However, I think the biggest shock of earnings season will come on Aug. 26 when Nvidia (NVDA -1.97%) reports its fiscal second-quarter earnings. Nvidia CEO Jensen Huang tends to drop major bombshells and outperform expectations, and I expect more of the same in Q2. For Q1, which ended April 26, Nvidia told investors to expect $78 billion in revenue. Nvidia trades at a low-20s forward P/E range from time to time, but never this late into the year. Normally, by August, it's trading for more than 35 times forward earnings, but not this year.