To: Johnny Canuck who wrote (60357 ) 10/11/2024 1:41:44 AM From: Johnny Canuck Read Replies (1) | Respond to Markets Adam Clark Nvidia was edging down early on Thursday. The chip maker continues to hover below its record highs but the latest data look positive for its quarterly growth. Nvidia shares were down 0.3% at $132.20 in premarket trading. The stock closed down 0.2% on Wednesday. A string of recent gains has left Nvidia close to its record closing high—adjusted for stock splits—of around $135, hit in June. The focus continues to be on growth in its data-center revenue , powered by investment in AI technology. Analysts at UBS said export data released this week from the Taiwan Ministry of Finance was broadly consistent with their model of Nvidia’s third-quarter data center revenue rising 15% from the previous quarter. “We would caution that the Q/Q [quarter on quarter] growth for TW [Taiwan] and Nvidia have differed as much as midteens in either direction in recent years, so the data isn’t definitive,” UBS analyst Timothy Arcuri wrote. Arcuri has a Buy rating and $150 target price on Nvidia stock. Attention will soon turn toward the company’s third-quarter earnings prospects, with its report due next month. “Nvidia was most beaten up last time around because of fear that their earnings growth was coming down but in fact, Nvidia’s earnings are still expected to grow over 80% year over year. If you took an optimistic view, that’s still fantastic EPS growth and it’s still way faster than any of its competitors,” said Mark Malek, chief investment officer at Siebert , in an emailed comment. Among other chip makers, Advanced Micro Devices was rising 0.4% and Broadcom Write to Adam Clark at adam.clark@barrons.com Privacy Notice • Cookie Notice • Copyright Policy • Data Policy • Your Ad Choices • Terms of Use • Copyright © 2024 Dow Jones & Company, Inc. All Rights Reserved.
