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Nvidia conference with Jensen Huang
Nvidia CEO Jensen Huang delivers a keynote address during the Nvidia GPU Technology Conference in March 2024 (Justin Sullivan/Getty Images)

Maybe we should all agree to not talk about Nvidia’s stock after earnings

It’s probably making people dumber.

Luke Kawa

For the past year, Nvidia’s earnings days, and the sessions that follow, increasingly feel like they’re designed in a lab to make people like me look like idiots for trying to offer any thoughts on what the results and the market reaction actually mean.

Shares of the chip designer are meandering in early trading Thursday after doing a whole lot of nothing following the release of fiscal Q1 2027 results on Wednesday afternoon, which included a conference call with CEO Jensen Huang and CFO Colette Kress.

If Nvidia falls today, it’ll be the fourth consecutive time the world’s most valuable company gave back ground in response to better-than-expected quarterly results.

And you know what? Those days have meant diddly squat in the grand scheme of things.

Since Nvidia unofficially kicked off the AI boom in May 2023, it’s had a one-day decline after earnings on four separate occasions. Three months after that knee-jerk sell-off, it’s rocketed higher, besting the S&P 500 meaningfully (in aggregate), too.

The one exception was August 2025, when the stock didn’t even drop 1% the session after the report was released.

The 24 hours following Nvidia’s earnings reports are increasingly a time when financial journalists feel pressure to engage in creative writing about lines on charts because there are often no compelling, reasonable stories to tell. You end up reading things like, “Nvidia’s earnings beat expectations, but the stock is selling off because they didn’t beat the highest expectations” — as if that makes a lick of sense or is a standard we apply to most securities.

When the world’s most valuable company reports, it’s easy to miss the forest for the trees. Here’s some forest. Among S&P 100 companies:

  • For the most recent quarter versus the year-ago period, Nvidia’s revenue growth is better than all but one of them (Micron).

  • It’s the fourth-cheapest based on price to (forward) earnings growth.

  • It has the 13th-strongest earnings revisions year to date, bested only by other chip or AI-linked companies and a couple of oil companies.

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Powering the positive earnings report was the company’s AI-related revenue, which grew 84% in the fourth quarter and now makes up over a third of total revenue. Investors seem to think the increased demand for servers could have trickle-down effects for other companies.

“The company’s results and commentary reinforced the outlook for strong AI-infrastructure demand while indicating resilient broader traditional server and storage spending,” wrote Woo Jin Ho, a senior technology analyst at Bloomberg Intelligence. “Lenovo’s $21 billion AI-server pipeline and remarks that demand is outpacing supply support Dell’s AI-demand momentum and point to robust orders.”

AI’s insatiable computing demand is reshaping the hardware industry and driving up server demand.

Dell will report first-quarter earnings on Thursday, May 28.

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Ross Stores surges as Q1 results beat expectations, full-year guidance raised

Ross shares are rising after the company delivered strong Q1 results, with sales topping Wall Street’s projections.

The stock soared 6.3% just after the open.

Key numbers:

  • Earnings per share of $2.02 vs. $1.47 year over year (estimate: $1.72).

  • Sales of $6.01 billion, up 21% year over year (estimate: $5.61 billion).

  • Comparable sales growth of 17% (estimate: 8.58%).

CEO Jim Conroy attributed the results to better traffic in stores. “Customer traffic was the primary driver of the strong sales trend as compelling merchandise assortments, higher customer acquisition and engagement from our ongoing marketing initiatives, and an improved in‑store experience are resonating with shoppers.”

The company also noted that transaction volume grew across all key demographics, including “income levels, ethnicities, and age groups, including younger customers.” Sales were also likely buoyed by standard seasonal tailwinds, including consumer spending from tax refunds.

Backed by the strong quarter, the company lifted its full-year targets. Ross now projects same-store sales growth of 6% to 7%, up from the prior forecast of 3% to 4%, topping Wall Street’s estimate of 4.64%. It boosted its annual EPS guidance to a range of $7.50 to $7.74, versus the prior outlook of $7.02 to $7.36.

Ross Stores has been one of the retail sector’s standout performers this year, rising around 20% year to date as of Thursday’s close.

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