Nvidia (NVDA:NASDAQ) reported Q1/2024 earnings last Wednesday. Revenue for the quarter came in at US$7.19 billion, up 19% from the previous quarter but down 13% from the same quarter in 2022. Gaming chips were weak and, despite lower revenues, a record performance in data center sales generated a huge beat compared to analysts’ expectations. Following the results, NVDA shares rocketed higher by an incredible 24.4% on Thursday alone and added another 2.5% on Friday. Shares are up by 166.5% year-to-date and up by 225.6% since the October low. Nvidia’s market capitalization is on the cusp of reaching $1 trillion which would put Nvidia in the “trillion dollar” club along with Apple, Microsoft, Alphabet (Google) and Amazon.
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By Charles Marleau CIM® and William Mitchell CIM®