US earnings season is winding down, and among the last to report is also the biggest: Nvidia.The world’s most valuable company reports on Wednesday, and investors will be looking for what Morningstar calls another “beat-and-raise” quarter. Anything less would surely be punished, given Nvidia has rallied hard into this report, soaring more than 40 per cent over the past six weeks.Even now, Morningstar reckons it is still undervalued and on course to become the world’s first $6 trillion company. The company’s current valuation – it trades on 26 times estimated earnings – doesn’t look especially demanding. Quite simply, Nvidia is printing money as hyperscalers like Alphabet and Microsoft pour capital into AI infrastructure, with chip demand still outstripping supply.The bear case, says Morningstar, is not valuation but the fact that Nvidia’s customers are a small group of deep-pocketed tech giants, all of whom have reason to eventually reduce their dependence.Whatever about Nvidia, the current earnings season has been a stellar affair. FactSet notes roughly 84 per cent have beaten estimates, well ahead of long-run averages. Bespoke Investment notes so-called “triple plays” – beating on earnings and revenue while raising guidance – have been unusually common. [ Magnificent seven no more as Big Tech stocks hit bear market territoryOpens in new window ]Overall earnings have soared almost 28 per cent, the highest growth rate since late 2021’s post-Covid recovery. There is one wrinkle, however. Some of the most eye-catching results in Big Tech have been flattered by gains from the revaluation of private equity stakes in companies like Anthropic. Alphabet, Amazon and Meta all benefited from various one-off effects, which can inflate headline earnings without saying much about underlying performance. Strip out such effects and earnings growth falls to 17 per cent, notes Goldman Sachs’ Ben Snider.Nevertheless, it has still been a season of abundance. Growth of 17 per cent is still “incredible”, says Snider, the best quarter in 15 years if one excludes the Covid reopening and 2017’s tax cuts boost.That leaves Nvidia as the final checkpoint in a season where strong numbers have become the rule rather than the exception.