Millennials are loving Nvidia ahead of its earnings report

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• Nvidia is set to report third-quarter earnings on Thursday after the bell.
• Users of the Robinhood stock trading app are buying shares of the stock 30% more than they are selling them.
• Wall Street analysts mostly agree with the millennials and are bullish ahead of earnings.
• Watch Nvidia's stock price move in real time.

Nvidia is set to report its third-quarter earnings after the bell on Thursday, and millennial investors are flocking to the stock in anticipation.

Users of the stock trading app Robinhood, which is popular with millennials, have been buying shares of Nvidia 30% more often then they have been selling them, according to Arpan Shah, a data engineer at Robinhood. Ahead of last quarter, users were buying equally as often as they were selling.

"Investors are a lot more bullish this time," Shah said.

In California, where Silicon Valley and a lot of Nvidia's biggest data center customers are located, the ratio of buying to selling is even higher. Users are increasing their positions 60% more than they are decreasing them, Shah said. In the rest of the US, excluding California, traders are only buying 20% more than they are selling.

Nvidia is one of the more popular stocks on Robinhood, ranking number 10 in terms of users who have a position in the company. AMD, one of Nvidia's biggest competitors, is the second most-held stock on Robinhood.

AMD reported earnings last month and beat Wall Street's estimates for both revenue and earnings. The company lowered its guidance for the following quarter, though, and the stock tanked after the report. Robinhood users were buying the stock 20% more than they were selling ahead of AMD's earnings.

Wall Street is expecting Nvidia to report adjusted earnings of $1.07 per share, on revenue of $2.362 billion. Analysts on Wall Street are mostly bullish ahead of the company's report. 19 of the 36 analysts surveyed by Bloomberg rate the company a "buy", while just four rate the company a "sell".

Nvidia has risen 99.09% this year.

Read more about AMD's earnings results.

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