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Nvidia (NVDA) mania is heating up ahead of the market darling’s Wednesday earnings report.

The company is “representative of the most important stocks in America,” EMJ Capital founder and president Eric Jackson told Yahoo Finance executive editor Brian Sozzi on his Opening Bid podcast (listen in below; video above).

Jackson reiterated his call that Nvidia’s stock could double within the next twelve months given its wide lead on AI chip production.

“The investments [in AI] are just getting started,” Jackson added. “The need for these chips is still going to continue for the next year or two or three.”

Nvidia’s stock has surged more than 2,600% in the past five years according to Yahoo Finance data, fueled by one impressive quarter after another as it grabbed the top position in cutting-edge chips.

The company’s strong performance are expected to continue in its fiscal third quarter — sales and profits are each estimated to be up 83% from a year ago. Wall Street remains bullish on its favorite stock.

Of the 63 sell-side analysts that cover Nvidia, 59 rate the stock a buy or strong buy, Yahoo Finance data shows. The average price target stands at $160.38, about 13% above current levels.

“We see the near-term risks as largely balanced and we are buyers of Nvidia heading into its fiscal third quarter earnings report scheduled for Wednesday. Positive set-up indicators from accelerating bookings at cloud service providers, an upward bias on hyper-scale capital expenditures, as well as our view that near-term estimates will increase post the earnings call,” Evercore ISI analyst Mark Lipacis said in a client note on Monday.

Lipacis says if Nvidia were to let investors down, it would come in the form of decelerating revenue growth.

There has been a whirlwind of activity around Nvidia as of late.

In addition to achieving world’s most valuable company status by nudging out Apple (AAPL) and Google (GOOG), Nvidia joined the Dow Jones Industrial Average on Nov. 8. Former chip leader Intel (INTC) was kicked out.

“It’s good that Nvidia is part of the mix now,” Jackson said, noting it could encourage purchases from retail investors.

One potential hiccup is the restrictions around selling to China by the Biden administration and subsequent write downs which were a “meaningful part of their quarterly earnings,” Jackson said. “They had to take it down to zero.”

Incoming president Donald Trump could stay firm on the chip issue as well, making good on his campaign promises around China.

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(Reuters) – Australia’s corporate watchdog on Monday launched civil penalty proceedings against National Australia Bank, the country’s second-largest lender, for failing to respond to hundreds of financial hardship applications within the legally mandated time frame.

The Australian Securities and Investments Commission (ASIC) claims that NAB and its unit AFSH Nominees failed to meet the legal 21-day deadline for responding to 345 hardship applications over a five-year period from 2018 to 2023.

Under section 72 of the National Credit Code, if a consumer notifies their lender that they are or will be unable to meet their credit obligations, lenders must consider varying the customer’s credit contract and advise them of the decision within specified time frames.

“NAB and AFSH Nominees are now considering the detail of the proceedings brought by ASIC and will continue to cooperate fully with the regulator,” the Melbourne-headquartered lender said in a separate statement.

Among those affected by NAB’s delayed responses were individuals facing severe personal challenges, such as survivors of domestic abuse, those struggling with grave health issues, and people coping with unemployment or the closure of their businesses, ASIC said.

“Amidst rising cost of living pressures, we have seen an increased number of customers reach out to their lenders for relief, and we have seen first-hand the impact on lives and livelihoods when lenders fail to appropriately support customers experiencing financial hardship,” ASIC Chair Joe Longo said.

Earlier this year, ASIC conducted a comprehensive review of financial hardship practices among major lenders, including data collection, policy analysis, and case studies, culminating in a May 2024 report that exposed significant shortcomings in lenders’ approaches to identifying and supporting customers facing financial difficulties.

(Reporting by Roushni Nair in Bengaluru; Editing by Lisa Shumaker and Andrea Ricci)