Expectations were sky-high and some fatigue may have crept in over Nvidia’s rocket-like trajectory but make no mistake: this was a remarkable quarter, burnished by fantastic execution and a sound plan.

"NVIDIA is under pressure to deliver an overwhelming beat to justify its valuation," one commentator said on Wednesday ahead of the earnings report.

The chipmaker is the most valuable company on the S&P 500 index, reporting about $19 billion in profit. But its stock price dipped after Wednesday's earnings report.

Target’s stock was down more than 20% in afternoon trading, compared with a 0.6% decline for the S&P 500 index, according to FactSet data, at last check. The S&P 500’s consumer-staples sector was slumping 0.4% on Wednesday afternoon.

Nvidia reports earnings after the close. Forecasts are bullish, but commentators warn that there's little room for error with the stock at record levels.

Nvidia Corp's results in the coming week could guide the U.S. stock market on its next path, as investors turn their focus to the technology sector and artificial intelligence trade after an election-fueled rally stalled.

The challenge for Nvidia now is living up to the market’s incredibly high expectations for future earnings–Wall Street expects 54% revenue growth in 2025.

Earnings per share of 78 cents more than doubled (up 111%) from a year earlier. 💰💸 Don’t miss the move: SIGN UP for TheStreet’s FREE Daily newsletter 💰💸 And the revenue for the period exceeded Nvidia's total revenue in fiscal 2023.

With Nvidia’s generally upbeat quarterly third-quarter earnings report now in the books, investors are gauging the company’s fourth-quarter outlook. In its third-quarter review last week, Nvidia also provided fourth-quarter guidance of $37.