The September 28 earnings report is being called the most important event of the year for the stock market.
Tech giant Nvidia will hold its second quarter earnings call on Sep. 28 and analysts are having a field day discussing the potential implications. With investors expecting to see profits of more than double year-over-year as well as record-breaking revenue, many stock market insiders are calling it the event of the year.
Nvidia’s stock has been on a rocket to the moon for the past two years. In 2022, at its lowest, the company’s stocks dropped to around $11 a share, giving it a market capitalization of approximately $250 billion. In the mid 2024 market, that would place it slightly beneath Toyota in cap value. As of Aug. 23, NVDA is trading at $128.52. This makes it the second most valuable company in the world by market cap ($3.166 trillion) trailing only Apple ($3.443 trillion).
The second quarter wasn’t particularly kind to the tech industry. While there were some outliers in Apple and Meta, nearly every other technology outfit in the top 20 ended the quarter with stock trending downward over a 30-day period.
