Nvidia, the world leader in artificial intelligence (AI) chips, presented its earnings report for the third quarter of 2024 on Wednesday, exceeding analyst expectations and highlighting its relevance in financial markets. Some experts even claim that the impact of these results exceeds that of the FOMC meetings.
Prior to the announcement, Bloomberg reported that traders were anticipating revenue moves close to $300 billion, a figure that dwarfs the results of most S&P500 companies.
In line with this, Nvidia, the most valuable company by market capitalization, reported revenues of $35.1 billion, exceeding the $33.6 billion projected by LSEG. Additionally, earnings per share (EPS) came in at $0.81, versus the forecast of $0.75.
These solid results dispel doubts about heating problems in Blackwell chips and calm concerns in the markets. However, Nvidia shares closed the day down 0.76%, trading at $145.89, and fell even further after hours due to a “buy on the rumor, sell on the news” dynamic.
Nvidia shares closed slightly negative this Wednesday and the decline continues after hours. Source: Yahoo Finance
Nvidia report has potential to move all markets
As a leading company by market capitalization, Nvidia has a significant impact on global markets. The third quarter results could trigger a rally in the stock market this Thursday, in addition to influencing the Cryptocurrency market. At press time, Bitcoin was trading at $94,300, as investors crunch the financial data.
AI fever remains a key driver for Nvidia, CEO Jensen Huang noted in a statement that “the AI era is in full swing, driving a global shift toward Nvidia computing.”
High demand for Hopper chips and anticipation for Blackwell chips reinforce revenue expectations, with projected fourth-quarter sales of $37 billion. In addition, Huang assured that production capacity will meet the growing demand.
This performance underscores Nvidia’s central role in advancing the AI era and the strength of its fundamentals.
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