Nvidia’s quarterly results on Wednesday mark a critical test for the AI market, as investors assess profit growth and rising competitive pressures.
The chipmaker has benefited from nearly $630 billion in Big Tech capital spending, fueling a three-year rally. Yet Nvidia shares are up just 2% in 2026.
Concerns are mounting as hyperscalers explore designing cheaper, in-house AI chips, potentially challenging Nvidia’s long-standing dominance in high-performance computing.
Alphabet’s Google is supplying custom TPUs to Anthropic and reportedly courting Meta, a major Nvidia customer. Advanced Micro Devices plans a flagship AI server launch.
Nvidia has responded aggressively, licensing Groq technology in a reported $20 billion deal and securing fresh multi-million chip agreements with Meta.
Wall Street expects quarterly profit to jump more than 62%, with revenue rising roughly 68% to $66.16 billion, though growth is moderating.
Analysts forecast first-quarter revenue guidance of about $72.46 billion. Some expect Nvidia to project figures well above consensus estimates.
Still, supply constraints at TSMC’s advanced 3-nanometer lines and uncertainty over China sales could shape the company’s outlook, even as AI chip demand remains robust.
