Nvidia, Dell, Prudential, JD Sports and Delivery Hero

Chipmaker Nvidia (NVDA), the world's most valuable listed company, will be the focus for investors next week, with a range of other companies also due to report.

Expectations have become increasingly high around Nvidia's results, so investors will be poring over the chipmaker's second quarter results on Wednesday, looking closely for any surprises to the upside or downside.

Another US tech company due to release results is computer maker Dell (DELL), which reported “unprecedented demand” for its artificial intelligence (AI) optimised servers in its last set of results.

Back in London, insurance and asset management firm Prudential (PRU.L) is scheduled to report, with shares having continued to climb this year.

In the world of retail, investors will be looking at the latest results from JD Sports (JD.L), with shares facing pressure from concerns about the impacts of US president Donald Trump's tariffs.

In Germany, Delivery Hero (DHER.DE) is set to report first half results, having maintained full-year guidance on the back of a strong first quarter.

Here's more on what to expect:

Jensen Huang, CEO of Nvidia. ‘Nvidia matters whether investors own it directly or not,' said AJ Bell's Danni Hewson and Dan Coatsworth. · picture alliance via Getty Images

Chipmaker Nvidia (NVDA), which is the world's biggest company with a stock market capitalisation of $4.3tn (£3.2tn), will be the last of the “Magnificent 7” tech behemoths to report this earnings season.

Given the company's size, AJ Bell's head of financial analysis Danni Hewson and investment analyst Dan Coatsworth said that in many ways “Nvidia matters whether investors own it directly or not”.

They pointed out that the Mag 7 represent more than 35% of the market valuation of the S&P 500 (^GSPC) index and more than a fifth of the global stock market capitalisation, “so if an investor owns an index tracker that follows either the S&P 500 or global benchmarks like the FTSE All-World then they will have exposure to Nvidia.”

“Right now, they – or at least Nvidia, Meta (META), Microsoft (MSFT) and Alphabet (GOOGL, GOOG) – are feeding off the splurge in AI-related spending,” said Hewson and Coatsworth. “The more the last three spend and promise returns from AI, the more the market likes it, and the more Nvidia likes it, as the company provides the processors that power the data centres that drive the large language models and effort to develop AGI and, to use [Meta CEO] Mark Zuckerberg’s new word, ‘superintelligence'.”

They said that estimates suggest that more than 40% of Nvidia's sales have come from Meta, Microsoft, Amazon (AMZN) and Alphabet. “Thus, both the stock market and earnings are increasingly reliant upon a very small group of companies, notably Nvidia,” they said.

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“The company does seem to have the happy knack of demolishing quarterly earnings estimates, even if some argue this is because chief executive Jensen Huang is smart enough to sandbag the forecasts,” they said. “The company even managed it in the first quarter, despite a $5bn charge relating to the loss of revenues in China, thanks to president Trump’s tariffs.”

In the first quarter, Nvidia beat expectations, posting revenue of $44.1bn compared with an expected $43.29bn. The company reported adjusted adjusted earnings of $0.81 per share. Excluding a $4.5bn charge relating to US government requirements on exports of its H20 chips to China and related tax impacts, adjusted earnings were $0.96 per share.

For the second quarter, the chipmaker guided to revenue of $45bn, plus or minus 2% for the second quarter.

Hewson and Coatsworth said that analysts expect second quarter sales to come in at $45.8bn, representing growth of 52% year-on-year, as well as net income of $23.1bn and headline earnings per share of $1.

Investors will also be looking closely at the guidance Nvidia offers for the third quarter. Hewson and Coatsworth said that consensus estimates currently expect sales of $52.3bn, net income of $27.4bn and headline earnings per share of $1.16.

“Watch out also for any comments from Huang on the ongoing US-China trade talks, the deal cut with the Trump White House to cede 15% of all sales on H20 silicon chips into China to the US government and the lurking challenge posed to the more chips, more power, more capex model that is still posed by China’s DeepSeek,” they added.

Despite posting a mixed set of first quarter results in May, Dell (DELL) shares rose on the back of it reporting strong AI-demand and lifting its earnings forecast for the year.

Dell posted net revenue of $23.38bn for the first quarter, besting estimates of $23.15bn, though adjusted earnings per share of $1.55 came in shy of an expected $1.69.

Jeff Clarke, vice chairman and chief operating officer of Dell Technologies, said: “We achieved first-quarter record servers and networking revenue of $6.3bn, and we’re experiencing unprecedented demand for our AI-optimized servers.

“We generated $12.1bn in AI orders this quarter alone, surpassing the entirety of shipments in all of FY25 and leaving us with $14.4bn in backlog.”

For the second quarter, Dell said it expected revenue to be between $28.5bn and $29.5bn, which would be up 16% year over year at the midpoint of $29bn. Adjusted earnings per share are expected to be $2.25 at the midpoint, which would represent growth of 15%.

For the year, Dell guided to revenue of between $101bn and $105.0bn, which would be up 8% year over year at the midpoint of $103bn. The company lifted its adjusted earnings guidance for the year to $9.40 per share at the midpoint, up from a previous forecast of $9.30.

Shares in Prudential (PRU.L) are up 56.5% year-to-date, currently trading at their highest point in two years.

Richard Hunter, head of markets at Interactive Investor, said: “Now focused on Asia and Africa, the group is fully aware that such major continents bring significant opportunities. The combined populations of the two continents is around 4 billion, with an estimated $1tn of additional annual gross written premiums by 2033 being the addressable market.

“Given the recent weakness of consumer confidence in the region, it will be interesting to see whether, if customers are reluctant to spend, they have been saving instead.”

Hunter said that the group aims by 2027 are “punchy”, including the target of achieving new business profit growth of between 15% and 20% annually, but added that “even at this early stage Prudential is confident in achieving these goals”.

In its first quarter results at the end of April, Prudential reported new business profit of $608m, representing 12% growth on the same period last year.

“Elsewhere, the focus on digital distribution and the move towards more technology-based solutions continues apace, such as the increasing use of advanced analytics and AI for higher value purposes, which is being selectively trialled,” said Hunter.

“Less positively, and from a broader perspective, heightened geopolitical tensions between the West and China cannot be overlooked, with Hong Kong the group’s biggest single country of profit generation during 2024 at $1.1bn.”

Shares in sportswear retailer JD Sports (JD.L) have had a turbulent 2025 amid tariff uncertainty, with the stock down 3.7% year-to-date.

Matt Britzman, senior equity analyst at Hargreaves Lansdown, said that the recent acquisition of American sporting goods retailer Hibbett has made the US JD’s biggest revenue contributor, now accounting for 37% of total sales.

“This increased exposure leaves the company vulnerable to higher import duties, particularly as most of its products are sourced from Asia,” he said. “As a result, JD faces rising cost pressures that will need to be carefully managed.”

“Management expects profitability to be weighted toward the second half of the year, with current consensus pointing to full-year underlying pre-tax profit of around £890m ($1.19bn),” said Britzman. “Analysts will also keep a close eye on margin trends, particularly in the US, where JD has held firm on pricing despite aggressive discounting by competitors.”

In the first quarter, Delivery Hero (DHER.DE) reported a group gross merchandise value, which refers to the total value of goods sold through its platform in that period, of €12.4bn (£10.7bn), representing 9% growth year-on-year on a like-for-like basis. Total segment revenue grew by 22% year-on-year to €3.5bn.

Niklas Östberg, CEO of Delivery Hero, said: “We continue to see acceleration in growth across most segments in the first quarter, and we still see enormous opportunities to grow as we expand our service offering.”

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On the back of these results, the food delivery platform said that it was on track to deliver its full-year guidance, expecting gross merchandise value growth of 8% to 10% and total segment revenue growth of 17% to 19%.

The company expects to deliver adjusted earnings before interest, tax, depreciation and amortisation of €975m to €1.025bn.

Investors will be looking at the company's second quarter figures, due out on Thursday, for any updates to guidance.

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