Nvidia earnings to test AI demand for advisors and ETFs
Advisors and ETF managers say Nvidia’s Wednesday earnings and guidance, held in over 800 ETFs, will test the durability of AI demand.
Nvidia will release quarterly results Wednesday. Advisors and ETF managers say the company’s earnings and forward guidance will be watched for signs that demand for AI-related products can be sustained. More than 800 ETFs hold Nvidia, creating exposure across many fund strategies.
Market research firms estimate AI-related capital spending by large tech companies between $660 billion and $750 billion. Industry participants report supply shortfalls, demand that outpaces production and ongoing questions about valuations in the AI sector.
A VettaFi poll of more than 500 advisors found most respondents view the AI cycle as still in an early phase. The poll also found fewer advisors compare current conditions to the dot-com era than did so a year ago.
ETFs express Nvidia exposure in different ways. Single-stock and leveraged funds provide concentrated exposure; the GraniteShares 2x Long NVDA Daily ETF (NVDL) seeks twice the daily performance of Nvidia. Chip-focused funds carry large Nvidia weightings: the VanEck Semiconductor ETF (SMH) holds Nvidia at more than 17% of its portfolio, has risen about 140% in the past year and has attracted roughly $4.4 billion in net new money so far in 2026. Funds focused on software and generative AI list Nvidia among top holdings: the Roundhill Generative AI & Technology ETF (CHAT) holds just over 7% in Nvidia and has recorded about $300 million of net inflows this year. The Invesco AI and Next Gen Software ETF (IGPT) includes Nvidia in its top 10 at about a 7% weighting. The ROBO Global Artificial Intelligence ETF (THNQ) allocates roughly 2% to Nvidia.
Active growth and sector funds also show concentrated Nvidia exposure. The Alger Concentrated Equity ETF (CNEQ) allocates about 14.5% to Nvidia within a 30-stock portfolio. The State Street Technology Select Sector SPDR ETF (XLK) lists Nvidia at around 15% of assets and has risen more than 50% over the last year.
Analysts and portfolio managers say Nvidia’s recent pattern of quarterly “beat-and-raise” results raises expectations for the upcoming report. Market participants will scrutinize guidance for indications of demand durability, supply constraints and customer spending plans from hyperscale cloud providers and large enterprise AI adopters. Rafael Silva, research analyst at VettaFi, noted that many investors seek exposure by identifying leading companies whether they develop AI technology or implement it.
