When it comes to corporate earnings, it’s no secret that investors are more focused on the future than the past. Beating expectations for the latest quarter doesn’t matter much if a company’s outlook underwhelms.

But in the case of Nvidia Corp. NVDA, which posts results Tuesday afternoon, Wall Street may be looking especially far into the future. The “key debate on the stock” is the direction of calendar year 2025, according to UBS analyst Timothy Arcuri, as investors seem concerned that customers will be digesting their...