Nvidia (NASDAQ:NVDA) is stepping into its Q3 earnings report with the market watching closely as the company continues to stand at the nexus of the AI-infrastructure boom and the broader tech ecosystem. Options data suggest the company could see a one‐day market value move on the order of $300 to $320 billion, a swing of about 7 % in either direction. With valuation already elevated and the broader market looking for confirmation that AI spending remains on a strong upward trajectory, any guidance shortfall or hint of deceleration could trigger a sharper reaction than usual.
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Analysts expect about $54.8 billion in revenue and about $1.25 in adjusted earnings per share, representing 56% year-over-year growth, with a bulk of that coming from its data-center segment. At the same time, investors are keenly aware of emerging headwinds, including increased regulatory pressure, export restrictions in China, and concerns that the current AI surge may be plateauing. NVDA shares have reflected that tension, sliding 10.5% so far in November.
Is doom-and-gloom in NVDA’s future? Not according to Morgan Stanley analyst Joseph Moore, who is expecting something more akin to “a breakout quarter.”
The 5-star analyst points out that Blackwell is the “AI chip of choice,” and by all indications, the next generation Vera Rubin chip will also have “VERY strong” demand. Moore notes that the desire for the latest and greatest Nvidia products from customers reflects both technical progress and robust demand.
Moore also cites Morgan Stanley’s industry checks that are demonstrating “material acceleration” to further corroborate this viewpoint. The analyst cites consensus CY 2026 cloud capex in Q3 of $142 billion, including massive increases in spending by all four of the big hyperscalers.
“As long as Nvidia’s cloud customers are seeing good pricing, we expect they continue to invest in capacity,” shares Moore, while adding that further sources of growth are likely to come from neo-clouds, AI labs, and sovereign efforts.
The analyst is therefore increasing his Q3 revenue projections to $55 billion, up from his previous prediction of $54.4 billion. Moreover, Moore and company are now expecting $63.1 billion in the following quarter, up from $61.2 billion. The analyst points out that this would be the highest sequential revenue growth in industry history.
“The overall product leadership story at Nvidia seems like it’s on a continued solid footing,” Moore summed up, assigning NVDA an Overweight (i.e. Buy) rating and a $220 price target, which implies about 21% upside from current levels. (To watch Moore’s track record, click here)
Moore isn’t exactly a lone optimist. Wall Street overwhelmingly agrees, handing NVDA 37 Buys versus just one Hold and one Sell – enough for a firm Strong Buy consensus. The stock’s average price target, $243.09, suggests a 34% upside over the next year. (See NVDA stock forecast)
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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.