NVDA - WOLFE ON NVIDIA AHEAD OF EARNINGS Wolfe Research says all attention is on NVIDIA’s earnings after the close, with the market expecting a 6.4% move in the stock. Despite a 35% gain this year, NVIDIA’s forward P/E has edged down from 31x to 29.5x. The firm attributes recent tech weakness to positioning, profit-taking, and hedge-fund de-grossing, rather than fears of an AI bubble. Wolfe argues AI bubble concerns are overstated for now and says Tech and Communication Services companies should handle any soft economic data. The firm remains a buyer of AI stocks on weakness but wants either a strong NVIDIA report or more oversold technicals before buying more aggressively.(*Walter Bloomberg)