Nvidia's Upcoming Earnings Spark Rating Upgrades, Valuation Debate and Market‑Move Predictions Ahead of Aug 26

NVDA reports fiscal second-quarter results on August 26, and the setup has drawn an unusually wide spread of analyst opinion. Consensus sits near $91.85 billion in revenue and $2.08 in earnings per share across roughly forty analysts, with some estimates running as high as $93 billion to $95 billion, which would imply growth in the high-60s to mid-70s percent year over year.

The valuation argument is what is driving the rating activity. MarketBeat and Moomoo both moved to Buy, with Moomoo carrying a $335 target and Benchmark maintaining its buy stance. The bull case leans on the stock trading around 33 times earnings, its lowest multiple in five years, despite the company holding roughly 80% share of the AI accelerator market. Street targets mostly cluster between $175 and $225 with an average near $205.

The bear case is not about this quarter's numbers. It is that Nvidia's share is expected to moderate toward 75% by the end of 2026 as hyperscalers scale custom silicon and AMD ramps competing parts, and that a costly strategy to fend off those rivals carries its own margin cost. Nvidia has denied reports of a China-specific AI chip in development. Published price scenarios run from a $340 bull case to a $135 bear case.

The print also functions as a market-wide event rather than a single-name one, landing alongside the Jackson Hole symposium in a week where higher bond yields and oil prices have already compressed multiples across AI semiconductors . Watch data center revenue against the roughly $91.9 billion consensus, gross margin guidance, and any commentary on inference share versus custom accelerators, which is the variable the bear case actually turns on.

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