Could Nvidia’s Q2 earnings be a new tech rally catalyst?

Nvidia (NVDA) has had a bumpy ride over the past month as the tech sector is just beginning to recover from the wide sell-offs seen at the beginning of August. With the chipmaker’s next earnings report around the corner — Wednesday, August 28 — could Nvidia be the leader for another tech rally? Niles Investment Management founder and portfolio manager Dan Niles joins Catalysts to give insight into Nvidia’s upcoming earnings and what investors need to know about the company and the sector moving forward. Niles believes that while the “quarter itself” could be “messy” for Nvidia, he still feels bullish on the stock long-term. But he’s still not a buyer at these current levels: “Going into this earnings season, we said we thought there would be an issue during earnings with the Magnificent Seven, and that you’d have to start rationalizing AI spend because you weren’t generating the revenues you needed. And so for us, if you look at the six Magnificent Seven stocks that have reported so far, they’ve been down on average 4% the day after earnings.”