My notes before the next earnings wave

One thing I’m seeing right now: even with the Fed on hold and Middle East risks in the background, the earnings backdrop looks better than many investors think. Q1 earnings growth is still estimated at 12.5%, so see the setup I’m focused on here.

More interesting, 57 S&P 500 companies have issued positive EPS guidance versus 50 negative, and all 11 sectors are projected to post revenue growth, led by technology and communication services. If you want the signals I watch before the crowd catches on, read the earnings playbook here.

That does not mean every stock is a setup. It means the better opportunities usually come from knowing where expectations are too low, where guidance is improving, and where a clean reaction can bring in new buyers. Look through the framework I use here.

I pulled that process into a short eBook built to help you study reports before the next wave of headlines. Get the Earnings Season eBook here.

Download the eBook now!

Cheers to your financial success,

Hiral Ghelani

Founder & CEO, StockEarnings, Inc.

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BREAKING NEWS

⚡The World’s Most Important Earnings Report Lands Today.

There is one company that the entire global economy has collectively agreed to stress about. That company makes chips - not the kind you eat, but the electronic ones powering computers and artificial intelligence. NVIDIA is now worth more than most countries. And today, it reports its earnings.

• ⌚ $NVDA drops its Q1 fiscal 2027 earnings after the closing bell today, with results expected around 4:20 PM ET and the earnings call kicking off at 5:00 PM ET.

• 💸Wall Street is expecting $1.78 earnings per share, up 120% compared to a year ago, on revenue of $79.2 billion — a 79.5% jump year over year.

• 🎤 CEO Jensen Huang’s comments during the earnings call could heavily influence AI stocks, tech markets, and broader investor sentiment heading into tomorrow.

Why does one chip company move the whole market? Because the big four hyperscalers - Alphabet, Amazon, Meta, and Microsoft - are forecasting combined 2026 AI spending of more than $700 billion. Most of that money flows through Jensen Huang's front door.

• $NVDA has beaten Wall Street's revenue estimates in every single quarter of its last fiscal year.

• CEO Jensen Huang said in March that he expects $1 trillion in revenue from Blackwell and Vera Rubin chips across 2026 and 2027 combined.

• The stock is up roughly 10% in the past month, trading around $222, about 6% below its 52-week high.

The Munch Take: A beat is already priced in. The market knows Nvidia will beat. The market has known for weeks. What nobody knows is whether Jensen Huang gets on that 5 PM call and tells the world demand is still accelerating or quietly signals something has changed. Both outcomes are genuinely possible. Major volatility is also the most likely scenario. Strap in.

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STOCK OF THE DAY

🛒The $1.50 Hot Dog Company Is Now Worth $1,090 A Share.

$COST has hit an all-time high, sitting at $1,090.30 per share. A warehouse that sells bulk toilet paper and rotisserie chickens is now priced like a tech company. The market has decided that bulk buying is the future, and it’s paying accordingly.

📈 The Bull Case:

• People pay Costco just to walk in the door. That membership fee business brought in $5.3 billion in fiscal 2025, and 92% of members renew every single year. Almost all of that money goes straight to the bottom line.

• Online sales grew 23.3% in March 2026, and Costco plans to open more than 30 new warehouses every year. More stores plus more online shoppers is a combination most big retailers would kill for.

• April sales hit $23.92 billion, up 13% from a year ago. People are still showing up, still spending, and still buying enough paper towels to last a decade.

📉 The Bear Case:

• You are paying 52 times what the company earns per share. That is an expensive ticket for a warehouse. Four of Costco's own senior executives quietly sold their stock between March and April. That is worth noticing.

• One third of everything Costco sells in the US is imported. The CEO said tariffs are still extremely unpredictable. That is not spin. That is a real dent in the math.

• The percentage of members renewing has slipped slightly to 89.8%. Newer members who signed up online are renewing at lower rates than the old guard. A small crack, but a crack.

The Munch Take: Costco is what happens when a company is so good at one thing for so long that the market forgets it’s a grocery store and starts pricing it like a religion. The bull case is real. The membership flywheel is real. The $1.50 hot dog is still $1.50 and that alone deserves some kind of monument. But you’re paying 52 times earnings for a warehouse. My wife renewed our Costco membership last week without asking me, bought a 48-pack of paper towels we have nowhere to put, and technically made a better capital allocation decision than most fund managers this year. I cannot argue with her.

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