On August 28, 2024, Nvidia reported its second quarter earnings, and on the face of it, the numbers were dazzling. Revenues were up 122% from the same quarter the previous year, gross margins exceeded 75% and operating margins were 60%+, and the numbers exceeded analyst expectations. The stock price dropped 8% in the aftermath, and has continued to decline, wiping out more than $400 billion in market cap in the week since. I use this session to look are earnings releases, in general, exploring the expectations game, and Nvidia's in particular. I also look at the information that earnings reports contain for traders (about mood and momentum) and for investors (about growth, profitability and risk). I close by revisiting my Nvidia story, in light of the report, and revaluing the company. Slides: https://pages.stern.nyu.edu/~adamodar/pdfiles/blog/Nvidia2024.pdf Blog post: Nvidia quarterly earnings: https://d18rn0p25nwr6d.cloudfront.net/CIK-0001045810/78501ce3-7816-4c4d-8688-53dd140df456.pdf Valuation of Nvidia: https://pages.stern.nyu.edu/~adamodar/pc/blog/Nvidia2024.xlsx