Nvidia stock held steady above the key resistance level of $213 as the company prepares to publish its financial results next week. The earnings report, due on August 26, is expected to show that revenue jumped in the second quarter and may help determine whether the stock extends its recent uptrend or pulls back.

Nvidia Earnings Preview

There are signs that Nvidia’s earnings will show the business continued to perform well in the second quarter of this year. One indication is that all of its top suppliers have reported strong financial results in recent weeks, including Taiwan Semiconductor, SK Hynix, and Micron.

At the same time, Nvidia’s top customers also delivered strong numbers and maintained their forward capital expenditure guidance. That group includes hyperscalers such as Microsoft, Amazon, and Meta Platforms, along with smaller customers such as CoreWeave and Nebius.

In its last earnings report, Nvidia projected second-quarter revenue of $90 billion. Yahoo Finance data shows that analysts expect revenue to reach $91.96 billion, up 96% year over year.

Historically, Nvidia has beaten analysts’ estimates, which means the actual figure could come in above current expectations.

A 96% quarterly revenue increase is notable, especially for a company that has been operating for decades. It also helps explain why the report is drawing wide attention: for a stock that has already moved sharply, the results may affect whether recent momentum is sustained or whether traders pause to reassess valuation and competition.

These results come as competition in the GPU industry intensifies, with companies such as AMD and Google gaining market share. Google’s TPU has already attracted major customers including Anthropic and Apple. Amazon’s Graviton chips are generating an annual revenue run rate of $25 billion.

Nvidia Is Taking Measures to Compete

Nvidia is responding to rising competition with efforts to protect and expand its business. For example, it has made major investments in some of its largest customers, including OpenAI, Anthropic, CoreWeave, and Nebius. These investments typically include conditions that the companies use Nvidia chips.

Nvidia also announced partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to mobilize more than $500 billion in third-party capital for AI infrastructure development.

In addition, the company is expanding its product line, including CPUs. Its GPUs are used to train large AI models, while CPUs are important in the fast-growing AI agent business.

Nvidia is also developing the next generation of chips after Blackwell. The company is currently working on Rubin, which will be followed by Feynman. These chips are expected to offer more capabilities.

At the same time, Nvidia appears undervalued relative to its growth. Despite strong revenue and profitability growth, the company’s forward price-to-earnings ratio is 21, well below its historical level.

As a result, Nvidia may choose to accelerate share repurchases when it reports earnings.

Nvidia Stock Price Technical Analysis

Technical indicators remain supportive of NVDA shares. The stock formed a double-bottom pattern at $189, with a neckline at $213. Nvidia stock has already moved above the neckline and the 50-day moving average.

The Relative Strength Index (RSI) has also climbed above the neutral level of 50, indicating that the uptrend is gaining momentum. As a result, the most likely scenario is that the stock continues rising as traders wait for the earnings report.

A breakout above the all-time high of $236 would point to additional gains, potentially toward the key resistance level of $300. A move below support at $213 would invalidate the bullish view.