I suspect the rip in NVDA shares in the past 30 minutes is due to options trading and not an earnings leak, but I wouldn't rule anything out ahead of the release.
Shares of Nvidia have doubled this year in the AI boom, as it chips are best-positioned to be the primary hardware behind the revolution. But at 40x sales, the company is trading at an extremely-rich multiple.
The consensus for today's report is revenue of $6.5 billion, which is where the company guided. I don't think that will be enough to keep the party going, nor will adjusted earnings of $0.92, which is the consensus. Aside from the numbers, the reaction will depend on commentary from the company around the AI opportunity.
Given the extremely-narrow breadth of the Nasdaq rally this year, a tumble from Nvidia and the AI trade would be a tough blow.