Wall Street expects Nvidia to report earnings per share of $1.01 on revenue of $46.13 billion. A slew of Wall Street analysts have raised their price targets on Nvidia leading into the release, but at least one of those analysts warned the quarter may not impress to the level investors have become accustomed to over the past several years.

Prediction: Nvidia stock's post-earnings-release move will largely hinge on news about the H20 chip for China and related Q3 guidance.

Federal Reserve Chair Jerome Powell's speech at Jackson Hole on Friday turned around market sentiment, propelling the Dow Jones Industrial Average to a record close and turning the S&P 500 positive on the week.