When Nvidia reports fiscal fourth-quarter earnings after the market close Wednesday, it will do so as the world’s third most valuable public company. Investors are giving the company little margin for error.
Nvidia’s stock price has soared fivefold since the end of 2022, as demand has skyrocketed for its graphics processing units that sit at the heart of the artificial intelligence boom. Nvidia’s chips, such as the H100, are used by AI developers to create cutting-edge models like the ones OpenAI used to develop ChatGPT.
The company’s market cap climbed to about $1.8 trillion last week, surpassing Alphabetand Amazon and now trailing only Microsoft and Apple.
“NVDA’s stock appreciation has been parabolic,” analysts at Bank of America wrote in a report Thursday. They reiterated their buy rating and said, “We think one interpretation of this NVDA move is a mix of fear and greed and indiscriminate investor chase for all things AI.”
The other megacap tech companies all reported quarterly results weeks ago. All eyes are now on Nvidia.
Analysts are expecting a startling 240% increase in revenue from a year earlier to $20.6 billion for the period ending Jan. 28, according to LSEG, formerly known as Refinitiv. For every new dollar of sales the company generates, it’s squeezing out even more profit.
Net income likely surged more than sevenfold to $10.5 billion from $1.41 billion a year earlier. In the third quarter, Nvidia’s gross margin jumped to 74% from 53.6% the prior year.
Outsize growth is expected in Nvidia’s data center business, which includes its AI chips. Analysts project an almost fourfold increase in revenue on an annual basis to $17.06 billion, according to FactSet.
Wall Street will be listening closely to commentary from Nvidia CEO Jensen Huang for an indication of how long these stratospheric growth rates are expected to last. The company already reported 200% year-over-year growth in the third quarter, and analysts are expecting a similar rate of expansion in the first period of this year.
One potential concern is that many of Nvidia’s GPU sales are going to big tech companies such as Microsoft, Amazon, Meta and Google. Any or all of them could decide to slow AI hardware spending at some point if they’re not seeing intended benefits.
“All four communicated plans to significantly increase investment in their AI infrastructure this year, which bodes very well for NVDA’s fourth quarter results and 2024 Q1 guidance,” wrote D.A. Davidson analyst Gil Luria in a note Thursday. He has a neutral rating on the stock with a $410 price target.
However, he warns that the long-term picture for demand from Nvidia’s top customers could be more mixed.
“They referred to their purchasing as ‘flexible’ and ‘demand driven,’ implying they would scale it down if we got past the current hype cycle,” Luria wrote. “While we do not believe we are there yet, we are seeing possible early signs.”
Nvidia’s gaming segment, which includes graphics cards for PCs and laptops and used to be the company’s primary business, is also expected to grow, but at a more measured rate of 49% to $2.72 billion in revenue. Some of Nvidia’s gaming cards are also used by small companies and researchers for AI.
Thomas O’Malley of Barclays said the report will be fairly simple to analyze.
“The [data center] GPU number will be the only key metric that matters along with commentary on broader market adoption,” O’Malley, who has a neutral rating on the shares, wrote Friday. “Most conversations we have center on the sustainability of the current run-rate in [data center], which is approaching $100B per year.”
Other analysts are focused on whether Nvidia has enough supply to meet short-term demand, in part because the company relies on Taiwan Semiconductor Manufacturing Company for its chips. There’s also budding anticipation regarding the company’s newest top-end AI chip, called B100, which starts shipping this year.
“We are particularly excited about Nvidia’s plans to launch the B100 later in 2024 and the X100 in 2025,” wrote Melius Research analyst Ben Reitzes, who recommends buying the stock, in a report last week. “If the upgrade from the A100 to the H100 is any indication, the Total Cost of Ownership benefit for data center operators will be enticing enough to fuel the upgrade and make 2025 a growth year.”
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Google on Friday made the latest a splash in the AI talent wars, announcing an agreement to bring in Varun Mohan, co-founder and CEO of artificial intelligence coding startup Windsurf.
As part of the deal, Google will also hire other senior Windsurf research and development employees. Google is not investing in Windsurf, but the search giant will take a nonexclusive license to certain Windsurf technology, according to a person familiar with the matter. Windsurf remains free to license its technology to others.
“We’re excited to welcome some top AI coding talent from Windsurf’s team to Google DeepMind to advance our work in agentic coding,” a Google spokesperson wrote in an email. “We’re excited to continue bringing the benefits of Gemini to software developers everywhere.”
The deal between Google and Windsurf comes after the AI coding startup had been in talks with OpenAI for a $3 billion acquisition deal, CNBC reported in April. OpenAI did not immediately respond to a request for comment.
The move ratchets up the talent war in AI particularly among prominent companies. Meta has made lucrative job offers to several employees at OpenAI in recent weeks. Most notably, the Facebook parent added Scale AI founder Alexandr Wang to lead its AI strategy as part of a $14.3 billion investment into his startup.
Douglas Chen, another Windsurf co-founder, will be among those joining Google in the deal, Jeff Wang, the startup’s new interim CEO and its head of business for the past two years, wrote in a post on X.
“Most of Windsurf’s world-class team will continue to build the Windsurf product with the goal of maximizing its impact in the enterprise,” Wang wrote.
Windsurf has become more popular this year as an option for so-called vibe coding, which is the process of using new age AI tools to write code. Developers and non-developers have embraced the concept, leading to more revenue for Windsurf and competitors, such as Cursor, which OpenAI also looked at buying. All the interest has led investors to assign higher valuations to the startups.
This isn’t the first time Google has hired select people out of a startup. It did the same with Character.AI last summer. Amazon and Microsoft have also absorbed AI talent in this fashion, with the Adept and Inflection deals, respectively.
Microsoft is pushing an agent mode in its Visual Studio Code editor for vibe coding. In April, Microsoft CEO Satya Nadella said AI is composing as much of 30% of his company’s code.
The Verge reported the Google-Windsurf deal earlier on Friday.
Jensen Huang, CEO of Nvidia, holds a motherboard as he speaks during the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, on June 11, 2025.
The sale, which totals 225,000 shares, comes as part of Huang’s previously adopted plan in March to unload up to 6 million shares of Nvidia through the end of the year. He sold his first batch of stock from the agreement in June, equaling about $15 million.
Last year, the tech executive sold about $700 million worth of shares as part of a prearranged plan. Nvidia stock climbed about 1% Friday.
Huang’s net worth has skyrocketed as investors bet on Nvidia’s AI dominance and graphics processing units powering large language models.
The 62-year-old’s wealth has grown by more than a quarter, or about $29 billion, since the start of 2025 alone, based on Bloomberg’s Billionaires Index. His net worth last stood at $143 billion in the index, putting him neck-and-neck with Berkshire Hathaway‘s Warren Buffett at $144 billion.
Shortly after the market opened Friday, Fortune‘s analysis of net worth had Huang ahead of Buffett, with the Nvidia CEO at $143.7 billion and the Oracle of Omaha at $142.1 billion.
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The company has also achieved its own notable milestones this year, as it prospers off the AI boom.
On Wednesday, the Santa Clara, California-based chipmaker became the first company to top a $4 trillion market capitalization, beating out both Microsoft and Apple. The chipmaker closed above that milestone Thursday as CNBC reported that the technology titan met with President Donald Trump.
Brooke Seawell, venture partner at New Enterprise Associates, sold about $24 million worth of Nvidia shares, according to an SEC filing. Seawell has been on the company’s board since 1997, according to the company.
Huang still holds more than 858 million shares of Nvidia, both directly and indirectly, in different partnerships and trusts.
Elon Musk meets with Indian Prime Minister Narendra Modi at Blair House in Washington DC, USA on February 13, 2025.
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Tesla will open a showroom in Mumbai, India next week, marking the U.S. electric carmakers first official foray into the country.
The one and a half hour launch event for the Tesla “Experience Center” will take place on July 15 at the Maker Maxity Mall in Bandra Kurla Complex in Mumbai, according to an event invitation seen by CNBC.
Along with the showroom display, which will feature the company’s cars, Tesla is also likely to officially launch direct sales to Indian customers.
The automaker has had its eye on India for a while and now appears to have stepped up efforts to launch locally.
In April, Tesla boss Elon Musk spoke with Indian Prime Minister Narendra Modi to discuss collaboration in areas including technology and innovation. That same month, the EV-maker’s finance chief said the company has been “very careful” in trying to figure out when to enter the market.
Tesla has no manufacturing operations in India, even though the country’s government is likely keen for the company to establish a factory. Instead the cars sold in India will need to be imported from Tesla’s other manufacturing locations in places like Shanghai, China, and Berlin, Germany.
As Tesla begins sales in India, it will come up against challenges from long-time Chinese rival BYD, as well as local player Tata Motors.
One potential challenge for Tesla comes by way of India’s import duties on electric vehicles, which stand at around 70%. India has tried to entice investment in the country by offering companies a reduced duty of 15% if they commit to invest $500 million and set up manufacturing locally.
HD Kumaraswamy, India’s minister for heavy industries, told reporters in June that Tesla is “not interested” in manufacturing in the country, according to a Reuters report.
Tesla is looking to recruit roles in Mumbai, job listings posted on LinkedIn . These include advisors working in showrooms, security, vehicle operators to collect data for its Autopilot feature and service technicians.
There are also roles being advertised in the Indian capital of New Delhi, including for store managers. It’s unclear if Tesla is planning to launch a showroom in the city.