Nvidia will report its first quarterly results without founder Jensen Huang on Tuesday, 17 November, marking the first major test for interim chief executive Colette Kress. The company announced on 12 November that Huang had resigned as president, chief executive and director, effective immediately, and named Kress, chief financial officer since 2013, as interim CEO while the board searches for a successor.
Nvidia has guided third-quarter revenue of $108.0 billion, plus or minus 2%, implying a range of $105.8 billion to $110.2 billion. Hitting the midpoint would represent an 89% year-on-year rise from $57.0 billion and a 12% gain from the record $96.2 billion in the second quarter. Analysts expect slightly more, with LSEG consensus near $109.2 billion and adjusted earnings of $2.48 per share. Gross margin guidance stands at 74.0%, down from 75.0% in the prior quarter, as Kress previously blamed extreme pricing conditions in memory.
The earnings report will be scrutinised not only for the headline numbers but also for the fourth-quarter outlook, supply constraints, hyperscaler capital spending, and China exposure. Kress had said hyperscale growth should re-accelerate in the fourth quarter as supply of the Vera Rubin platform grows, and Rubin was expected to make up about 20% of data centre revenue in the third quarter. She also gave a preliminary forecast of around 70% revenue growth in fiscal 2028, a figure that may be reassessed under new leadership.
Micron, which supplies high-bandwidth memory used in Nvidia’s AI processors, closed Thursday at $798.44, down 1.59% after falling nearly 5% intraday on the leadership shock. The stock had jumped 11.89% on Wednesday, its best day since 30 July, after CoreWeave’s results eased AI-demand worries. Micron is still about 36% below its 52-week high of $1,255.00. The next major catalysts include Nvidia’s results on 17 November and the reported pricing of Anthropic’s IPO on 18 November, with Micron among the buyers at the IPO price.
Nvidia shares closed at $166.19 on Thursday, down 4.3%, leaving the stock more than 30% below its 6 October closing high of $239.24. At least nine brokers trimmed price targets, lowering the average to about $217 from roughly $343, while Evercore downgraded the stock to In Line and cut its target to $186 from $465. Bernstein’s Stacy Rasgon cut his rating to Market Perform and target to $200 from $400, questioning whether any successor could truly fill Jensen’s shoes. KeyBanc’s John Vinh called Kress’s appointment constructive, citing her deep institutional knowledge.
The leadership transition, governance questions, and potential congressional scrutiny make the 17 November call as much about credibility as about quarterly numbers. For Micron, holding above $790 after the initial sell-off suggests investors still see the memory story as partly separate from Nvidia’s boardroom turmoil, but Nvidia’s outlook will be the next decisive test.
