Nvidia’s earnings have become some of the most closely watched numbers on Wall Street. The company makes up about 6.5% of the Nasdaq 100 and 5.5% of the S&P 500, so a good quarter can send the Nasdaq index soaring. A marginal or poor one can send it tumbling.

Specifically, Nvidia ( NVDA 3.07%) will announce its first-quarter financial results after the market closes on Wednesday, May 28, and the Federal Reserve will publish the minutes from its May meeting earlier that same day. Then the Commerce Department will release PCE inflation and consumer spending data for April on Friday, May 30.

Right now, NVIDIA’s 50-day moving average is trending sideways, a clear sign that short-term momentum has stalled. The longer-term 200-day moving average is also running flat, reinforcing the idea that the stock is struggling to find its technical footing.

The chipmaker invested $3.2 billion in capital expenditures in fiscal 2025, expanding Blackwell accelerator production and AI infrastructure. Analysts expect first-quarter 2026 capex to hover around $800 million to $900 million quarterly to meet hyperscaler demand.

Investors can buy AMD stock today for 27-times forward earnings. That's a premium to the overall market, but a discount relative to Nvidia, which trades closer to 32-times earnings. That said, Nvidia continues to grow faster than AMD thanks to its pricing power and scale, so it may deserve a premium to AMD.