By Nicholas Wells
Publication Date: 2026-08-25 15:46:00
Nvidia earnings have become a market event that can ripple beyond the chipmaker itself. Ahead of Nvidia’s latest quarterly report on Wednesday after the bell, CNBC Pro screened for stocks that have historically traded most closely with Nvidia on the trading day following its earnings release — and another group that has tended to move in the opposite direction. Nvidia reports fiscal second-quarter earnings Wednesday after the bell. Wall Street is looking for adjusted earnings per share of $2.10 on $92.18 billion in revenue, both nearly double their levels from last year, LSEG data shows. The options market is pricing in a roughly 5% move following the release in either direction, based on near-term contracts. Our analysis of Nvidia lateral trades looked at earnings-reaction days going back to 2016 and measured three things: A stock’s correlation to Nvidia, its beta and the percentage of reaction days in which the stock moved in the same direction as Nvidia. For the “sympathy” basket, the screen required at least 30 observations, a correlation of at least 0.45, a beta of at least 0.1 and a market cap above $2 billion. The results are naturally dominated by semiconductors and companies tied to the broader AI infrastructure buildout. Advanced Micro Devices showed the strongest relationship in the screen with a 0.75 correlation to Nvidia and a beta of 0.28. AMD also moved in the same direction as Nvidia on nearly 70% of earnings-reaction days in our analysis. Vertiv , which…
