Nvidia earnings will be major test for AI demand, market rally

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BENGALURU: Nvidia investors expect the chip designer to forecast quarterly revenue above estimates when it reports results on Wednesday (Aug 23). Thei...

At least 10 brokerages raised their price targets on Nvidia’s stock last week, pushing the median view to US$500. – AFPpic: Nvidia investors expect the chip designer to forecast quarterly revenue above estimates when it reports results on Wednesday . Their only question is, by how much?

The results could also dictate the direction of the wider market this week, as most of the S&P 500's gains this year have come from the AI-driven rally in Nvidia and Big Tech stocks. Citi analysts said last week they were only modelling a revenue forecast of around US$12 billion, but buy-side expectations have gone up to US$14 billion.

Investors will be looking at sales at Nvidia’s data centre unit, home to its prized H100 chip used in AI, to see if the valuation can be justified.

 

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