Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, February 23, 2024

Article Excerpt

NVIDIA CORP., $788.17, Nasdaq symbol NVDA, remains a buy, but only for highly  aggressive investors. The company is a leading designer of 3D-capable video chips; they make video games run more smoothly and appear more lifelike. Nvidia has also adapted its chips for other applications, including artificial intelligence (AI), datacentres and self-driving cars. The stock shot up 12% this week due to increasingly strong demand for chips that power AI applications, such as the popular ChatGPT online chatbot/search engine. Demand for Nvidia’s video gaming and other chips also improved. In its fiscal 2024 fourth quarter, ended January 28, 2024, Nvidia’s revenue jumped 265.3%, to $22.10 billion from $6.05 billion a year earlier. That also easily beat the consensus forecast of $20.55 billion. Earnings before unusual items soared 490.6% in the quarter, to $12.84 billion from $2.17 billion. Due to more shares outstanding, earnings per share gained 486.4%, to $5.16 from $0.88. That also beat the consensus estimate of $4.64. Nvidia continues to spend heavily on the…