Two months ago, computer memory maker Micron (NASDAQ: MU) reported its financial results for fiscal Q2 2022, and the news was incredible -- sales were up 25% year over year, and net profits more than tripled. Three weeks ago, semiconductors specialist Advanced Micro Devices (NASDAQ: AMD) reported some earnings of its own, and again the news was great -- sales up 71% and profits rising 42%. Heading into earnings day, Nvidia stock is down 5.3% at 11:10 a.m. ET Tuesday, and investor worry is beginning to bleed over into other tech stocks.
NVIDIA (NVDA) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
The strength of the data center business on the growing adoption of cloud-based storage and solutions and the stellar demand for gaming chips are anticipated to have boosted NVIDIA's (NVDA) Q1 performance.