This Week: Nvidia to report it’s earnings for Q1 2024

The AI-mania’s poster child is due to release its earnings after US markets close Wednesday, May 22nd.

This stock is forecasted to then move 8.5% up or down when US markets reopen Thursday, depending whether Nvidia’s results for the three months ending April 30th excites or disappoints.
 

Given its sheer size, with a market cap of more than US$ 2.3 trillion, Nvidia’s share price movements are bound to sway broader markets as well.

Keep an eye also on how various stock indices (e.g. US500, NAS100, even the TWN index, etc.)  fare in light of this highly-anticipated mid-week earnings.

Events Watchlist:
 

• Wednesday, May 22: Nvidia Q1 FY25 financial results

This US chipmaker’s data center revenue is forecasted to eventually close in on the US$30 billion mark by 2026, which is a gargantuan increase from the US$4.3 billion in Q1 FY24.

Stronger-than-expected earnings guidance by Nvidia, despite the US-China chip wars, is bound to see this stock add to its 90% in year-to-date gains so far.

Among Wall Street analysts surveyed by Bloomberg, there are 61 “buy” calls, 7 “holds”, and zero “sells”, with a 12-month consensus target price (TP) of $1018.45.

That TP could be reached as soon as this week, and may need to be revised even higher, depending on what Nvidia conveys to the market this Wednesday.

Here’s a comprehensive list of other key economic data and events due this week:
 

Monday, May 20

• CNH: China loan prime rates
   
• TWN index: Taiwan April export orders
   

Tuesday, May 21

• AU200 index: RBA meeting minutes; Australia May consumer confidence
   
• CAD: Canada April CPI
   
• US500 index: Speeches by Richmond Fed President Thomas Barkin, Fed Governor Christopher Waller, New York Fed President John Williams, Atlanta Fed President Raphael Bostic, Boston Fed President Susan Collins, Cleveland Fed President Loretta Mester
   

Wednesday, May 22

• NZD: RBNZ rate decision
   
• UK100 index: UK April CPI
   
• USDInd: FOMC meeting minutes
   
• Nvidia earnings
   

Thursday, May 23

• AUD: Australia May PMIs and consumer inflation expectations
   
• SG20 index: Singapore April CPI; 1Q GDP (final)
   
• EUR: Eurozone May PMIs and consumer confidence
   
• GBP: UK May PMIs
   
• USD: US weekly initial jobless claims;
   

Friday, May 24

• JPY: Japan April CPI
   
• GBP: UK April retail sales
   
• US30 index: Speech by Fed Governor Christopher Waller