Nvidia Corp. (NASDAQ: NVDA), the company with the largest market capitalization in the world, will reveal its third quarter financial results this Wednesday, November 20.
Wall Street’s attention is on the company’s forecasts, whose shares have risen an impressive 196% so far this year. Pending these results, expectations are sky-high, especially given the high demand for its star products, the Hopper and Blackwell GPUs.
Evolution of Nvidia shares in 2024. Source: Yahoo Finance
Trend and forecasts for Nvidia
Technical analyst Dr. CK Narayan noted on his
Currently, the company led by Jensen Huang has forecast revenue of $32.5 billion, driven by strong demand for its advanced GPUs.
The weight of the data center segment
Blackwell drives, priced between $30,000 and $40,000, have become a key driver for Nvidia’s data center segment. However, the company faces limitations in the supply of these products, which could restrict its ability to maximize revenue in this quarter.
According to Morgan Stanley analyst Joseph Moore, Nvidia remains a top pick in the market, prompting Morgan Stanley to raise its stock price target from $150 to $160.
History of results: A solid foundation
Historical data supports optimism around Nvidia. Over the last 12 quarters, the company has surpassed earnings per share (EPS) expectations 10 times and only missed its revenue expectations once. Furthermore, on average, Nvidia shares have shown movements of 5.3% the day after publishing its results.
The most notable performance occurred after the first quarter 2024 results, when the stock rose 24.4%.
What to expect from Nvidia this time?
With the market eager to know the results, Nvidia has the opportunity to reaffirm its leadership in the technology industry. Its success will depend not only on its current numbers, but also on the prospects it can offer for the coming quarters, especially in an environment of high demand for artificial intelligence products and a market that continues to evolve rapidly.
Do you want to always be updated in the world of cryptocurrencies? Subscribe now to the CriptoTendencia WhatsApp channel! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
