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Nvidia's All-Time High Stock

Nvidia's All-Time High Stock

Today is Thursday, May 25, 2023.

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Nvidia's All-Time High Stock

Nvidia (Nasdaq: NVDA) surged by 24.63% in after-hours trading on Wednesday thanks to great financial results, allowing the stock to hit an all-time high in price.

Financials: Nvidia reported earnings of $1.09 per share in the past quarter and revenue of $7.19 billion; both were better than expected.

Details: Revenue for the data center business reached a record $4.28 billion, up 14% year-over-year. Revenue for the automotive business jumped 114%. And Nvidia expects total company revenue to hit $11 billion in the current quarter.

Quote: “The computer industry is going through two simultaneous transitions — accelerated computing and generative AI. A trillion dollars of installed global data center infrastructure will transition from general purpose to accelerated computing as companies race to apply generative AI into every product, service and business process.” - Jensen Huang, founder and CEO of NVIDIA.

But: Revenue for the gaming unit dropped 38% year-over-year. In fact, overall company revenue is actually down 13%.

Stock Price: Nvidia’s stock price is already up 113% this year. Other semiconductor stocks also got a bump thanks to Nvidia's results on Wednesday.

Final Thoughts: Nvidia is benefiting from 2023’s AI moment. Semiconductors are crucial to AI, and that’s where the company excels. But can the stock continue to hit new highs?

Notables

Notable Earnings Today: Dollar Tree (Nasdaq: DLTR), Best Buy (NYSE: BBY), Costco Wholesale (Nasdaq: COST), Autodesk (Nasdaq: ADSK), Medtronic (NYSE: MDT), Ulta Beauty (Nasdaq: ULTA), Toronto-Dominion Bank (NYSE: TD), Marvell Technology (Nasdaq: MRVL), Canadian Imperial Bank of Commerce (NYSE: CM), Workday (Nasdaq: WDAY), Burlington Stores (NYSE: BURL), Deckers Outdoor (NYSE: DECK), Ralph Lauren (NYSE: RL), Gap (NYSE: GPS), Build-A-Bear Workshop (NYSE: BBW), RH (NYSE: RH), Titan Machinery (Nasdaq: TITN), Domo (Nasdaq: DOMO), Royal Bank of Canada (NYSE: RY), Silvercorp Metals (NYSE American: SVM), 23andMe (Nasdaq: ME), Genesco (NYSE: GCO), Lions Gate Entertainment (NYSE: LGF.A), NetEase (Nasdaq: NTES), Weibo (Nasdaq: WB).

Notable IPOs Today: ATS Corporation (NYSE: ATS), Inflection Point Acquisition Corp. II Unit (Nasdaq: IPXXU), Chijet Motor Company, Inc. Ordinary Shares (Nasdaq: CJET), Azitra Inc (NYSE American: AZTR), Global X Funds (NYSE Arca: NTRL).

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: GDP (8:30 a.m. ET), Jobless Claims (8:30 a.m. ET), Pending Home Sales (10:00 a.m. ET).

Snowflake's Troubling Outlook

Photo by Kostiantyn Li / Unsplash

Despite posting good financial results, shares of Snowflake (NYSE: SNOW) dropped by 12.64% in after-hours trading on Wednesday.

Financials: Snowflake reported earnings of 15 cents per share in the past quarter and revenue of $623.6 million; both were better than expected. Revenue is up 48%.

But: Snowflake is projecting revenue growth between 33% to 34% in the current quarter, which was lower than anticipated.

Final Thoughts: Snowflake, up 30% in 2023, has a troubling outlook for the rest of the year.

American Eagle Outfitters Has a Bad Forecast

American Eagle Outfitters (NYSE: AEO) declined by 20.8% in after-hours trading on Wednesday due to the retailer posting mixed financial results.

Final Thoughts: The company’s forecast for the rest of the year also disappointed investors. American Eagle Outfitters is down 16% this year as the retail sector struggles due to consumer spending concerns.

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