The AI Boom Is Still On
What did you expect…
Nvidia $NVDA forecast fiscal second-quarter revenue of approximately $28 billion, more than satisfying analysts who expected guidance of $26.8 billion.NVDA, down 0.46 percent during regular trading hours in a session marked by yet another overreaction to fedspeak, was surging in the post-market, up more than 5 percent and pushing toward $1,000 at last check.
Revenue for the three months ended April 30 was $26 billion, up 18 percent compared to the fourth quarter and 262 percent compared to the same period last year. Data center revenue was up 23 percent sequentially and 427 percent annually to $22.6 billion.
Earnings per share surged 21 percent quarter over quarter and 629 percent year over year to $5.98.
Founder and CEO Jensen Huang sounded one of his favorite themes in a statement announcing the results: “The next industrial revolution has begun.
“AI will bring significant productivity gains to nearly every industry,” Huang continued, “and help companies be more cost- and energy-efficient, while expanding revenue opportunities.”
“Even in the face of huge expectations,” Ryan Detrick of Carson Group said, “the company once again stepped up and delivered.” Detrick noted the strength of the “always important” data center revenue and of management’s forecast.
“Bottom line, the bar was high, and Nvidia cleared it once again.”And the artificial intelligence boom shall proceed apace.
It had been a quiet day through the lunch hour, the major indexes straddling their respective lines between positive and negative territory.
Even before the minutes from the April 30-May 1 Federal Open Market Committee dropped, sellers had taken control.
It’s hard to figure why that was so, but it was.
The data that have come in since the meeting suggest more progress than did the information available when they got together three weeks ago.
Investors, traders, and speculators would do well to note both the difficulty and the futility of fixing an inflation assessment at a given moment.
Somebody out there surely faded the minutes release, anticipating an overreaction to stale commentary, and caught the last-hour bounce too.
Good for them.
Seems too like NVDA has provided impetus for some fresh all-time highs.