On Wednesday, after the close of the main US trading session, Nvidia will release its quarterly results — a report seen not merely as another batch of corporate data but as a crucial test for the entire AI-driven bull run.

NVDA shares are up more than 40% since the start of the year, and the company must now prove that this surge is justified and that the AI revolution is still accelerating. According to media reports, Wall Street analysts remain optimistic:

→ Revenue: forecast around $54.9bn, implying roughly 56% year-on-year growth.
→ Earnings per share (EPS): about $1.25 (previous quarter: $1.05).

What should investors focus on?
Of particular importance will be:
→ data on Data Centre revenue, a key indicator of whether the AI boom remains intact;
→ forward guidance, as the market is looking for reassurance that Big Tech will continue to spend heavily on AI.

Technical Analysis of the Nvidia (NVDA) Chart

Recent price action in NVDA points to a sequence that can be interpreted as bearish:
→ 28 October: a strong rally above the psychological $200 level;
→ a failure to hold above that barrier;
→ a pullback on rising volumes (Nasdaq data) with expanding candles in early November.

In the broader market context, it is notable that early November has seen NVDA underperforming major equity indices, signalling firm resistance from sellers around $200.

From a bullish perspective, the decline from the all-time high resembles a correction pattern (shown in red) within a larger uptrend.

However, there is a risk that the market’s high expectations will not be met when the earnings report is published. If that happens, NVDA could extend its decline towards the lower boundary of the rising channel, where support lies near $165.

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