Ahead of NVIDIA's earnings report on Wednesday evening, UBS analyst Tim Arcuri projected the company's earnings per share (EPS) to exceed $15 in 2027 and reach $20 in 2028. However, according to Yahoo Finance AlphaSpace analysis, NVIDIA's stock price has fallen six times after earnings releases in the past eight quarters, including the most recent four times. HSBC analyst Frank Lee, on the other hand, believes that NVIDIA's next major re-rating will be driven by a new narrative of it being the "largest contributor to open-source AI," rather than earnings reports and product roadmaps.