Shares of the Santa Clara, Calif., company at last check rose 4.3% to $625.41.
Morgan Stanley analysts Joseph Moore, Craig Hettenbach and Ethan Puritz said in a note published Monday that they expect "a strong quarter for NVIDIA especially in gaming; data center strength will be key."
"Expectations are very high, given that the company already preannounced that there will be upside to the April quarter," they said.
"Revenue in gaming is completely supply constrained, with channel inventory remaining very lean. That should point to multiple quarters of strong shipments, as when supply does catch up to demand there will likely be substantial channel fill,"
What could get in the way? The firm said "sustainability risk is somewhat elevated due to the cryptocurrency impact."
"The strength in Ethereum mining is a slightly complicating factor; we have estimated that there is close to $500 million per quarter in revenue from miners in the last quarter, including $150 million or so in crypto specialty product," the analysts wrote.
"This revenue should slow meaningfully if currencies remain at the current price; with sharp decreases in Ethereum pricing, mining is still profitable but the payback on a new graphics card is above two months, so we would expect to see the exuberance fade a bit."
Morgan Stanley expects April quarter sales of $5.3 billion and July quarter sales of $5.48 billion.
Analysts at Credit Suisse said that Nvidia "continues to find new vectors of IP monetization in highly visible, profitable, installed base focused, recurring software which could be about 20% of revenue by 2025, driving multiple expansion."
Credit Suisse analysts John Pitzer and Jerome Darling rate Nvidia outperform with a $700 price target.
On May 21, the semiconductor maker declared a 4-for-1 stock split.
TheStreet Founder Jim Cramer said the fact that Nvidia's stock went up after the split just shows that "there are too many individual investors involved who will eventually realize that I paid up for something that didn't really move the stock, but the stock could finish unchanged."