Everyone knows Nvidia’s chips are in insane demand. That’s not what investors are worried about. The real questions are whether Nvidia can keep the money flowing as supply chains tighten, competitors circle, and input costs push higher.

Nvidia reports earnings at a tense moment for the AI trade. Fund managers think hyperscalers are overspending. Jensen Huang has already bragged about more than $500 billion in chip orders through 2026. And the stock has been stuck in the same $180 to $210 range for weeks.

Bank of America says Nvidia is juggling two things at once: towering earnings expectations and growing doubt about AI capex. The firm still boosted its estimates and thinks the weak sentiment could actually help the stock if results land cleanly.

Wall Street is looking for $55.2 billion in revenue and $1.26 in adjusted EPS. The quarter-over-quarter revenue jump alone is larger than the entire sales output of more than 370 S&P 500 companies. Even with that scale, Nvidia’s stock has only risen once in the week after earnings across its last five reports.

The demand story is locked in. The uncertainty sits everywhere else. Supply chain strain. Margin pressure. Rising competition. And the simple fact that the AI boom arrived when chip factories had spare capacity. That’s no longer true.

High-bandwidth memory prices have been surging as supply tightens, fueling a rally in Micron. Morgan Stanley says Nvidia will need aggressive supply chain planning and may have to stomach higher wafer and DRAM costs. Pricing power helps, but margin pressure is still on the table.

JPMorgan says Nvidia’s suppliers have executed well in ramping Blackwell and Blackwell Ultra chips. Even so, the bank thinks supply constraints will limit revenue growth into 2026. Investors want more clarity on three issues: how long AI spending can hold up, whether power shortages will slow data center build-outs, and how rising component costs could hit gross margins.

Wedbush’s Dan Ives is taking the opposite view. He says Nvidia’s numbers will be too big to ignore and could flip skeptical investors back to bullish. In his eyes, Jensen’s commentary could become a key confidence booster for the entire AI trade heading into year-end. $NVDA ( ▼ 3.15% )