Ahead of Nvidia earnings, Wedbush’s Dan Ives says investors are missing two key catalysts

NVIDIA is set to report quarterly results on Wednesday, and ahead of that event Wedbush analyst Dan Ives said investors still do not fully appreciate what is driving the company’s momentum.

In comments carried by Yahoo Finance, Ives said the crowd is underestimating NVIDIA even though the stock has already posted a strong gain this year. His message to investors was that the run-up in the shares has not necessarily translated into the right understanding of what matters most over the next stretch of quarters.

Ives pointed to two catalysts he believes the market is overlooking as it looks toward the earnings print. The cited post does not spell out those catalysts in the excerpt available here, but it frames them as concrete near-term factors rather than broad hopes for continued demand.

For NVIDIA, the market focus into earnings typically centers on data-center revenue trends tied to accelerated computing and AI infrastructure spending, alongside visibility into the pace of orders and supply. For investors, the question is not only whether demand remains strong, but also whether NVIDIA’s shipments and product mix can keep translating that demand into durable financial results.

The stock’s advance heading into results also raises the stakes of the earnings report. When shares have already moved significantly, small shifts in outlook guidance, demand commentary, or the timing of new ramp cycles can carry outsized implications for sentiment.

Sector context matters as well. NVIDIA’s business sits at the intersection of semiconductor manufacturing and enterprise AI buildouts, meaning earnings are often read as a proxy for how quickly customers are scaling AI workloads across cloud and enterprise systems.

What remains unclear from the available report is the specific identity of Ives’s “two catalysts” and whether he expects them to show up in reported results immediately or more indirectly through guidance and forward commentary. Likewise, the post does not include any disclosed forecast numbers or detailed estimates in the portion available here.

Investors will likely treat Wednesday’s earnings call and accompanying materials as the test of Ives’s thesis, watching closely for management’s framing of demand durability, customer spending cadence, and how NVIDIA expects supply and product demand to evolve in coming quarters.