Next week on the stock market

NVIDIA eyes up another record-breaking quarter

NVIDIA reports second-quarter results next week, with another sharp step-up in demand expected. Our numbers point to revenue landing slightly above the top end of guidance, pushing year-on-year growth beyond 100%. This is the first quarter without China data centre sales in the prior-year comparison, so the headline growth rate should offer a cleaner picture of the momentum across the wider business. Attention will quickly turn to the third-quarter outlook, which we expect to herald NVIDIA’s first ever $100bn-plus revenue quarter.

Gross margin remains the key number to watch. We don’t expect to hear anything new, but investors will want to hear management reiterate that margins of around 75% are achievable through the rest of the year. Any snippets about next year's direction could be a rare source of surprise. Beyond the numbers, NVIDIA is positioning itself as the orchestrator of the AI buildout, and we expect lots of questions to focus on this. It’s probably a little early, but any details on the financing ecosystem, including how revenue-sharing agreements might work, could help investors begin underwriting some material recurring revenue.

Can AI momentum translate into revenue growth at Salesforce?

Salesforce reports second-quarter results next week, with revenue expected to grow a touch below 11% to $11.3bn. But the key question is whether its AI momentum is finally feeding through to the wider business. Agentforce usage and recurring revenue are growing quickly, yet forward-looking measures like bookings have shown little benefit so far. Investors will want firmer evidence that management’s promised acceleration in underlying subscription growth remains on track for the second half.

Margins will also be closely watched, with Salesforce investing behind Agentforce while trying to protect recent efficiency gains. Beyond the numbers, commentary on customer adoption and whether AI is supporting higher prices or more users will matter most. Salesforce has the customers, data and distribution to be an AI winner. But the next step, and the real key to unlocking a higher earnings multiple, is proving that promising momentum can translate into stronger and lasting revenue growth.

Can Prudential deliver the double-digit growth needed to keep targets in reach?

Prudential reports half-year results next week, with new business profit expected to grow by around 10-11%. Maintaining double-digit growth would keep the group on track with full-year guidance, despite a tougher comparison in Hong Kong. Sales growth alone will not tell the full story. A richer mix of health and protection products should support margins in Hong Kong, while lower-margin savings products could weigh on profitability in China and Singapore.

Hong Kong will remain firmly in focus. Recent regulatory action has raised concerns around sales to Mainland Chinese visitors, so reassurance that the impact remains limited would be well received. Elsewhere, strong momentum in India and Thailand should help offset softer growth in Taiwan. Investors will also want continued progress towards Prudential’s 2027 cash-generation target, which underpins the potential for attractive and recurring shareholder returns. Though nothing is guaranteed.

The author holds shares in NVIDIA.