Nvidia reported its fiscal first-quarter results after Wednesday’s closing bell. Investors are focused on the company's ability to withstand restrictions on its China business, as well as Nvidia’s overall trajectory with its new Blackwell lineup.

Nvidia's stock was one of the stock market's top performers in 2023 and 2024. However, gains have been harder to come by in 2025. Worry has increased that government restrictions will crimp global sales growth,

Nvidia stock is trading at a lower-than-average valuation as earnings approach. According to Dow Jones Market Data, Nvidia is trading at 28.4 times earnings expected over the next 12 months. That's lower than its five-year average of 40.