After the outstanding Nvidia figures and outlook, analysts have raised the avg price target for the chip giant from $520 to $620
Source: HolgerZ, Bloomberg
Chinese stocks slid in early Friday trading, an indication of entrenched investor pessimism even after authorities urged the nation’s top financial institutions to help stabilize a struggling market.
The CSI 300 Index of shares in Shanghai and Shenzhen dropped as much as 0.7% shortly after the opening bell, extending its slump this month to 7.7% and keeping it as one of the world’s worst performers this year. A key gauge of Hong Kong-listed Chinese firms declined a maximum 1.3%. The selling came after the China Securities Regulatory Commission used a seminar Thursday with executives from the country’s pension fund, some large banks and insurers to ask them to boost support for the market. The market’s indifference isn’t necessarily a surprise, given regulators have held similar meetings regularly in the past and they have rarely had a significant impact. Source: Bloomberg
Strange day on Wall Street. Despite Nvidia blockbuster earnings the Nasdaq is in the red
Within $SPX the pockets of strength are in real estate, utilities, financials, healthcare, and consumer defensives. Low vol is outperforming high beta. There are rotations to safer parts of the market happening underneath the surface. Source: Markets Mayhem, Bloomberg
A fresh increase in the Atlanta Fed’s GDPNow model reinforces the reasoning behind hawkish-for-longer monetary policy, which is weighing on equities and bonds
The latest model estimate shows real 3Q GDP growth of 5.9%, up from 5.8% on Aug. 16 (it was less than 4% two weeks ago). Source: J-C Gand, Atlanta Fed
Nvidia CEO: "Software Is Eating the World, but AI Is Going to Eat Software" (and Nvidia eats AI?)
After Nivdia $NVDA earnings 🚀🚀🚀 yesterday: 1. Nvidia is now worth 8.8x more than Intel 2. Nvidia is now worth 6.9x more than AMD 3. Nvidia is now worth nearly 3x as much as JP Morgan by market cap 4. Nvidia is now the 5th most valuable public company 5. Nvidia expects $183 million in revenue per DAY in Q3 6. EPS increased by nearly 900% since last year 7. Short sellers have now lost nearly $10 BILLION this year Source: Baris Aksoy, The Kobeissi Letter
Nvidia ($NVDA) data center revenue in 2Q was $10.32 billion vs. $3.81 billion y/y, beating estimates of $7.98 billion
In less than a decade, it's gone from a rounding error to the main source of sales. Source: Bloomberg
$NVDA soars ~10% after hours, crushing sky-high expectations “A new computing era has begun" - Co-founder & CEO, Jensen Huang
Still, let's keep in mind that part of the buzz is already baked in the valuation as illustrated below Source: Quartr
$NVDA NVIDIA Q2 FY24 in one chart by App Economy Insight
Nvidia shares climbed 8% in extended trading on Wednesday after the chipmaker beat estimates for the second quarter and issued optimistic guidance for the current period. Nvidia said it expects third-quarter revenue of about $16 billion, higher than $12.61 billion forecast by Refinitiv. Nvidia’s guidance suggests sales will grow 170% on an annual basis in the current quarter. Source: CNBC, App Economy Insight
