A sign for a Nvidia office building is shown in Santa Clara, Calif., Wednesday, Aug. 7, 2024. LOS ANGELES — Nvidia may have exceeded Wall Street estimates as its profit jumped — buffeted by the chipmaking dominance that has cemented Nvidia’s place as the poster child of the artificial intelligence boom — but investors seemed less than impressed.
By comparison, S&P 500 companies overall are expected to deliver just 5% growth in revenue for the quarter, according to FactSet., as tech giants continue to spend heavily on the company’s chips and data centers needed to train and operate their AI systems. Demand for generative AI products that can compose documents, make images and serve as personal assistants has fueled sales of Nvidia’s specialized chips over the last year. In June, NvidiaThrough the year’s first six months, Nvidia’s stock soared nearly 150%. At that point, the stock was trading at a little more than 100 times the company’s earnings over the prior 12 months. That’s much more expensive than it’s been historically and than the S&P 500 in general.
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