Nvidia to report Q2 earnings Wednesday in major test for AI trade

Published On Aug 26, 2024, 1:19 PM

Nvidia reported strong second quarter earnings, beating analyst expectations with a revenue of $30 billion and an adjusted EPS of $0.68. The company's data center segment experienced significant growth, contributing over $26 billion. They also provided strong guidance for third-quarter revenue. Despite the positive earnings report, Nvidia's stock fell by about 1% following the announcement, primarily due to market reactions. The firm's demand for its upcoming Blackwell chips is high, and they're increasing their share buyback authorization by $50 billion. While competitors like AMD are making moves in the AI market, Nvidia remains dominant and is expected to continue benefiting from increasing infrastructure spending.

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Positive

Nvidia's strong earnings, significant revenue growth from the data center segment, and high demand for its upcoming products signal a continued strong position in the AI and tech markets. The stock's initial decline may present a buying opportunity for long-term investors, particularly as third-quarter expectations are solid and share buyback can provide support for the stock price.

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