After the market close yesterday, Nvidia (NVDA) reported blowout earnings on spectacular demand for its artificial intelligence (AI) chips. The company’s shares closed at $471 with a market capitalization of $1.16 trillion. As of August 23, the stock was up 222% year-to-date and over 133x this past decade.
Given the expectations for unprecedented innovation and productivity from AI-generated computer code and automation, we believe the AI bubble in progress may dwarf the Internet bubble.
AI Chip Leader Nvidia Does It Again, Delivers Big Beat-And-Raise Report
Patrcik Seitz, 8/23/23
Artificial intelligence chipmaker Nvidia (NVDA) late Wednesday smashed Wall Street’s lofty expectations for its fiscal second quarter and guided higher than views for the current period. NVDA stock jumped in extended trading.
The Santa Clara, Calif.-based company earned an adjusted $2.70 a share on sales of $13.51 billion in the quarter ended July 30. Analysts polled by FactSet had predicted Nvidia earnings of $2.08 a share on sales of $11.19 billion. On a year-over-year basis, Nvidia earnings rocketed 429% while sales soared 101%.
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