Nvidia is set to report its latest quarterly results after the bell on Wednesday, and there are certain stocks besides just the artificial intelligence chip darling that could see major moves in either direction. Nvidia’s earnings results have been a driver of volatility over the past couple of years, but this time around, the market may actually be underestimating volatility. Nvidia options pricing prior to its upcoming earnings implies shares could swing 6.4% in either direction, per Goldman Sachs estimates. That is less than its average realized move of 8.5% up or down over Nvidia’s past eight earnings reports. However, there are other names that have also been big movers following Nvidia’s earnings, according to UBS’ trading desk. For example, server maker Super Micro Computer has seen a nearly 12% average move up or down over the past eight quarters post-Nvidia results. Below are the big movers that have historically moved on the chipmaker’s reports. Joining Super Micro, Advanced Micro Devices and Vertiv Holdings were among the top stocks that have seen large moves over the past eight quarters in the wake of Nvidia’s results, UBS found. AMD has moved an average of 4.8%, while Vertiv has moved just below that at 4.5%. While Super Micro has soared in 2025, outpacing the broader market with a roughly 36% gain year to date, AMD and Vertiv are both in the red. This year, AMD has slid nearly 6%, and Vertiv has dropped almost 5%. Arista Networks and Marvell Technology are next in line, each seeing an average move of 3.9% over the past eight quarters following Nvidia’s results, according to UBS. Those stocks have fallen sharply year to date at more than 16% and more than 41%, respectively. Meanwhile, Nvidia, which has seen shares move an average of 8.9% on the back of its earnings, has risen about 1% in 2025. What to expect Looking ahead to the results, UBS’ trading desk thinks investors are expecting Nvidia’s earnings to be in line with expectations for the first quarter. However, the firm said investors seem to be split on its forecast for the second quarter, with some expecting its revenue to be guided down quarter over quarter and others anticipating that outlook to come in flat. “I am not hearing many expecting revs guided up,” the firm’s team said. “This differs dramatically from the typical cadence of a $2b beat & $2b raise.” Even if the forecast comes in lower, JPMorgan’s data assets and alpha group still anticipates Nvidia’s shares could remain in a good position. “It feels like people want to be bullish here, and even if we get a [second-quarter revenue] guide lower than $44b the stock will hold up fine … so long as we get a good back-half story,” the firm wrote Wednesday. “But expect this to be a tough print to decode.”
