The stock market witnessed a historic milestone last week as the Dow Jones Industrial Average crossed the 40,000 mark for the first time in its 128-year history. Simultaneously, the S&P 500 and the Nasdaq also reached record highs, marking an exceptional week for investors.

The return of “Roaring Kitty,” a well-known figure in the meme stock community, made headlines, but the real surprise was the rapid rise and fall of meme stocks like GameStop and AMC. Despite Roaring Kitty's return, memecoins remained unaffected, seemingly disconnected from the meme stock phenomenon.

Amid these developments, a reduction in inflation has raised expectations for potential interest rate cuts later this year, influencing market sentiment as we head into the new week. On Thursday, the Federal Reserve will release new home sales data, providing further insights into the economy’s direction.

Upcoming Earnings and Events

This week is packed with significant earnings reports, tech events, and even a quirky celebration involving pizzas.

Nvidia's Earnings Report

Nvidia, a leading stock in the Artificial Intelligence (AI) sector, is set to announce its first-quarter earnings for fiscal year 2025 on Wednesday after the market closes. Last Thursday, Nvidia’s stock approached its all-time high, reaching $953.83 per share before closing slightly lower. The record-high close remains $950.02 per share, achieved on March 25.

Wall Street anticipates Nvidia’s first-quarter revenue to be around $24.5 billion, according to a FactSet poll. However, KeyBanc equity research analyst John Vinh predicts the company will report revenues of $26 billion and project second-quarter guidance at approximately $28.5 billion. Nvidia's expected net income is $12.87 billion, a significant increase from the previous quarter and a dramatic rise from the $2.04 billion reported a year ago. Analysts also forecast earnings per share of $5.17, up from 82 cents in the same period last year.

Nvidia’s stock has surged nearly 99% this year, driven by robust fourth-quarter earnings in February. Over the past 12 months, the stock has soared 226%, reflecting strong investor confidence in the company’s growth prospects.

Microsoft’s AI Event

Following Nvidia's success, the tech industry’s focus on AI continues to grow. On Monday, May 20, Microsoft will host an AI event, a day before its developer-focused Build 2024 conference begins. CEO Satya Nadella will discuss the integration of artificial intelligence into Microsoft's hardware and software offerings. The event will be exclusive to in-person attendees and will not be live-streamed.

Other Key Earnings Reports

In addition to Nvidia, investors will be keeping an eye on earnings reports from several major retailers. TJX and Target will release their earnings on Wednesday, while Dollar Tree and Ross Stores are set to report on Thursday.

Bitcoin Pizza Day

Wednesday also marks Bitcoin Pizza Day, an annual celebration commemorating the first commercial transaction using Bitcoin. On May 22, 2010, Laszlo Hanyecz, a Florida resident, paid 10,000 Bitcoins for two pizzas from Papa John’s. At that time, 10,000 Bitcoins were worth $41; today, that amount is valued at an astonishing $650 million.

Bitcoin enthusiasts celebrate this milestone with hashtags like #BitcoinPizzaDay and #PizzaForBitcoin trending on social media, highlighting the cryptocurrency’s remarkable journey over the past 14 years.

Conclusion

This week promises to be eventful, with crucial earnings reports from tech giants and major retailers, significant economic data releases, and the light-hearted celebration of Bitcoin Pizza Day. Investors and market watchers will have plenty to keep an eye on as the financial landscape continues to evolve.