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“Software is eating the world, but AI is going to eat software.” – Jensen Huang, May 2017

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US equity futures are trading slightly lower this morning, while Treasury yields are mostly flat from where they closed last Friday.  Walmart (WMT) beat estimates and is trading up a little more than 2%, while Home Depot (HD) beat as well but is trading down about 2%.

While Walmart (WMT) has historically marked the unofficial end of earnings season each quarter, the fact that NVIDIA (NVDA) reports tomorrow means we should probably push that back a day.

NVIDIA (NVDA) has a lot to live up to when it comes to earnings.  The stock is up 50% YTD already and now has a market cap of $1.8 trillion.  As shown below, the stock has reported an earnings triple play on its Q4 earnings report for four years in a row and seven out of the last eight years coming into its Q4 2023 report tomorrow.  Will anything less than another strong triple play be enough to satisfy investors?

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