May 21, 2024 - Economy

Charted: Gearing up for Nvidia

A line chart that displays Nvidia's quarterly revenue spike from the period ending 4/29/19 to 4/28/24. The revenue soars from $2.2 billion in the first fiscal period of 2019 to an estimated $24.6 billion in the first fiscal period of 2024.
Note: Revenue figure for fiscal Q1 2024 is an S&P Global Market Intelligence estimate; Chart: Axios Visuals; Chart: Axios Visuals

Nvidia earnings reports have become a spectacle in recent quarters, underscoring the AI boom and fueling the stock's meteoric rise.

Why it matters: The AI chips company — whose stock is up 97% this year — reports its fiscal Q1 earnings after the closing bell tomorrow.

What we're watching: Analysts are expecting quarterly revenue of $24.6 billion, according to S&P Global Market Intelligence.

  • That would be well over triple the company's performance from a year earlier.

What they're saying: "With markets trending upward and emotions in check, Nvidia's performance will be pivotal in gauging the sustainability of the current market run and the potential for a more inclusive market rally," writes Nationwide chief of investment research Mark Hackett.

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This story was an excerpt from Axios Closer, a recap on the day's biggest business stories.

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