Deepwater Asset Management's Gene Munster has previewed NVIDIA's upcoming earnings report, highlighting investor focus on growth beyond 2026. While consensus estimates for calendar-year 2026 have climbed to roughly 55%, up from about 50% earlier this year, Munster suggests the market may be underestimating longer-term potential.

Despite robust demand for artificial intelligence infrastructure and increased capital spending from hyperscalers like Amazon and Google, NVIDIA shares have gained only modestly over the past month. This modest price action reflects broader market debate around growth sustainability in 2027 and 2028 rather than near-term fundamentals. Munster expects NVIDIA's commentary to reinforce strong demand for GPUs and AI compute, potentially supporting growth closer to 65% in 2026.

Investors will closely watch several topics during the earnings report, including China demand, the long-term opportunity in inference workloads, and NVIDIA's push into "physical AI" spanning robotics and autonomous systems. Munster argues that inference could become significantly larger than AI training over time, while physical AI may emerge as a major growth driver later in the decade. The key question remains whether NVIDIA's growth slows sharply after 2026 or continues at a higher pace as AI adoption expands.