Weekly Equities Outlook: Nvidia, Anthropic, Walmart

Nvidia Q3 earnings

Nvidia will release earnings on Tuesday, November 17, after the market close.

Investors will be weighing up strong AI chip demand against an unexpected leadership change after CEO Jensen Huang resigned last week.

CFO Colette Kress was named interim CEO while the search for Huang's replacement takes place, and the earnings call is set to proceed as scheduled.

Nvidia is expected to report EPS of $2.47 on revenue of $108.8 billion, which would mark close to 90% revenue growth, following Q2 revenue of $96.2 billion.

Data centre revenue generated $89 billion in Q2, up 117% year on year.

Data centre demand and guidance will be key as investors look for evidence that hyperscalers and other customers continue to spend heavily on AI infrastructure. Q3 earnings will exclude data centre compute revenue from China.

Margins are another key area. The company's gross margin was 75% in Q2 and is guided to be 74% in Q3.

How to trade NVDA earnings

Nvidia has fallen 30% from its record high of 240 in early October, breaking below its falling trend line and 200 EMA to reach a low of 148.80, a level last seen in June 2025. The price did recover from this low and settled above 163 resistance, the March 26 low and the September 25 low.

The long lower wick on Friday's candle, combined with the RSI in oversold territory, could suggest that the bottom is in.

Ahead of earnings, sellers could look to take out the recent low at 148.80.

On the upside, upbeat earnings and the market moving on from Huang's unexpected leadership departure could bring 190 into focus, the July low, ahead of the 200 EMA at 203. Above here, attention turns to 230, the falling trend line. A break above these levels could put the price on a firmer footing.

Anthropic IPO

Anthropic, the San Francisco AI company behind Claude, is expected to make its stock market debut on 19 November.

The company plans to sell 825 million shares on the Nasdaq at an estimated $70 to $78 each.

This puts the company's valuation at around $1.4 trillion, with the company hoping to raise around $64.4 billion. There is a further $26 billion of cornerstone commitments from seven strategic investors, including Google, Micron, Microsoft, Nvidia and TSMC, meaning the total deal size could reach $100 billion.

We've not seen anything close to this. The deal would break SpaceX's record $86 billion haul from its IPO.

However, the $1.4 trillion valuation is still down from the $2 trillion expected in September, following some volatility in the AI trade. This suggests that the downward revision reflects current market sentiment towards artificial intelligence rather than the company's fundamentals.

The deal is being priced during a period of high market volatility and questions surrounding the AI trade, particularly data centre construction and a potential slowdown in AI spending, with investors worrying about the returns on AI investments.

A successful IPO and positive trading in the coming weeks could give a strong buy signal for the AI trade, which has been under scrutiny in recent weeks. Pricing the shares below the top of the range would be considered a sign of weaker demand.

The bull case is based on rapid adoption of Claude and material market share gains against rival models, producing strong revenue growth.

The bear case points to slower enterprise adoption and strong competition.

Walmart Q3 earnings forecast

Walmart will report fiscal Q3 earnings on Thursday, November 19, before the market opens.

Expectations are for earnings of $0.64 per share on revenue of $187.2 billion.

Earnings come as investors assess whether America's largest retailer can maintain sales momentum despite pressure on household budgets.

Inflation in the U.S. has been steadily climbing, and the Federal Reserve hiked interest rates in October.

Walmart's results give insight into how households are managing everyday expenses, with its grocery business offering a view of essential spending, while general merchandise sales point to any changes in discretionary demand.

As a reminder, Walmart's fiscal Q2 results demonstrated ongoing expansion across its retail and digital business, with total revenue reaching $187.9 billion, an increase of 5.9% year on year, while adjusted earnings were 81 cents per share.

Walmart's U.S. comparable sales rose 2.6%. Global e-commerce grew 23%, while Walmart U.S. e-commerce increased 24%. Of note, the global advertising business grew 38%, highlighting the increasing importance of digital services.

How to trade WMT earnings?

Walmart broke out of its descending channel, rising to 131, a level last seen in May, before easing back to current levels around 127. The price trades above its 200 and 50 EMAs, presenting a constructive outlook. Buyers will look to rise above 131 to turn attention to 133 and fresh record highs.

On the downside, support can be seen at 122, the 23.6% Fibonacci retracement of the move from the 78 low to the 134 high. A break below here exposes the 50 EMA at 117 and the 200 EMA at 114, which also coincides with the 38.2% Fibonacci retracement.