The artificial intelligence trade faces its biggest test of the year this week as three cornerstone companies in the AI infrastructure ecosystem prepare to deliver quarterly earnings. With tech stocks showing signs of fatigue, investors want more than simple earnings beats. They’re looking for proof that heavy capital expenditure is translating into the successful deployment of next-generation hardware. All attention will turn to the after-market close (AMC) on Wednesday and Thursday to see whether the AI rally still has momentum.
NVIDIA: The undisputed AI infrastructure leader
NVIDIA (NVDA) is set to report fiscal Q4 2026 results on Wednesday, Feb. 25, after market close. As the dominant supplier of GPUs powering large language models, NVIDIA remains the clearest gauge of the AI trade’s health. Wall Street is anticipating a “beat and raise,” with consensus revenue estimates around $65.6 billion — an impressive 67% year-over-year increase.
Investors are especially focused on the production ramp of its Blackwell architecture chips. Any updates on supply chain constraints or the development timeline for the upcoming Rubin platform could influence not only tech stocks but the broader S&P 500. Options markets imply a potential 6.5% swing in either direction, making NVIDIA’s earnings the week’s must-watch event for global investors.
Hardware and cloud players: CoreWeave and Dell under the spotlight
On Thursday, Feb. 26, AMC, attention shifts to the physical backbone of AI infrastructure. CoreWeave (CRWV), a specialized cloud provider and key NVIDIA partner, will report against high expectations driven by its sizable revenue backlog. Analysts project Q4 revenue of roughly $1.53 billion, but the more significant figure is its $56 billion backlog — a forward-looking signal of how much computing capacity AI firms and tech giants are securing
Also reporting Thursday is Dell Technologies (DELL), which has repositioned itself as a major supplier of AI-optimized servers. Consensus forecasts call for earnings of $3.53 per share on $31.6 billion in revenue. Dell recently earned a spot on Evercore’s “Tactical Outperform” list, supported by a sharp rise in AI server orders and an $18.4 billion backlog exiting last quarter. The key question for Dell will be whether it can preserve margins while rapidly scaling production to meet surging demand for AI infrastructure.
Sources: Investing
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