Market expectations for NVIDIA (NVDA) earnings are set at $78.9B in revenue and $1.74 EPS, with the stock already up 18% year-to-date and 35% from March lows. While there is optimism that the company will raise guidance and accelerate growth, the semiconductor ETF SMH has also seen a significant 50% increase this year. The primary focus remains on whether NVDA can justify its current market cap premium following the massive run in the semiconductor sector.