Wall Street expects Nvidia to report earnings per share of $1.01 on revenue of $46.13 billion. A slew of Wall Street analysts have raised their price targets on Nvidia leading into the release, but at least one of those analysts warned the quarter may not impress to the level investors have become accustomed to over the past several years.

Wall Street's faith in the staying power of AI as an investment thesis will be put to the test when Nvidia reports quarterly earnings on Wednesday.

Nvidia’s second-quarter earnings, due this Wednesday, will land exactly two years after the AI boom kicked the company into a new era. Back in late 2022, when OpenAI launched ChatGPT, Nvidia was mostly known for its gaming chips.