Should You Buy Nvidia Stock Before the AI Chipmaker Reports Earnings on May 22?
The launch of generative artificial intelligence (AI) application ChatGPT whipped Wall Street into a frenzy in late 2022. While the generative AI revolution is still in its early stages, chipmaker Nvidia (NASDAQ: NVDA) has already been a big winner.
Nvidia was the best-performing stock in the S&P 500 last year, primarily because interest in AI drove unprecedented demand for its graphics processing units (GPUs). Shares have now advanced 510% since the beginning of 2023, but there's a possible inflection point on the horizon.
Nvidia will announce first-quarter financial results after market close on Wednesday, May 22, at 5 p.m. ET. For context, the stock surged 16% following its exceptional fourth-quarter financial report, and shareholders are undoubtedly hoping for an encore performance. However, Wall Street analysts have particularly high expectations this time around.
Source Fool.com
