Nvidia is set to report its earnings on Wednesday, an event closely watched by analysts and investors as it could influence the broader trajectory of the technology sector and the S&P 500 index. Despite facing a $15 billion headwind from tariffs imposed on China, Cantor Fitzgerald has reiterated an overweight rating on Nvidia stock with a price target of $200, citing growth drivers such as the Blackwell chip ramp and a reacceleration in the data center segment for calendar year 2025. Analysts remain bullish on Nvidia ahead of the earnings release, although concerns persist about the full impact of the China tariffs on the company's performance. Nvidia's stock has been range-bound for over a year despite strong earnings reports, and this upcoming report may determine whether the stock breaks out and leads the market higher. The earnings announcement is viewed as a critical test for Big Tech's earnings season and is expected to have implications for market sentiment and trading strategies.