Nvidia is talk of the town at AI events leading into this week’s earnings

At the start of last week, OpenAI's technology chief personally thanked Nvidia CEO Jensen Huang for "bringing us the most advanced" chips needed to run the demo for a presentation the company delivered on its latest artificial intelligence models.

A day later, at Google's annual developer conference, Alphabet CEO Sundar Pichai highlighted his company's "longstanding partnership with Nvidia," and noted that Google Cloud will be using the chipmaker's Blackwell graphics processing units (GPUs) in early 2025.

And this week, Microsoft, which provides servers to OpenAI, will announce new AI advancements and features that were developed on the company's massive clusters of Nvidia GPUs. The company is hosting its Build conference in Redmond, Washington.

Heading into its quarterly earnings report on Wednesday, Nvidia finds itself at the center of the action in technology, a position that's become increasingly commonplace for the 31-year-old company, whose market cap has ballooned past $2 trillion this year.

Nvidia is expected to report year-over-year revenue growth in excess of 200% for a third straight quarter, with analysts projecting a fiscal first-quarter bump-up of 243% to $24.6 billion, according to LSEG. More than $21 billion of that is expected to come from Nvidia's data center business, which includes all the advanced processors the company is selling to Google, Microsoft, Meta, Amazon, OpenAI and others.

Nvidia is squeezing so much profit out of its AI suite of products that net income is expected to be up more than fivefold from a year earlier to $13.9 billion.

The stock has soared 91% this year after more than tripling in 2023.

Dan Niles, founder of Niles Investment Management, compared Nvidia's position in the AI boom to