ:NVDA, ETR:NVD) is scheduled to release its third quarter earnings on November 19 after markets close, with Wedbush analysts projecting continued strength in its AI-driven business.
Wall Street analysts on average expect Nvidia’s sales to surge 55% to $54.59 billion and earnings per share to jump to $1.24 from $0.81.
The firm said it expects Nvidia to again exceed expectations and issue guidance above Street estimates, given positive data points throughout Q3 and into Q4.
“The question in our view is rather the exact magnitude of upside given Nvidia seems to have grown beyond the beat by $2 billion, guide $2 billion higher cadence that had typified results through fiscal year 2025 and fiscal year 2026,” they wrote.
Wedbush analysts pointed to robust spending from hyperscale cloud customers as a key driver. “Hyperscale capex spending results for Q3 generally exceeded expectations,” they wrote.
“More importantly, the large hyperscalers nearly ubiquitously talked to an expectation of increasing spending trends into future periods as they continue to expand investment to support their AI efforts.”
They also noted that neocloud and model builder spending, such as CoreWeave’s plans to more than double its capital expenditures in 2026, adds an additional layer of demand that may not yet be fully reflected in forward hardware requirements.
Supply chain signals also appear positive for Nvidia. According to Wedbush, conversations with suppliers indicated “robust demand for Blackwell parts through Q3 and into Q4 (and 2026), with growing requirements for components tied to rack builds.”
Recent commentary from Taiwanese ODMs, including Foxconn and Wistron, along with strong forecasts from OEMs such as SMCI and Cisco, further support expectations for growing demand for Nvidia’s AI solutions.
Further, the analysts highlighted that broader compute and server requirements continue to accelerate, suggesting strong adoption of AI inference applications.
“While we first noticed this shift in H1 2025, the acceleration into the latter half of the year, and expected strength in the out years, has seemingly made it clear that inference use cases are growing at a significant rate,” they wrote.
Wedbush said it is not adjusting its numbers ahead of the report but expects upside to both Q3 results and the Q4 outlook.
The firm reiterated an ‘Outperform’ rating on the stock and maintained a 12-month price target of $210, implying upside of about 11% from current levels.