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Peter Davis

An writer at FOMOdrive

  • Aug 28, 2023
  • 2 min read

Nvidia shares soar after record positive report

After the report was released the day before, Nvidia saw a jump in premarket trading.

The company released their quarterly financials, which achieved record highs.

The Nasdaq 100 futures rose by more than 1% in the current market conditions.

In 2023, the stock of the chip manufacturer increased by more than three times.

Quotes have increased, indicating a positive outlook on artificial intelligence (AI).

After the close of major market trading on Wednesday, GPU manufacturer Nvidia released its quarterly report. In response, the company's shares have risen by over 8% in premarket trading.

In its fiscal second quarter, Nvidia saw a near tenfold increase in its bottom line and doubled its revenue due to a surge in demand for chips used in AI technology.

Nvidia's figures were unprecedented in the company's history and far surpassed market predictions. Additionally, they provided an optimistic outlook for the third fiscal quarter.

Nvidia's net income for the quarter was $6.19 billion, equating to $2.48 per share, which is an increase from the $656 million, or $0.26 per share, reported in the same period a year prior.

Nvidia has declared its intention to purchase an extra $25 billion worth of shares.

According to Lopez Research, Nvidia takes the majority of profit and revenue, while cloud companies offer services based on Artificial Intelligence.

This year, Nvidia's stock has seen a 212% increase, making it the biggest gainer among the S&P 500 index, according to Bloomberg. In May, the chip maker made history by becoming the first to reach a market value of $1 trillion, and now it stands as the fifth most valuable company in the United States.

Nineteen brokerages have increased their target prices for the stock of the chipmaker this month, with the average target price now exceeding $520 per share, which is a 14% increase from the current levels. According to Bloomberg, almost 90% of analysts are recommending that investors buy the stock.

Hedge funds showed the most interest in the stocks of eight AI beneficiaries named by Goldman Sachs, which are NVIDIA, Microsoft, Meta Platforms, Amazon, Credo Technology, Adobe, Marvell Technology and Salesforce.

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