Nvidia CFO Colette Kress said gross margins are expected to be in the "low 70s" as Blackwell production ramps up before improving later in the year.

Nvidia (NVDA) stock rose nearly 4% on Wednesday ahead of the release of the AI chip giant’s hotly anticipated fourth-quarter earnings report after the closing bell. Nvidia holds the record for both the largest one-day increase and decrease in market value,

In its earnings release on Wednesday evening, Nvidia said it expects gross profit margins of 70.6% to 71% in the first quarter as it contends with the production ramp-up of its new Blackwell chip. The margin outlook of 71% is "a little concerning,