Nvidia is dropping ahead of its earnings

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Nvidia will release its second quarter earnings after the markets close on Thursday, and the stock is heading lower in preparation for the release.

Shares are down 2.97% ahead of the company’s earnings. Wall Street is expecting earnings of $0.70 per share on revenue of $1.963 billion, according to data from Bloomberg.

Millennial investors are a bit more optimistic. Investors under 30 on the popular Robinhood investing app are buying the stock 11% more than they are selling.

The stock has historically seen big moves around its earnings reports. The stock has moved an average of 10.9% after earnings over the last three years. JPMorgan is bearish and suggests betting against the stock before the earnings report.

Nvidia has had a meteoric rise over the last year. Shares have risen 187.37% over the last calendar year and 63.83% in 2017. Shares are currently trading at about $167.12.

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