Coinspeaker
Nvidia (NVDA) Stock Rallies to New ATH amid High Impact News Including Today’s Q3 Earnings Release
After getting trapped in a correction mode in the past two months, Nvidia Corporation (NASDAQ: NVDA) stock has set a new all-time high of around $504.09 after a 20 percent spike during the last four weeks. The American multinational tech company that has dominated the semiconductor chip industry amid the artificial intelligence (AI) revolution has attracted major investment in the past year to reach $1.22 trillion in market valuation. According to the latest stock market data, NVDA stock has rallied about 245 percent since the calendar flipped in January and the Wall Street analysts expect more gains in the coming quarters.
Analysts’ Expectations on Nvidia Q3 2023 Performance
Having registered a record revenue of $13.51 billion up 88 percent QoQ, during Q2 of the fiscal year 2024 which ends on July 30, Wall Street analysts have set a high standard for the Nvidia stock market during Q3. According to LSEG estimates, Nvidia could record revenue growth of about 170 percent QoQ to $16.2 billion as the company had set its forecast at nearly 200 percent.
“Expectations are high leading into NVDA’s FQ3’24 earnings call on Nov-21,” Bank of America analysts wrote to clients last week.
Worth noting that Bank of America has set a buy rating for the Nvidia stock and expects the coming to beat/rise during the third quarter. However, the BoA highlighted the restrictions in China over competition in the semi on chips manufacturing. Moreover, China, the largest producer of raw products used in chip manufacturing, set a restriction on the exportation of raw materials to ensure a competitive edge. Nonetheless, the recent meeting between President Joe Biden and China’s Xi Jinping has given hope to the future of artificial intelligence and other advanced technologies.
Meanwhile, analysts at the BoA highlighted that Nvidia must counter the narrative that its products are too expensive for mainstream adoption of AI products. As for the data center segment, Wall Street analysts expect the company to record about $13.02 billion, a significant growth from $3.83 billion, according to FactSet.
More Adoption via AI Tech
On Monday, Nvidia announced that Dell Technologies Inc (NYSE: DELL), Lenovo Group Ltd (FRA: LHL), and Hewlett Packard Enterprise Co (NYSE: HPE) will be the first to integrate with its Nvidia Spectrum-X Ethernet networking technologies with their respective servers to enhance their AI ventures.
“Generative AI and accelerated computing are driving a generational transition as enterprises upgrade their data centers to serve these workloads,” Jensen Huang, founder and CEO of Nvidia, noted. “Accelerated networking is the catalyst for a new wave of systems from NVIDIA’s leading server manufacturer partners to speed the shift to the era of generative AI.”
Nvidia (NVDA) Stock Rallies to New ATH amid High Impact News Including Today’s Q3 Earnings Release
