Proactive Investors - Nvidia Corporation (NASDAQ:NVDA) shares traded higher on Monday ahead of the manufacturer of graphics processing units' highly anticipated third quarter financial report this week.
Its shares were up 2.2% at US$503.85 on Monday afternoon.
The stock has gained about 252% in the year-to-date with its market capitalization now sitting at about US$1.24 trillion - more than Meta or Tesla (NASDAQ:TSLA).
Expectations are high for Nivida going into its earnings report with Wall Street analysts forecasting an almost 480% year-over-year increase in earnings per share to US$3.36.
Revenue is expected to grow 170% to US$16.12 billion.
Analysts at the Bank of America (NYSE:BAC) wrote in a note last week that they expect a "beat and raise" from Nvidia for 3Q. They have a 'Buy' rating on the stock and US$650 price target.
Investors will be eyeing the impact of China restrictions and rising competition, particularly from Advanced Micro Devices, Inc. (NASDAQ:AMD)'s entrance into the artificial intelligence (AI) graphics processing unit market.
Nvidia will hand down its 3Q earnings report due on Tuesday, November 21 after the closing bell in New York.