Nvidia earnings: What to expect from the market's AI darling

Nvidia (NVDA) will report fiscal 2025 third quarter earnings on Wednesday, November 20th. Goldman Sachs Managing Director Toshia Hari joins Ceanna Smith and Madison Mills at Catalyst to discuss what to expect from the key artificial intelligence (AI) player.

The analyst highlighted two things he's aiming for in the earnings results: the demand environment around Nvidia's products and predicting Nvidia's strength beyond AI training is strong and sustainable, supporting the chipmaker's growth.

“First, given the demand profile there, the environment is going to be very strong. If there is a problem, it is a supply problem, not a demand problem. Hari noted that hyperscalers such as Alphabet (GOOG, GOOGL), Microsoft (MSFT), and Amazon (AMZN) have been Nvidia's biggest AI customers as they build AI infrastructure, “The customer profile is expanding beyond hyperscalers into enterprises and sovereign states. There is demand across the board.”

“Secondly, I think historically there's been a perception that Nvidia is very strong in training, yet as we move into the assumption that their competitive position could potentially diminish… [However] Sets the opportunity for growth for Nvidia and potentially expands the competitive moat they have.”

The analyst said Nvidia's ability to “really innovate across multiple components” is “a 12 in.” [to] 18-month cadence” sets it apart from others in the AI ​​space and secures its dominant position. “I think it's going to be very difficult, very challenging and expensive for others to compete head-to-head with Nvidia.”

While the market seems bullish on Nvidia in the near term, Hari said the “big question mark” is the outlook for the 2026 calendar year as investors try to determine whether they will continue to spend billions on Nvidia's chips.

Despite Nvidia recently setting a new record high, Hari is among analysts who think the stock has more to drive. “We expect upside from here” ahead of Nvidia's report as hyperscalers announce earnings that could send the stock higher.

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This post was written by Naomi Buchanan.