Nvidia (NVDA)

by | Feb 22, 2024 | Daily Trade Alerts

As we noted Feb. 15, “We’ve mentioned Nvidia (NVDA) a few times over the last year – and we still believe it could push even higher. For one, with earnings nearing, we could see a continuation of the anticipatory momentum. Two, Piper Sandler just hiked its price target.”

This morning, the stock is set to open about $88 higher at $762.47. 

All thanks to blowout earnings and guidance.

Adjusted EPS came in at $5.16, as compared to expectations for $4.64. Revenue of $22.1 billion was also above expectations for $20.62 billion. For its current quarter, the company expects to see sales of $24 billion as compared to estimates for $22.2 billion. That’s up significantly from the $7.19 billion in sales posted a year earlier.

Plus, according to CFO Colette Kress, the supply of current artificial intelligence GPUs is improving and demand is strong. Plus, the company expects its “next-generation products to be supply constrained as demand far exceeds supply,” as noted by Barron’s.


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