Nvidia Earnings: How One Report Can Revive the Entire Bull Market[Featured](https://moneymorning.com/category/featured/) # Nvidia Earnings: How One Report Can Revive the Entire Bull Market  by Rich Duprey  November 19, 2025  Share it: ## Nvidia's Earnings: Last Hope to Save the Bull Market? **Nvidia** ( [NVDA](https://moneymorning.com/stocks/nvda/)) has been the undisputed engine of the ongoing bull market, powering much of the **S&P 500**'s gains. Because of its dominance in AI accelerators, the chipmaker has become a proxy for the entire AI investment thesis while lifting broader indices to all-time highs. However, momentum has stalled since late October. The broad market index has retreated roughly 4% over the past three weeks amid [rising concern over lofty valuations](https://moneymorning.com/2025/10/09/ai-giants-drive-market-gains-but-fear-of-a-bursting-bubble-looms/) and profit-taking in megacap tech, while Nvidia shares have shed about 10% from their late-October peak of $212, closing yesterday at $181 per share. This pullback reflects growing investor anxiety over whether AI spending can sustain its torrid pace. Nvidia reports its fiscal third-quarter results after the market closes today – a pivotal moment that could either reignite bullish enthusiasm or deepen the correction across risk assets. A strong beat and confident outlook might signal the bull run has legs; any perceived weakness could amplify fears of an AI slowdown.  ## Elevated Expectations…Again Expectations heading into the print are sky-high, with Wall Street anticipating another commanding performance. Analysts project revenue of approximately $54.9 billion, marking 56% year-over-year growth, alongside adjusted earnings of $1.25 per share, up 54%. The overwhelming majority of that top line – driven by its Data Center segment – is expected to stem from insatiable hyperscaler demand for training and inference workloads. Nvidia's new Blackwell architecture is ramping production faster than initially planned, promising even higher performance and efficiency, which should support continued market share gains against rivals like **Advanced Micro Devices** ( [AMD](https://moneymorning.com/stocks/amd/)). Historically, Nvidia has topped estimates over 90% of the time in the past five years, but in recent quarters the beats have been much narrower, perhaps as analysts have grown more adept at estimating its growth trajectory. Gross margins are seen holding firm near 74%, aided by software ecosystem advantages like CUDA and scale efficiencies, despite transitional costs from the Blackwell rollout. Yet cracks in conviction are emerging from prominent corners. Billionaire Michael Burry – famed for foreseeing the 2008 housing crash – [amassed significant put options](https://moneymorning.com/2025/11/04/ceo-says-youre-nuts-if-youre-betting-against-palantir/) against Nvidia and **Palantir Technologies** ( [PLTR](https://moneymorning.com/stocks/pltr/)) during the third quarter through his **Scion Asset Management** – just before he announced the fund's closure and return of outside capital. Similarly, Peter Thiel's hedge fund fully exited its Nvidia holdings in Q3, unloading over 537,000 shares, while **SoftBank** liquidated its entire multi-billion-dollar position in October to redeploy capital elsewhere in AI. These moves from tech-savvy investors underscore concerns over stretched valuations and potential demand digestion after years of frantic buildout. ## Market's Future Hangs in the Balance There is a lot riding on Nvidia's report tonight. While hyperscaler capex guidance and Nvidia's own backlog hints are signs pointing to a robust quarter and accelerating momentum into 2026, in a market pricing perfection, even a minor shortfall or subdued Q4 guidance could trigger a sharp repricing. The slightest hiccup risks cascading selling in Nvidia and the broader indices, validating bubble fears. Of course, a decisive blowout could propel the stock toward new highs and restore animal spirits to the bull market. Investors will be listening closely to CEO Jensen Huang's tone on sustained AI infrastructure spending – the outcome may define the market's risk appetite for months ahead. **Beat the market, without relying on brokers or biased institutions.** Email(Required) Email This field is for validation purposes and should be left unchanged. Subscribe By submitting your email address, you will receive a free subscription to _Money Morning!_ and occasional special offers from us and our affiliates. 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