Nvidia shares are trying to reach new record highs, and the fourth quarter may bring a few key events that could help push the stock higher.
The stock rose slightly in premarket trading. Even after gaining 17% in the third quarter before Thursday, Nvidia’s share price is still just below its all-time closing high from mid-May.
Investors should keep an eye on two important events in the next few months. The first is Nvidia’s earnings report, which is expected in mid to late November. Last time, the company surprised the market with a positive forecast, predicting revenue would grow about 70% in fiscal 2028. People will be watching to see if Nvidia keeps moving toward that goal and maintains its high profit margins.
Another major event is the expected initial public offering of Anthropic, which could happen in November, according to The Wall Street Journal. If the IPO goes well, it could help reassure investors about ongoing AI spending and show how much companies like Anthropic might keep spending on Nvidia’s AI chips. Nvidia agreed to invest up to $10 billion in Anthropic late last year, a deal that valued Anthropic at about $350 billion at the time, according to CNBC. Now, Anthropic is expected to aim for a public valuation of around $2 trillion.
Nvidia also tends to do well at the end of the year. The last three months have usually been the stock’s best period, with an average fourth-quarter gain of 22% since 1999, according to Dow Jones Market Data. Over the past five years, the average gain has been 17%.
Nvidia was highlighted as a Barron’s stock pick in May, when it traded at a much higher valuation multiple than it does now, according to FactSet.
