Nvidia Corp. (NASDAQ:NVDA) is slated to report earnings on Wednesday, which could have ripple effects on a broad range of exchange-traded funds (ETFs) with significant exposure to the chipmaker. This is especially true given the AI chipmaker’s strong weighting in the index funds and sector holdings.
Nvidia’s Historic Rally
The AI chipmaker set a historic milestone, surpassing $5.5 trillion in market cap last week. The stock remains the largest publicly traded company and overtakes silver as the world’s second-largest asset by market value. Nvidia shares are up 20.8% since the start of this year and 66.2% over the past year.
Analysts expect Nvidia to report first-quarter revenue of $79.08 billion, up from $44.06 billion in the year-ago quarter, according to data from Benzinga Pro. The company beat analyst estimates for revenue in 14 straight quarters. Analysts expect first-quarter earnings per share of $1.76, up from $0.96 in the year-ago quarter.
Prediction market traders are increasingly bullish on the stock, with Polymarket data showing strong expectations that the AI chip giant’s stock could climb beyond $240 by the end of May.
Nvidia Earnings Could Move ETFs
As reported by ETF.com, Nvidia sits at the heart of the AI and data-center supply chain, and thus hundreds of ETFs include the stock among their top holdings.
Some ETFs having the largest allocation to the chipmaker include Global X PureCap …
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