For investors who don’t own NVIDIA Corp. (NASDAQ:NVDA) directly, Wednesday’s earnings report could still touch their portfolios.

Nvidia is a major holding across semiconductor and technology ETFs, making its outlook on AI infrastructure spending an important read-through for funds.

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The VanEck Semiconductor ETF (NASDAQ:SMH) is among the most direct ETF beneficiaries of Nvidia’s AI momentum, while the iShares Semiconductor ETF (NASDAQ:SOXX) offers another broad-based way to capture any read-through from the chipmaker’s results.

Investors looking for wider technology exposure can turn to the Invesco QQQ (NASDAQ:QQQ), where Nvidia is a major Nasdaq-100 component. Meanwhile, the Global X Robotics & Artificial Intelligence ETF (NASDAQ:BOTZ) provides a broader play on AI adoption and automation.

The Aug. 26 report comes at a critical point for the AI investment cycle, with hyperscalers continuing to ramp up spending on computing infrastructure. Beyond the headline revenue and earnings numbers, investors will be watching Blackwell demand, margins, China shipments and management’s commentary on rising memory costs.

4 ETFs to Watch

SMH provides one of the most direct ETF routes to Nvidia and the semiconductor ecosystem benefiting from AI infrastructure spending. Nvidia’s results could also influence sentiment toward other major chip holdings in the fund.

SOXX offers diversified exposure to semiconductor stocks, making it another key vehicle for investors assessing the broader industry read-through from Nvidia’s results.

Nvidia’s influence extends beyond semiconductors. As a major Nasdaq-100 constituent, its earnings can have a meaningful impact on the technology-heavy QQQ.

BOTZ provides a broader AI and automation angle, offering exposure to companies positioned to benefit from expanding AI adoption.

Why Nvidia’s Results Matter

Nvidia expects fiscal Q2 revenue of $91 billion, plus or minus 2%, compared with the $91.9 billion consensus estimate. That would represent roughly 96.5% year-over-year growth.

The Data Center business will be closely watched after Q1 revenue jumped 92% to $75.2 billion. Blackwell remains the company’s primary growth engine, with management saying the platform has been adopted by major hyperscalers, cloud providers and leading AI model developers.

Nvidia has also projected approximately $1 trillion in combined Blackwell and Rubin revenue from 2025 through 2027.

New Growth Drivers — and Risks

Nvidia is expanding beyond GPUs through its Vera CPU platform and estimates the server CPU market at roughly $200 billion. The company expects its CPU business to generate about $20 billion in revenue this year.

China represents another potential opportunity. JPMorgan estimates that every 100,000 H200 units shipped to China could generate roughly $3 billion in revenue.

At the same time, investors will watch rising memory costs and potential pricing changes. Nvidia is reportedly considering price increases of more than 15% for some systems shipped early next year, which could help offset higher costs and support margins.

With Nvidia’s results carrying implications across multiple ETF portfolios, the Aug. 26 report will offer investors a fresh read on the pace and durability of the AI infrastructure boom.

Some Technicals to Note

With the current price positioned above key technical levels, Nvidia appears to be in a favorable position. The stock is trading approximately 2% above its recent average price, according to Benzinga Pro, which indicates that momentum is building and investors are willing to pay a premium for shares.

This upward movement could attract further buying interest, particularly if the stock can maintain its position above the $210 mark.

Volume on Tuesday was reported at 55.4 million shares, reflecting robust trading activity. High volume accompanying price increases often signals strong conviction among buyers, which could lead to further upward movement in the near term. If this trend continues, it may indicate that the stock is gaining traction and could potentially challenge its recent highs. This consequently could bode well for ETFs as well.

Looking at the broader technical picture, Nvidia’s 52-week range of $164.07 to $236.54 highlights the stock’s volatility and potential for significant price swings. The current price is well above the lower end of this range, suggesting that the stock has established a solid base from which it can rally. Resistance may be encountered near the recent high of $214.73, and a breakout above this level could pave the way for a test of the upper boundary of the 52-week range.

The overall market sentiment surrounding Nvidia remains positive, driven by strong fundamentals and a favorable outlook for the semiconductor industry.

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