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Nvidia's stock has been "totally stuck" since mid-June, noted Mizuho desk-based analyst Jordan Klein. How should investors think about that? On one hand, hedge-fund managers
seem worried about being underweight Nvidia's stock heading into the second half of the calendar year and the "big ramp" for Nvidia's Blackwell product line that's
expected then, Klein wrote. And with Nvidia's stock up more than 23% over the past two months, he doesn't think many long-only funds have caught that rally. "Would be extra
painful if folks missed the next breakout move in NVDA, right?" Klein wrote. At the same time, the setup heading into Wednesday afternoon's earnings report "definitely feels
tougher" now, with shares trading north of $135, than when they were in the neighborhood of $110 earlier this month, he added.