After a 237% share price gain this year, you might think Nvidia (NVDA:NASDAQ) has gone off the boil based on recent market performance. The stock has only moved 6% higher over the past month, limp by its previous monthly standards, but you can expect anticipation to start building ahead of third quarter figures which are published on 21 November.

The AI (artificial intelligence) chip champion has bettered expectations in each of the past three quarters and skipping a soggy third quarter for earnings last year, it’s a forecast-thumping record that stretches back to 2019.

Analysts are predicting another rampant growth quarter for Nvidia, with consensus pitched at earnings per share of $3.35 on $16 billion revenue. That implies 24% and 19% growth respectively over the second quarter, and about three times the levels recorded a year ago.

Any threat to those projections, or to fourth quarter guidance, look more likely to stem from supply constraints rather than any dip in demand, although neither look likely given the significant investment being thrown at AI and machine learning by chip manufacturing and major tech companies and clients.

Investors should expect to hear more about its DGX system, something Nvidia calls its ‘AI supercomputer’ and ‘the blueprint of AI factories’ being built across the globe, possibly whetting the appetite of investors all over again.

US UPDATES OVER THE NEXT 7 DAYS

QUARTERLY RESULTS

November 20: Agilent Technologies, Keysight Technologies

November 21: Nvidia, Lowe’s, Medtronic, Analog Devices, Autodesk, HP, Zoom Vido, Jacobs Engineering, Best Buy

November 22: Deere & Co, Copart

November 23: PDD Holdings

‹ Previous2023-11-16Next ›