AI Surge: Nvidia Leads Thanksgiving Week Earnings

As Thanksgiving approaches, the spotlight is on corporate earnings, with Nvidia (NVDA) taking center stage due to a remarkable surge in its share price driven by the excitement surrounding its artificial intelligence capabilities. This earnings season will also feature reports from major players such as Lowe’s (LOW), Analog Devices (ADI), Autodesk (ADSK), Best Buy (BBY), Baidu (BIDU), Deere (DE), and DICK’S Sporting Goods (DKS), offering insights into their latest financial performances.

On the economic front, market observers eagerly await the November global flash PMIs and the U.S. durable goods orders report. Additionally, interest rate watchers are looking towards the Federal Reserve’s FOMC meeting minutes and seeking takeaways from the recent European Central Bank meeting.

Q3 Earnings Spotlight: Nvidia

Nvidia (NVDA) is gearing up for its third-quarter earnings release on November 21, generating considerable anticipation. Analysts predict the company’s revenues will hit $15.99 billion, with earnings per share standing at $3.37 for the quarter. The Santa Clara-based tech giant is expected to address crucial issues during its earnings call, including the impact of export controls in China, updates on its product pipeline, insights into the data center supply chain, commentary on hyperscale operations, and revenue generated from AI services.

Morgan Stanley notes that a significant supply-demand imbalance has made a decline in peak demand seem trivial for Nvidia. The company enters its earnings announcement on the back of a robust rally, with its stock soaring by 240% since the beginning of the year. The options market suggests an 8% move in the stock price is possible after the earnings are released.

Notable IPOs on the Horizon

The week also brings a wave of activity in the initial public offering (IPO) arena. Docola (DOCO), offering a unique platform for free patient care communication, is set to begin trading. The firm aims to price its 1.06 million units between $5.75 and $6.75. Additionally, the lockup period for certain shares of Foremost Lithium Resource & Technology (FMST) and Atmus Filtration Technologies (NYSE:ATMU) will expire. Mach Natural Resources (MNR) will also see the end of its quiet period, allowing analysts to commence with ratings.

Consumer Tech and Ecommerce Conference Highlights

Capping off the week is the Needham Consumer Tech/Ecommerce Virtual Conference on November 20. This conference promises to assemble an impressive lineup from the tech and ecommerce sectors, featuring names such as Genius Sports (NYSE:GENI), Sportradar (NASDAQ:SRAD), Etsy (ETSY), ACV Auctions (NASDAQ:ACVA), Beachbody (BODY), and Redfin (NASDAQ:RDFN). Participants will delve into the latest trends, strategic developments, and consumer insights in technology and e-commerce, capturing the interest of investors and industry experts.