Nvidia reports earnings today, and the stock looks reasonably priced on forward estimates, though post-earnings moves are hard to predict.

• Nvidia trades at 76x past earnings but only 27x next year's earnings, which is cheap given fast growth forecasts.
• Big earnings beats do not guarantee a rally — Nvidia stock often moves in mixed ways after results.
• AMD is gaining ground but still ships only 5% of data center GPUs versus Nvidia's 95%.
• Nvidia's automotive business is growing fast and may beat Wall Street projections, an underrated angle.
• A Wall Street Journal piece argues AI is actually helping companies hire entry-level workers, flipping the "AI kills jobs" story.

Outlook: The hardware rally likely continues, with the SpaceX IPO seen as the next major catalyst over the coming month.