Investors on Wall Street welcomed Nvidia with a “rally” of more than 9%, as a result of strong demand for the stock after the new, spectacular financial results.
Currently, the market capitalization exceeds 2.5 trillion. dollars (passed the $1 trillion mark on 5/30/2023) and ranks Nvidia as the third largest company on Wall Street and the world, behind only Apple ($2.9 trillion) and Microsoft ($3.2 trillion . dollars) to precede. The stock price is currently trading around $1,040, with Bank of America among others setting a target of $1,100.
The wild run of the stock:
Nvidia presented unimaginable financial figures once again, confirming those who want it as one of the most successful companies of all time. For the fiscal first quarter (ended April 28, 2024), the tech giant once again reported record revenue of $26 billion, up 262% year-over-year.
Net income (GAAP) for the same period was $14.88 billion, up 628% compared to a year ago! It is recalled that for the entire fiscal year (January 29, 2023 – January 28, 2024), Nvidia’s revenue had reached $60.9 billion, while net profit amounted to $32.3 billion.
The company is increasing its quarterly dividend from $0.04 per share to $0.10. “The next industrial revolution has begun. Companies and countries are working with NVIDIA to shift trillion-dollar data centers and create a new type of data center and produce a new product: artificial intelligence.” “Artificial intelligence will bring significant productivity gains to nearly every industry and help companies be more cost and energy efficient while expanding revenue opportunities.”
“Our data center growth has been fueled by strong and accelerating demand for genetic AI training and inference on the Hopper platform. Beyond cloud service providers, genetic AI has expanded to consumer Internet and enterprise companies, large AI, automotive and healthcare customers, creating several multi-billion dollar vertical markets.” “We are ready for our next wave of growth. The Blackwell platform is in full production and is the foundation for our trillion-parameter production AI. Spectrum-X opens up a whole new market for us to bring large-scale artificial intelligence,” said Jensen Huang, founder and CEO of Nvidia.
In detail, the financial results for the first quarter of the year:
