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Nvidia reports 88% jump in revenue: What should you know?
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💡Summary: • $NVIDIA (NVDA.US)$ reported earnings Aug. 23, posting a record revenue of $13.51 billion, up 88% from Q1, up 101% from year ago. Show More
💡Summary:
• $NVIDIA (NVDA.US)$ reported earnings Aug. 23, posting a record revenue of $13.51 billion, up 88% from Q1, up 101% from year ago.
• Nvidia has more than tripled in value this year, by far the best performance in the S&P 500.
• Share price grew to $470, up more than 3% at market close on Aug 23, 2023.

For the second quarter ended July 30, 2023, Nvidia reported revenue of $13.51 billion, up 101% from a year ago and up 88% from the previous quarter. GAAP earnings per diluted share for the quarter were $2.48, up 854% from a year ago and up 202% from the previous quarter. Non-GAAP earnings per diluted share were $2.70, up 429% from a year ago and up 148% from the previous quarter.

"A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI," Jensen Huang, founder and CEO of NVIDIA said. "NVIDIA GPUs connected by our Mellanox networking and switch technologies and running our CUDA AI software stack make up the computing infrastructure of generative AI."

Rising bets that Nvidia's revenue target will once again surpass Wall Street estimates have lifted the stock about 19% from a two-month low hit last week. Nvidia's market cap exploded by $184 billion and climbing as investors raced to get a piece. HSBC, KeyBanc, and BMO Capital Markets are the latest investment banks to raise their price targets on Nvidia, while Wells Fargo, Baird, and Morgan Stanley made bullish notes last week.

🎙️Q:
1. Do you think Nvidia is overhyped or a great buy?
2. Are NVDA and AI stocks the new Tesla?

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