Key Points

Nvidia continues to capitalize on artificial intelligence advancements.
Results from a major customer will provide key market signals.
10 stocks we like better than Nvidia

Nvidia (NASDAQ: NVDA) plans to report its next quarterly update in late August. Still, shareholders should focus on multiple July dates, especially Wednesday, July 29. The explanation follows.

All eyes on the hyperscalers

A handful of Nvidia clients generate a substantial share of revenue. In fiscal 2026 ending Jan. 25, one buyer represented 22% of sales while another contributed 14%. Analysts widely view these as hyperscalers, with Microsoft likely the largest.

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Even without topping the list, Microsoft ranks among Nvidia's key clients. Its fourth-quarter fiscal 2026 results, due July 29, may reveal Nvidia's recent trajectory. Faster cloud revenue growth, upbeat guidance, and a strong backlog would support Nvidia's outlook.

Microsoft's capital spending forecast for fiscal 2027 also matters. Significantly higher plans would indicate sustained AI infrastructure demand, which Nvidia shareholders would welcome. This date therefore deserves attention on calendars.

Is the stock a buy?

Several indicators already point to a sizable remaining market. Alphabet stated its capex will rise sharply in 2027. Nvidia reports strong visibility into next year with $1 trillion in expected orders for Blackwell and Vera Rubin platforms. It is also preparing Feynman GPU and Rosa CPU releases in 2028 that promise greater performance.

Superior product design sustains Nvidia's GPU leadership. Its CUDA platform adds a moat through elevated switching costs. Progress in the CPU segment for autonomous AI agents further expands opportunities. Results from Microsoft and peers should reinforce this positive picture.

Should you buy stock in Nvidia right now?

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Prosper Junior Bakiny has positions in Alphabet and Nvidia. The Motley Fool has positions in and recommends Alphabet, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.