Nvidia Results to Test Strength of AI Boom Amid Bubble Fears

Nvidia will release its quarterly earnings on Wednesday, with Wall Street watching closely to gauge whether the artificial intelligence surge is fuelling sustainable growth or showing signs of an overheated bubble.

The chipmaker, which supplies most of the processors powering AI data centers, recently became the first U.S. company to surpass $4 trillion in market value, with shares up another 13% since then. Analysts expect Nvidia to report earnings of $1.01 per share and $46 bn in revenue for the May–July quarter — year-on-year gains of 49% and 53% respectively, though slower than last year’s triple-digit growth.

The company’s rise has mirrored the broader AI frenzy that has lifted the S&P 500 by 68% since late 2022, but doubts are growing. An MIT study found 95% of AI pilot projects fail, while OpenAI CEO Sam Altman has warned of a potential «AI bubble.» Nvidia shares are trading at 40 times future earnings, a valuation double traditional benchmarks.

The report comes as Nvidia weathers fallout from the U.S.–China trade war. Sales bans on advanced AI chips cost the company billions earlier this year, though President Donald Trump recently allowed renewed sales in exchange for a 15% cut of Nvidia’s China revenues. CEO Jensen Huang is expected to address the deal and the state of the AI market on an investor call.

Kursiv Uzbekistan also reports that Uzbekistan will invest 2.1 trln soums ($168.4 mln) to industrial infrastructure in 2026, a 25% increase compared with this year.