Facebook
Twitter
Nvidia (NASDAQ: NVDA) just crushed earnings once again.
That sent the stock rallying 9.5% – hitting a new all-time high.
Nvidia stock has been on fire since January – with 116% YTD gains.
Let’s take a look at the quarterly report…
- Revenues of $26 billion – up 262%
- Data center revenue of $22.6 billion – up 427%
- EPS of $6.12 – up 461%
Those results easily beat Wall Street expectations.
They also confirm that the Artificial Intelligence boom is very, very real. And demand for Nvidia chips remains unstoppable.
Here’s CEO Jensen Huang…
“The next industrial revolution has begun.
Companies and countries are partnering with NVIDIA to shift the trillion-dollar installed base of traditional data centers to accelerated computing and build a new type of data center, AI factories, to produce a new commodity, artificial intelligence.
AI will bring significant productivity gains to nearly every industry and help companies be more cost and energy efficient while expanding revenue opportunities.”
Last week I explained that “hyperscalers” were investing billions to upgrade their data centers for Artificial Intelligence. And I named Nvidia as the #1 stock.
Nvidia’s results show a staggering 427% increase in revenues for the datacenter business.
Here’s the big takeaway…
Nvidia’s results are powering the S&P 500 and Nasdaq to new all-time highs today.
There are a lot of “AI skeptics” who have been calling for AI tech stocks like Nvidia to crash.
Yet the momentum behind these stocks remains unstoppable.
This isn’t a situation where AI is simply a great story.
The excitement is being fueled by ACTUAL FINANCIAL RESULTS.
It’s foolish reckless to bet against these stocks.
Now, you know I’m bullish on Nvidia since buying the stock in December at $492.
Ian
P.S. Nvidia also announces a 10-for-1-stock split. That will reduce the share price by 90% and make it easier for small investors to buy the stock.
The split happens on June 6.