①As the most anticipated earnings report of this earnings season, NVIDIA's quarterly report will be released next week; ②A top tech investor believes that before this chip giant releases its earnings report, Wall Street's bullish sentiment towards it is not strong enough; ③Gene Munster, founder of Deepwater Asset Management, believes that NVIDIA's boom period will last at least another two years.
As one of the most anticipated earnings reports this earnings season, $NVIDIA (NVDA.US)$ the quarterly report is set to be released next week. A top tech investor believes that, ahead of this chip giant's earnings release, Wall Street’s bullish sentiment toward it has not been strong enough.
Gene Munster, a tech venture capitalist and founder of Deepwater Asset Management, remains bullish on NVIDIA despite concerns that its performance may show signs of slowing growth and cooling AI-related deals. Munster believes that NVIDIA’s boom period will last at least another two years.
In an article this week, Munster stated that Wall Street skeptics have failed to account for recent statements made by NVIDIA CEO Jensen Huang regarding the company’s plans.
In his earnings preview, Munster highlighted two core reasons why some analysts remain cautious about NVIDIA: First, analysts are uncertain about how much supply NVIDIA ultimately has available; second, while there are currently 60 analysts tracking NVIDIA, not all have updated their forecasts based on the latest developments. Even those who have raised their estimates only increased their projections for NVIDIA’s revenue growth next year by about six percentage points.
Munster emphasized Jensen Huang’s remarks at NVIDIA’s Global Technology Conference on October 28. During this speech, Huang shared updates on some platform developments and provided an optimistic outlook on future revenue.
In Munster’s view, these forecasts provide sufficient justification to remain bullish on NVIDIA’s stock over the next year.
"Jensen Huang’s revenue targets for Blackwell and Rubin indicate that there is more than 10% upside potential in revenue through the end of 2026. I expect revenue growth expectations for 2026 to increase from the current 39% to 45%." Munster stated.
He added that Wall Street currently expects NVIDIA’s revenue to grow by 59% in 2025, 39% in 2026, and 22% in 2027.
Munster believes there is a “Catch-22” surrounding NVIDIA. This term, originating from Joseph Heller’s novel of the same name, refers to a logical paradox that creates a no-win situation where 'whatever you do is wrong.'
Munster pointed out that if NVIDIA's earnings guidance is weak, investors will naturally interpret it as a signal of a softening market. However, if it appears too strong, some may worry that tech giants are spending excessively on GPUs.
He also mentioned SoftBank’s recent move to divest its stake in NVIDIA and redirect investments toward OpenAI, but he appeared unconcerned, still believing that NVIDIA has room for growth.
"I think we are still in the early stages of AI infrastructure development, and NVIDIA’s position remains unshakable," he stated. "This should drive growth over the next few years to levels higher than investor expectations."
Since 2025, NVIDIA's stock price has risen nearly 40%, but its growth lags behind competitors such as $Advanced Micro Devices (AMD.US)$ 、 $Intel (INTC.US)$ . Nevertheless, NVIDIA remains the world’s most valuable publicly traded company, with its market capitalization briefly surpassing USD 5 trillion at the end of last month. However, since the beginning of this month, amid growing market concerns over an AI bubble, the stock has retreated by approximately 10%.
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