Nvidia's earnings report is coming on November 17th at 4:00 PM ET: $109 billion in revenue isn't important; whether Nvidia can keep its CEO position is the real focus! 1. Nvidia is likely to deliver another perfect report card. Revenue is expected to be $109 billion, with Nvidia's own target at $108 billion. AI orders are still piling up, and cloud vendors are still buying GPUs like crazy. But the question now is: getting 100 points is expected, but getting 105 points would be a real surprise. 2. The biggest variable in this earnings report is Nvidia itself. The board has launched an independent investigation, and rumors of his removal are rampant. Previously, everyone only cared about whether Nvidia could make money; now, they also care about whether he can continue as CEO. The earnings call may turn into a long-running drama. 3. Vera Rubin must take over from Blackwell. The market not only wants to know how many GPUs have been sold, but also whether the next generation of chips can be mass-produced smoothly and delivered on time. Whether the next generation can take the reins will determine the extent of the growth story to come. 4. Gross Margin Cannot Fail HBM, memory, and supply chain costs are all rising. Nvidia previously gave a gross margin guidance of approximately 74%. Selling more cards is one thing; making money on each card sold is another. 5. All the Negative News Has Been Sold Out The stock price has already plummeted from around 239 to 155, a 35% drop, and has already been hit hard. In the past, Nvidia often reported better-than-expected earnings, only to see the stock price fall the next day—a classic case of "buy the rumor, sell the fact." But this time, market expectations have already been significantly lowered. If the earnings are strong and Nvidia doesn't encounter any new problems, short sellers may collectively cover their positions. Conversely, if the CEO turmoil continues to escalate, even a good earnings report could become a gift to short sellers.