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Investing.com -- Nvidia (NASDAQ:NVDA) is set to deliver what Wedbush analysts described in a note on Wednesday as "the most important earnings report for the stock market this year, and potentially in years."

Wedbush says the "Godfather of AI," Nvidia's CEO Jensen Huang, is expected to provide crucial insights into the state of the AI revolution, which has made Nvidia's GPUs the foundation of a projected $1 trillion AI Cap-Ex wave over the next few years.

As expected, Wedbush analysts are bullish, anticipating "another drop the mic performance from Nvidia as right now Jensen&Co. are the only game in town with $1 trillion of AI Cap-Ex on the way for the next few years with Nvidia's GPUs the new oil and gold in this world."

They emphasize that Huang's perspective on enterprise AI demand will be key to understanding the future appetite for Nvidia's AI chips.

The analysts describe Nvidia's GPUs as "the new oil and gold in this world," signaling their critical role in the ongoing AI transformation.

The market is looking for Nvidia's earnings to validate the strong AI demand observed in recent reports from tech giants like Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), and Google (NASDAQ:GOOGL).

This was further supported by companies like ServiceNow (NYSE:NOW), AMD (NASDAQ:AMD), and Palantir (NYSE:PLTR), which have all highlighted the expanding reach of AI.

Wedbush suggests that Nvidia's report will not only impact its own stock but could also drive tech stocks higher into year-end and 2025. They note that the Fed's potential rate cuts and a macroeconomic soft landing, combined with what they describe as a "generational spending cycle" on AI, set the stage for continued growth in the tech sector.

As the release approaches, all eyes are on Nvidia, with Wedbush predicting "another masterpiece quarter and guidance" after the bell today that will help "the Street figure out the next frontier and winners in this AI Revolution."

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