Nvidia (NASDAQ:NVDA) stock yesterday climbed 2.2% to a new all-time high of $504. With the chipmaker due to report third-quarter financial results after the market closes today, investors will try to determine if the huge boost that the company has received from the artificial intelligence (AI) boom is continuing.

Indeed, the AI market has had no shortage of headlines recently. Last weekend, Sam Altman was ousted as CEO of OpenAI, the inventor of the very popular, AI-driven chatbot ChatGPT. Microsoft (NASDAQ:MSFT) immediately sought to hire Altman to manage its AI research operations. It appears that Microsoft’s decision to attempt to quickly snap up Altman reminded the Street how valuable AI has become for the sector as a whole.

That realization, in turn, booted the shares of Nvidia, whose AI chips are far more popular than any competing products.

Expectations for Nvidia’s Q3 Results

Analysts, on average, predict that the company’s top line jumped to $16.1 billion last quarter versus $5.9 billion in Q3 of 2022. The surge is expected to be driven by a huge jump in Nvidia’s sales to data centers, as the mean estimate calls for that number to have soared to $12.8 billion in Q3 from $3.8 billion during the same period a year earlier.

Also noteworthy is that analysts, on average, expect Nvidia to provide Q4 revenue guidance of $176.8 billion. When Nvidia reported its Q2 quarterly results, its much-higher-than expected Q3 sales guidance caused NVDA stock to rally sharply.

The Price Action of NVDA Stock

NDA stock was only up 1.5% in the five days that ended yesterday. But it has jumped 15% in the last month, 20% in the last three months, and a whopping 245% so far this year.

On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.