Nvidia’s most important earnings report of the year arrives on Wednesday, and Wall Street is already positioning for a blockbuster showing. Morgan Stanley became the latest major bank to raise expectations, lifting its price target and underscoring what it calls a “material acceleration” in demand across Nvidia’s AI platforms.

The upgrade comes as the AI leader prepares to report fiscal Q3 results on November 19, a release that could determine whether Nvidia reclaims market leadership—or deepens the recent tech sell-off.

Morgan Stanley Turns More Bullish

Analyst Joseph Moore raised Nvidia’s price target to $220, about 15.8% above current trading levels. In his latest preview note, Moore said industry checks point to a significant demand pickup that “tends to show up in Nvidia’s numbers one or two quarters later.”

Wall Street now expects:

  • GAAP EPS: $1.20
  • Revenue: $54.97 billion
  • Year-over-year growth: Over 50% on both earnings and revenue

That would extend a historic multi-year streak for Nvidia, even as the stock has cooled in recent months.

Blackwell Momentum — And Vera Rubin Already Heating Up

Moore’s confidence stems from stronger-than-expected traction in Nvidia’s next-generation chips:

  • Blackwell platforms have moved into full production and are being treated as the default choice for large-scale training and inference.
  • Vera Rubin, the architecture designed to succeed Blackwell, is already seeing “very strong” early demand before launch.

Moore argued that Wall Street models are still “too low,” and that CEO Jensen Huang’s estimate of an additional $70–$80 billion of demand over the next five quarters may force analysts to rethink their assumptions.

Despite lifting his own estimates above consensus, Moore still calls his outlook “conservative.”

Nvidia’s Earnings Streak: A Look Back

Nvidia’s recent run has been unprecedented for a mega-cap:

  • FQ2 2025: EPS $0.68 | Revenue $30.04B (+122% YoY)
  • FQ3 2025: EPS $0.81 | Revenue $35.08B (+93.6%)
  • FQ4 2025: EPS $0.89 | Revenue $39.33B (+77.9%)
  • FQ1 2026: EPS $0.81 | Revenue $44.06B (+69.1%)
  • FQ2 2026: EPS $1.05 | Revenue $46.74B (+55.6%)

While growth is naturally moderating from the triple-digit pace of early 2024, Nvidia remains the fastest-expanding large-cap on the market.

Big Funds Quietly Trim Holdings Ahead of Earnings

But not everyone is leaning into the rally.

New SEC 13F filings show several major investors used Nvidia’s summer strength to trim positions:

  • Peter Thiel’s Thiel Macro exited its 537,742-share Nvidia position entirely — a sale worth roughly $100 million.
  • SoftBank sold its massive 32.1 million–share stake (~$5.8B) earlier this month.
  • Bridgewater Associates reduced its Nvidia stake by nearly two-thirds.
  • Coatue Management trimmed by 14.1%, shifting into Microsoft, Meta, and Alibaba.
  • Michael Burry’s Scion Asset Management also cut its Nvidia exposure.

The rotation reflects a mix of profit-taking, portfolio risk reduction, and AI bubble concerns—especially as AI stocks have turned volatile in recent weeks.

Related: Peter Thiel Dumps Entire Nvidia Stake, Adding New Fuel to AI Bubble Warnings

Wall Street’s Eyes on Wednesday

The stakes for Nvidia’s Q3 report are unusually high:

  • AI stock valuations have stretched,
  • Bitcoin and crypto markets are wavering,
  • Big Tech debt issuance has surged,
  • market breadth is weakening, and
  • investors are questioning whether AI momentum can carry into 2026.

A strong print and upbeat guidance could reignite confidence in the AI trade. A miss—or cautious tone—could deepen the current sell-off.

Morgan Stanley’s message? Demand remains far ahead of expectations, and Nvidia’s leadership still looks intact.

Now investors wait for the numbers.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.