The S&P 500 (SPX) has closed the last four trading days in negative territory, although the benchmark index is up by about 1% on Wednesday ahead of what is likely the most important earnings report of the season.
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AI heavyweight Nvidia (NVDA) will report its highly anticipated third quarter fiscal year 2026 results after the market close. The report will have a significant effect on the market, as NVDA is the largest holding in both the S&P 500 and Nasdaq 100 (NDX) with weights of 7.57% and 13.88%, respectively.
Most Analysts are Bullish on Nvidia
Nvidia’s earnings will offer a read on whether AI stocks are in a bubble. Wolfe Research and Goldman Sachs believe that the company will beat earnings, although some firms are beginning to question Nvidia’s multibillion-dollar deals with other players in the AI space.
“It’s very unclear what the motivation here is … To what degree is Nvidia investing versus buying demand or subsidizing demand [for its chips]?” said Seaport analyst Jay Goldberg, who has a “Sell” rating on NVDA.
Nvidia carries an average price target of $243.09, implying upside of about 30% from current levels.
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