Franklin Templeton portfolio manager Sarah Alage said Nvidia investors are watching more than just earnings beats, including details on capital deployment and spending plans. According to ChainCatcher, she said Nvidia’s forward price-to-earnings ratio is about 21 times over the next 12 months, suggesting the market is already pricing in slower growth.

She added that Nvidia needs to demonstrate profit growth to show that its free cash flow can be used for investment and share buybacks.