{"id":52714,"date":"2023-08-24T23:37:12","date_gmt":"2023-08-25T03:37:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/nvidia-stock-hit-an-intraday-high-after-stellar-earnings-what-wall-street-is-saying\/"},"modified":"2023-08-24T23:37:13","modified_gmt":"2023-08-25T03:37:13","slug":"nvidia-stock-hit-an-intraday-high-after-stellar-earnings-what-wall-street-is-saying","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52714","title":{"rendered":"Nvidia Stock Hit an Intraday High After Stellar Earnings. What Wall Street Is Saying."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000727993\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Nvidia<br \/>\n       shares surged to a record high in intraday trading as analysts welcomed results showing the artificial-intelligence boom is still powering its growth.\u00a0<\/p>\n<p>\n        Nvidia<br \/>\n       (ticker: NVDA) stock was up 4.5% at $492.56 in early trading on Thursday after its quarterly earnings and outlook came in well above projections. The chip maker also relieved concerns about supply constraints and demand from China. Shares gave back those gains later in the day, closing just shy of the record. <\/p>\n<div class=\"paywall\">\n<p>Here\u2019s what Wall Street is saying about Nvidia\u2019s earnings. <\/p>\n<p>Stifel analyst Ruben Roy noted the company\u2019s results were ahead even of the high end of so-called whisper numbers\u2014the unofficial estimates that circulate on Wall Street ahead of an earnings announcement and are often more optimistic than consensus forecasts.  <\/p>\n<p>\u201cWe underestimated the opportunity related to the potential shift of $1 trillion of installed data-center infrastructure from general-purpose compute to accelerated compute architectures,\u201d Roy wrote in a research note. <\/p>\n<p>Roy raised his rating on Nvidia to Buy from Hold and target price to $600 from $440. <\/p>\n<p>Nvidia also addressed several concerns about whether its progress is sustainable. The company said it expects product supply to increase in the next fiscal year, alleviating worries that it won\u2019t be able to meet rising demand for AI chips. <\/p>\n<p>\u201cWith visibility extending into \u201924, [Nvidia] management has qualified additional suppliers\u2026and expects to increase supply each quarter through next year to meet demand,\u201d KeyBanc analyst John Vinh wrote in a research note.\u00a0<\/p>\n<p>Vinh raised his target price on Nvidia to $670 from $620 and kept an Overweight rating on the stock. The new target is based on a forecast price-to-earnings multiple of 35 times for 2025. <\/p>\n<p>Revenue from China was within the company\u2019s historical range of between 20% and 25%, indicating the beat wasn\u2019t driven by Chinese orders being pulled forward over fears of future U.S. restrictions.\u00a0<\/p>\n<p>UBS analysts noted that Nvidia indicated it could reallocate Chinese shipments of its A800 and H800 chips\u2014which have intentionally limited capacity to meet U.S. export restrictions\u2014if required. They kept a Buy rating on the stock and raised their target price to $560 from $540. <\/p>\n<p>Nvidia executives told analysts on an earnings call that additional export restrictions of data center graphics-processing units (GPUs) to China wouldn\u2019t have an immediate material impact on its financial results but would result in a long-term loss of an opportunity for the U.S.<\/p>\n<p>\u201cNvidia remains the purest scale play on AI adoption,\u201d Oppenheimer\u2019s Rick Schafer wrote in a research note, as he raised his target price on Nvidia to $650 from $500 and kept an Outperform rating on the stock.\u00a0<\/p>\n<p>Competition doesn\u2019t look like an immediate concern. Nvidia executives emphasized the move toward GPUs to power AI tools and away from general-purpose processors. Nvidia is estimated to have around a 90% market share for AI-related GPUs currently. <\/p>\n<p>\u201cStrong competition is important for a healthy innovation ecosystem. The market should want to see another player and should want to see this next digital transformation boom be more pervasive and persistent versus a bubble of irrational exuberance,\u201d said Daniel Newman, CEO of technology research firm Futurum Group.\u00a0<\/p>\n<p>Newman said Nvidia\u2019s report showed there should be opportunities for companies such as<br \/>\n        Advanced Micro Devices<br \/>\n       (AMD) and<br \/>\n        Intel<br \/>\n       (INTC) to provide rival AI chip offerings. However, he noted the window for alternatives to grow could be narrowing as Nvidia increases the attractiveness of its own platform via software development and industry partnerships.\u00a0<\/p>\n<p>Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/nvidia-wall-street-reaction-stock-price-earnings-87703e67?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nvidia shares surged to a record high in intraday trading as analysts welcomed results showing the artificial-intelligence boom is still powering its growth.\u00a0 Nvidia (ticker: NVDA) stock was up 4.5% at $492.56 in early trading on Thursday after its quarterly earnings and outlook came in well above projections. The chip maker also relieved concerns about [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":52380,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-52714","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nvidia Stock Hit an Intraday High After Stellar Earnings. What Wall Street Is Saying. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Nvidia shares surged to a record high in intraday trading as analysts welcomed results showing the artificial-intelligence boom is still powering its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=52714\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nvidia Stock Hit an Intraday High After Stellar Earnings. 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