Ahead of NVIDIA Corp.‘s (NASDAQ:NVDA) highly anticipated earnings report on Wednesday, Wedbush Securities analyst Dan Ives has issued a bold prediction regarding its potential market impact.

What Happened: Ives has forecasted that the upcoming earnings report from Nvidia will be a pivotal moment for the market, driven by AI demand.

According to a post on X on Thursday, Ives described the forthcoming earnings week as “the most important week for the market this year and potentially in years.” He emphasized that Nvidia’s performance would be critical, especially given the company’s role in AI advancements.

Ives stated, “We expect another masterpiece quarter from Nvidia; all about AI demand trajectory into 2025.” This highlights the significance of Nvidia’s earnings in shaping market expectations and investor sentiment for the foreseeable future.

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Why It Matters: Nvidia has been making significant strides in the AI sector, recently collaborating with Taiwanese supplier Nan Juen International Co for the production of its GB200 AI servers.

Despite recent volatility, with Nvidia’s stock down from its all-time highs, prominent trader Steve Grasso remains optimistic about re-entering the stock based on future price action.

Price Action: Nvidia’s stock closed at $123.74 on Thursday, down 3.70% for the day. In after-hours trading, the stock slightly recovered, rising by 0.64%. Year to date, NVDA has surged by 156.88%, according to data from Benzinga Pro.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote