UPDATE—Nov. 20, 2024: This article has been updated to reflect more recent analyst estimates and share price information.

Nvidia (NVDA) will report third-quarter results after the bell Wednesday, with the world’s most valuable company projected to report revenue growth driven by demand for 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) infrastructure.

Wall Street analysts expect the chipmaker’s revenue to grow 84% year-over-year to $33.29 billion and net income to jump to $17.47 billion or 70 cents per share, up from $9.24 billion or 37 cents per share a year earlier, according to Visible Alpha. Nvidia underwent a 澳洲幸运5官方开奖结果体彩网:10-for-1 stock split in June.

Key Metric: Data Center Revenue

Nvidia’s data center revenue hit a 澳洲幸运5官方开奖结果体彩网:record $26.3 billion in the second quarter, and analysts are calling for it to climb to a fresh high of $29.28 billion in the third quarter. In August, CEO Jensen Huang said, “global data centers are in full throttle to modernize the en🔴tire computing stack with accele𓂃rated computing and generative AI.”

Morgan Stanley recently raised its price target for Nvidia stock to $160 from $150 and maintained its “overweight” rating, citing the strength of its data center growth.

"We expect NVDA's Data Center business to drive much of the growth over the next 5 years, as enthusiasm for generative AI has created a strong environment for AI/[machine learning] hardware solutions," the analysts said.

Business Spotlight: Blackwell Supply

Investors will also be watching for updates on shipments of Nvidia's Blackwell AI chip, which Huang has called "a 澳洲幸运5官方开奖结果体彩网:complete game changer for the industry."

However, Morgan Stanley analysts warned supply constraints could limit the upside of Nvidia's near-term outlook, adding "we think the bigger upward revisions happen later in the year." Nvidia has said it expects to ship several billion dollars worth of Blackwell revenue during the January quarter as production ramps up. 

Shares of Nvidia have nearly tripled in value since the sta🦩rt of the year, at $145.36 in afternoon t🥀rading Wednesday.