(Bloomberg) -- Big Tech’s earnings season is wrapping up with a bang: Nvidia Corp., at the center of the artificial intelligence frenzy, is reporting results that could set the tone for global stock markets for the rest of the year.

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The chipmaker has added more than $370 billion in market value since its last update, and is the biggest contributor to the Nasdaq 100’s 36% rally this year. Nvidia’s processors are the picks and shovels in the AI gold-rush that has fueled markets this year, making its report much more significant than a typical earnings release.

“What Nvidia says about guidance for the remainder of FY24 drives the sentiment around the entire AI thesis that has driven the market,” said Ben Reitzes, an analyst with Melius Research.

The chipmaker’s Wall Street cheerleaders are expecting more good news.

Analysts have been raising price targets ahead of the second-quarter report, which is expected to show revenue up 65% from the same period a year ago to about $11 billion, data compiled by Bloomberg shows. According to Citigroup, expectations from institutional investors are even higher, at around $12 billion.

And many analysts, like HSBC’s Frank Lee, say the stock has further to run — despite more than tripling this year to trade at a whopping 44 times projected profits.

“Although market expectations have clearly risen for Nvidia and the overall AI supply chain, we expect bullish AI server momentum continued to surpass market expectations,” Lee wrote in a research note on Monday, arguing that the long-term earnings potential still isn’t reflected by Nvidia’s stock price.