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Nvidia (Nasdaq: NVDA) has been on another incredible run over the past four months, rising some 85% from April lows to about $180 per share. Year-to-date, the stock is up about 34%, after being down about that much in April.

It could certainly be another big week for the AI chipmaker as it reports its fiscal second quarter earnings on Wednesday after the market closes.

Here’s what Wall Street is expecting:

• Revenue of $45.8 billion to $46.14 billion, which would be up around 50% year-over-year.
• Earnings Per Share (EPS) of $1.00 to $1.01 per share, which would be up around 49% year-over-year.

This is a significant spike, but revenue growth is projected to be slower than it was in Q1, while EPS growth is projected to be higher.

However, Q1 revenue and earnings were impacted by federal restrictions that limited chipmakers, including Nvidia, from selling in China. Nvidia took a $4.5 billion earnings hit in Q1. For Q2, it expected an $8 billion revenue hit due to these restrictions.

But earlier this month, the Trump administration eased the restrictions on Nvidia selling its H20 chip in China in exchange for a 15% fee for a license to do business in China. But last week, Nvidia temporarily halted production of the H20 chips after the Chinese government warned tech companies in the country to stop buying the chips over security concerns.

This remains a developing situation, which could impact Nvidia’s outlook. Investors should be tuned in to what happens next with China. In recent days, Nvidia CEO Jensen Huang said the company is developing a new B30A semiconductor chip for data centers in China.

“I’m offering a new product to China for … AI data centers, the follow-on to H20,” Huang said, reported PBS. “It’s up to, of course, the United States government. And we’re in dialogue with them, but it’s too soon to know.”

Price target raises

Otherwise, Nvidia’s has seen strong growth in its new Blackwell line of AI chips for data centers, which it began rolling out late last year. Investors should watch for AI data center growth, where Nvidia is the dominant player with more than 90% market share.

Analysts at Baird raised their price target from $195 to $225 for Nvidia prior to earnings, based on expectations for strong growth with its GB300 superchips, which are part of the Blackwell line.

In addition, Stifel boosted its target to $212 per share, from $201. Stifel expects an earnings beat and guidance raise due to the resumption of H20 shipments, aside from last week’s halt, and accelerating demand for the GB300 chips, reported the Fly.

Also, Wedbush increased its price target to $210 from $175 per share.

“We continue to believe growth in announced hyperscale spend is largely going to build out AI capabilities and in particular end up flowing to NVDA,” Wedbush analyst Matt Bryson wrote in a research note, per CNBC. With a huge share of the AI server market, Bryson expects Nvidia to confirm and expand its dominant position. With AI spend up 67% in Q2, year over year, and 23% over the first quarter, Nvidia should capture most of that.

Nvidia stock has a median price target of $200 per share, which would suggest 10% growth over the current price. However, its P/E ratio shot up to 57, from 37 in April, so that bears watching.

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