As Nvidia Corp (NVDA) heads into earnings on Wednesday, investors may be paying less attention to the actual numbers — and far more attention to what CEO Jensen Huang says next.
That's according to Mo Sparks, chief product officer at Direxion, who believes Nvidia's earnings call remains the central event for the broader AI trade even as competition from players like Alphabet Inc. (GOOGL) and Alphabet Inc. (GOOG) continues expanding.
In comments exclusive to MarketDash, Sparks said "the biggest thing investors are watching around Nvidia earnings has nothing to do with their numbers," pointing instead to Huang's growing geopolitical and strategic influence.
Sparks highlighted Huang's recent Beijing trip alongside President Donald Trump, noting the Nvidia chief executive was "a last-minute addition at the President's request."
"That speaks to Nvidia's position in the broader AI trade," Sparks said. "Clearly you play a vital role in the health of the global economy."
Alphabet Expands AI Infrastructure Race
The comments come as investors increasingly debate whether Alphabet's expanding TPU business could eventually pressure Nvidia's dominance in AI infrastructure.
Sparks downplayed immediate competitive threats, saying there is not yet "anything from Alphabet meaningfully impacting Nvidia's share," though he acknowledged Google is "pushing the envelope."
Instead, Sparks framed Alphabet's TPU momentum as evidence the AI infrastructure market itself is widening.
"Google is approaching AI holistically and, as a result, is monetizing AI more effectively," he said, pointing to the company's ability to compete across chips, cloud, models and search simultaneously.
AI Trade Still Runs Through Nvidia
Even with hyperscalers expanding their own AI capabilities, Sparks argued the broader market still revolves around Nvidia's narrative.
"As always, the broader AI trade will rest on Nvidia's earnings call," he said.
But this quarter, Wall Street may care less about whether Nvidia merely beats estimates — and more about whether Huang once again gives investors confidence that the AI boom still has room to run.
