Nvidia (NVDA) will close out Big Tech's earnings season when it reports its second quarter results after the bell on Wednesday.
The report comes after a flurry of moves between the company and the Trump administration, which saw Trump revoke his prior ban on the sale of Nvidia's chips to China but will now require the AI giant to pay the government a 15% cut of sales into the country.
Trump initially banned the sale of chips to China in April and dropped the ban in July, adding the 15% fee in August. During its Q1 earnings call, Nvidia said it expects to take an $8 billion hit to its bottom line in Q2.
Trump also announced he will place a 100% tariff on semiconductor shipments into the US unless companies commit to building in the country. Nvidia should be exempt from the tariff.
Nvidia shares were up 35% year to date and over 40% over the past 12 months as of Wednesday afternoon. In July, the chipmaker became the first company to see its market capitalization top $4 trillion.
Its stock wavered around the flatline leading up to the release of its report.
For the quarter, Nvidia is expected to report adjusted earnings per share (EPS) of $1.01 on revenue of $46.2 billion, according to Bloomberg analyst consensus estimates. The company saw adjusted EPS of $0.68 and revenue of $30 billion in the same quarter last year. That works out to 49% and 53% year-over-year EPS and revenue growth, respectively.