Nvidia CFO Colette Kress said gross margins are expected to be in the "low 70s" as Blackwell production ramps up before improving later in the year.

Nvidia (NVDA) stock rose nearly 4% on Wednesday ahead of the release of the AI chip giant’s hotly anticipated fourth-quarter earnings report after the closing bell. Nvidia holds the record for both the largest one-day increase and decrease in market value,

Wall Street's major averages on Wednesday gave up a chunk of their advance ahead of Nvidia's (NVDA) potentially market-moving results. The benchmark S&P 500 (SP500) turned negative, last -0.2% in afternoon trade.

In its fourth fiscal quarter ending last month, Nvidia reported $39.3 billion in revenue, $0.89 adjusted earnings per share and $22.1 billion of net income, equating to year-over-year revenue growth of 78% and profit growth of 71%.

Nvidia forecast first-quarter revenue above market estimates on Wednesday, expecting robust demand for its leading AI chips to persist as businesses spend heavily to expand generative artificial intelligence infrastructure.