{"id":13651,"date":"2023-05-25T11:02:48","date_gmt":"2023-05-25T15:02:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bigger-than-amazon-nvidia-stock-surges-after-cosmological-profit-projections\/"},"modified":"2023-05-25T11:02:49","modified_gmt":"2023-05-25T15:02:49","slug":"bigger-than-amazon-nvidia-stock-surges-after-cosmological-profit-projections","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=13651","title":{"rendered":"Bigger Than Amazon? Nvidia Stock Surges After \u2018Cosmological\u2019 Profit Projections"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Nvidia shares rallied more than 30% Thursday after an earnings report some on Wall Street heralded as one of the best ever, sending the technology stock to an all-time high \u2013 and analysts say Nvidia could rally as much as 38% more.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Nvidia tacked on some $150f billion in market capitalization in early trading after it shattered consensus expectations for quarterly sales and profit in its Wednesday afternoon report, as the chipmaker largely powering the artificial intelligence boom cashes in.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>But most impressive from Nvidia were its \u201ccosmological\u201d forecasts for the current quarter, Bernstein analyst Stacy Rasgon wrote Thursday, remarking: \u201cWe have never seen a guide like the one Nvidia just put up.\u201d<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Analysts\u2019 reactions were unabashedly positive to the report, as FactSet reported 28 bumps to Nvidia stock\u2019s price target over the last 24 hours, none starker than Rosenblatt analyst Hans Mosesmann\u2019s nearly 100% bump from $320 to $600, implying 38% upside from Nvidia\u2019s $375 share price Thursday.<\/p>\n<p>  <fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>Nvidia\u2019s earnings forecast, which nearly doubled consensus predictions, was \u201cwithout precedent,\u201d according to Craig-Hallum analyst Richard Shannon, calling the upside for the company\u2019s AI segment \u201ctruly amazing\u201d (Shannon nearly tripled his price target for Nvidia from $190 to $500 in his Thursday note to clients, upgrading the stock to a buy).<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Nvidia, whose $930 billion market valuation is the sixth-largest in the world, would overtake Amazon as the fourth most valuable company in the world should its stock hit $600, falling just short of Alphabet with a $1.5 trillion valuation.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Nvidia stock\u2019s rally Thursday pushed it far past its prior 2021 peak, becoming the first big tech company to set a fresh all-time high since the group largely lost its luster in late 2021, noted Vital Knowledge founder Aram Crisafulli.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Crucial Quote<\/h2>\n<p>\u201cOverall, NVIDIA&#8217;s results and guide leave us with our jaws dropped as the technological leadership in AI is being monetized and seems to be blasting through any lingering bear thesis concerns for now,\u201d Cowen analysts led by Matthew Ramsay wrote Thursday.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Surprising Fact<\/h2>\n<p>\u201cGenerative AI\u201d was mentioned 43 times on Nvidia\u2019s Wednesday earnings call, referring to the phenomenon behind chatbots like OpenAI\u2019s ChatGPT and Google\u2019s Bard.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>Nvidia shares are up more than 160% year-to-date, making it by far the best-performing stock on the S&amp;P 500, according to FactSet data. That far outpaces the tech-heavy Nasdaq\u2019s 22% gain and the double-digit gains of fellow tech titans Apple and Microsoft.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Big Number<\/h2>\n<p>$6.2 billion. That\u2019s how much Nvidia cofounder and CEO Jensen Huang added to his net worth Thursday, growing his fortune to $33.7 billion and becoming the 37th-wealthiest person in the world, per <em>Forbes<\/em>\u2019 calculations.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>Chip Maker Nvidia Shares Soar 14% As Imaginations For AI Future Run Wild (<em>Forbes<\/em>)<\/p>\n<p>These 7 Tech Stocks Command Almost 90% Of The S&amp;P 500\u2019s Gains\u2014Signaling Market Rally May Not Be So Healthy (<em>Forbes<\/em>)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/05\/25\/bigger-than-amazon-nvidia-stock-surges-after-cosmological-profit-projections\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Nvidia shares rallied more than 30% Thursday after an earnings report some on Wall Street heralded as one of the best ever, sending the technology stock to an all-time high \u2013 and analysts say Nvidia could rally as much as 38% more. Key Facts Nvidia tacked on some $150f billion in market capitalization in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-13651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bigger Than Amazon? 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