Nvidia's earnings cleared our lofty bar. Here’s our new price target on the AI chip king

Nvidia shares moved lower Wednesday evening despite another beat-and-raise quarter. Simply put, the leading maker of AI chips again fell victim to the curse of high expectations. That's not a concern to us, though, because Nvidia's underlying fundamentals and long-term outlook appear to be as healthy as ever. Revenue surged 94% year over year to a record $35.08 billion, easily outpacing the $33.16 billion the Street was looking for, according to estimates compiled by data provider LSEG.

Jensen Huang, co-founder and chief executive officer of Nvidia Corp., holds up the company's AI accelerator chips for data centers as he speaks during the Nvidia AI Summit Japan in Tokyo, Japan, on Wednesday, Nov. 13, 2024.shares moved lower Wednesday evening despite another beat-and-raise quarter. Simply put, the leading maker of AI chips again fell victim to the curse of high expectations.

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