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- Nvidia and Walmart are set to report earnings this week, and their results could play an important role in driving market sentiment across the tech and retail sectors.
- Nvidia’s earnings are heavily focused, with markets expecting continued resilience from AI and data center growth.
- Walmart’s results come amid a major CEO transition, AI integration expansion, and strong consumer demand heading into the holidays.
Nvidia and Walmart will release their quarterly earnings this week, setting up a high-stakes week for the markets. Nvidia will release its first report on Wednesday, November 19, followed by Walmart’s earnings release on Thursday, November 20.
Both companies remain dominant players in their respective industries, making their earnings results important for sentiment on technology and retail.
Nvidia’s High-Stakes Earnings Report
Wall Street Expectations
Earnings per share: $1.25 per share, a 54% increase YoY
Revenue: $54 billion, a 54% increase YoY
Nvidia reports Q3 earnings on Wednesday after the closing bell, with most of its revenue coming from data center chips. Demand for data centers has been rising quickly as hyperscalers expand their AI infrastructure.
This earnings report could shake Nvidia and the entire AI industry, including chipmakers, memory suppliers, cloud providers and power utilities.
During the spring of 2023, Nvidia kicked off a new era in AI innovation. Revenue surpassed estimates after the launch of ChatGPT, adding $3.5 trillion to Nvidia’s market cap in 2.5 years. The Nasdaq since then has risen 88% to new record highs. That’s why their upcoming earnings are extremely important for markets. ⁽¹⁾
Nvidia’s earnings also arrive at a sensitive time for markets. Investors have recently turned more cautious on AI, as they are questioning the returns of companies from billions spent on AI. Some are even concerned about a potential AI bubble due to overstretched valuations.
Meta has dropped nearly -20% since its October earnings, as it plans to spend more on AI. The Magnificent Seven index has fallen -5.8% since the start of November, while Nvidia declined over -9.6%.
Nvidia expects over $70 billion in net income this year, with CEO Jensen Huang planning a wide view of customer plans. He hinted at $500 billion in sales for Blackwell and Rubin chips by next year. ⁽²⁾
The Blackwell Ramp-Up and Supply Challenges
Markets are focusing on the Blackwell chip, which is Nvidia’s next GPU platform, and is expected to drive growth in 2026.
Revenue expectations from Blackwell are estimated at $3-4 billion this year and $56 billion next year, depending on the pace of production. During the earnings call, Jensen Huang could face questions about the Blackwell production pace and supply. ⁽³⁾
Geopolitics also plays a huge role, adding new risks to the chip industry as the US tightened chip exports on advanced AI chips to China over national security concerns. This caused Nvidia to create weaker H20 chips suitable for China’s needs.
Walmart’s Earnings and CEO Transition
Wall Street Expectations
Earnings per share: $0.6 per share, a 3% increase YoY
Revenue: $177.4 billion, a 4% increase YoY
Walmart will report its Q3 fiscal 2026 earnings on Thursday before the opening bell, with its CEO Doug McMillon and CFO John Rainey set to take the mic and discuss the retail giant’s results.
A major change in leadership is underway at Walmart, with Doug McMillon, Walmart’s CEO since 2014, announcing that he will retire on January 31st, 2026. John Furner, the head of Walmart’s US operations, will be appointed as CEO on February 1st. ⁽⁴⁾
McMillon has brought strong returns of over 300-400% and made changes in e-commerce, automation, retail media and wages. ⁽⁵⁾
Walmart Embraces ChatGPT to Gain an Edge
Walmart announced last month that its customers would soon be able to shop through ChatGPT. While concerns persist about an AI bubble, analysts say the move could help Walmart stand out from other digital retailers. ChatGPT could impact consumers’ views of shopping and their interactions with retailers and brands. ⁽⁶⁾
The company’s growing investment in AI is also aimed at catching up with online behemoth Amazon, which had a head start with its chatbot, Rufus, a Gen AI-powered shopping assistant that answers various shopping queries. ⁽⁷⁾
Consumers continue to struggle with persistent inflation and tariff concerns. Walmart, Amazon and other retailers have used their size and leverage with suppliers to more aggressively compete on prices and attract shoppers.
Recent Performance and Holiday Push
With revenues of $177.4 billion, Walmart’s Q2 sales demonstrated resilience. The grocery and health segments led the 4.6% increase in US sales, while the e-commerce sector expanded by 25%. Revenue from advertising increased by 40%. ⁽⁸⁾
Holiday sales remain an important factor, as Walmart announced two Black Friday events in November, with Cyber Monday announced in December. Holiday sales are estimated to rise 4%. ⁽⁹⁾
Looking Ahead
Nvidia and Walmart’s performances will be heavily watched this week, with both companies expected to shape market sentiment.
As two dominant players in tech and retail, their results and guidance could give markets a clearer picture of how they might perform until the end of the year.
