HP Inc. (HPQ) investors are eagerly awaiting the upcoming earnings report, but the stock seems to be on a downward trend as the market anticipates the event. In premarket trading today, HP stock has declined by 1.03% to $32.80 per share. While this may cause some concern, it is important to note that the stock has shown significant growth since the beginning of the year.

HP’s stock price experienced a notable surge at the start of May, jumping from $27.94 to $32.80, marking a 17.5% increase. This spike was driven by investor excitement following HP’s announcement of plans to develop AI-powered machines in the near future.

The integration of artificial intelligence into their product lineup positions HP favorably in the current market climate, where AI-related technologies are highly sought after. With a solid reputation and a history of success, HP’s venture into AI could open up new opportunities for the company.

As investors weigh their options, the question arises – is now the right time to buy HP stock? While the upcoming earnings report is expected to be positive, it may not be sufficient to propel the stock price significantly higher. Given that HP is currently trading near its yearly peak, achieving further growth in the short term would require exceptional performance.

For those considering an investment in HP, it might be prudent to hold off for now and monitor the stock for a potential dip. While HP shows promise for long-term growth, the immediate outlook for short-term gains appears limited.