NVIDIA’s Earnings After the Close on Wall Street
This evening, after the closing bell at Wall Street, it will finally be NVIDIA’s turn to report its quarterly results, effectively wrapping up this earnings season. Described by a well-known American strategist as “the top company within the top industry within the top sector,” the stock — which has gained 1,400% since September 2022 — is almost certain to move markets.
With such an exceptional performance and so much attention on the name, it is no surprise that its fundamental valuation ratios are “rather” elevated: NVDA trades at a P/E of 51.2×, compared with 29.9× for the S&P 500. Looking at the forward P/E, the picture normalizes slightly — 27.7× versus 22.4× — but these are still high levels. Other valuation metrics look even more stretched: the chipmaker’s P/S is 27.9×, and its P/B stands at 45×; by comparison, Microsoft trades at roughly 13.5× and 14.5×, respectively.
In short, valuations are undoubtedly rich. The question is whether they are justified by future business prospects. For tonight, the consensus expects EPS of $1.23 per share and revenues of $54.6 billion (up 55% year-over-year).
Technical Analysis
NVDA closed yesterday at $181.36 (-2.81%). The options market suggests that dealers expect a potential post-earnings move of roughly 6.2% — this indicates only the magnitude of the expected move, not the direction. In other words, options markets would not be surprised to see either a sharp rally or a drop of around $11 from the close. This implies potential trading levels around $170 on the downside or $192 on the upside, depending on how results are received.
From a more traditional chart-based perspective, NVDA has recently broken the steeper upward trendline that had supported the rally since the post-tariff-crisis rebound in late August 2025, and it has since remained above a much flatter trendline (originating from the August 20 low and confirmed on September 25, October 22, etc.). Since November 3 — from near-record highs at $211.35 — the stock has been clearly bearish, with the current trendline now passing through $186.8. Volumes have been particularly elevated in the last two sessions, which contributed to the current all-time highs.
