The market focus is on Nvidia. On Wednesday, after the market closes, the clear leader of the artificial intelligence semiconductor revolution will report earnings for its October 2025-ending quarter. In August, Nvidia projected that its revenues for the October quarter would reach about $54 billion. Since then, numbers have inched higher. Analysts are now forecasting revenues of $55.2 billion and earnings of $1.26. This would represent increases of about 55% for both earnings and revenues from the year-ago October quarter.

Looking forward, expectations are for the company to guide Wall Street to $61.29 billion in revenues with stable margins for Nvidia’s January quarter. Business is very strong for Nvidia, and analysts are convinced that the near-term outlook is positive. Demand for Nvidia’s chips exceeds supply by a ratio of 12:1. AI chips for data centers account for about 90% of Nvidia’s sales. But what are the expectations for the next few years? Is the AI buildout just about over, or is it just beginning?