Nvidia Surpasses Expectations with $30 Billion in Revenues
NVIDIA Corp has left industry observers slack-jawed with its unparalleled financial performance for the second quarter. The tech giant reported a staggering $30 billion in revenues, marking a jaw-dropping 122% increase from the corresponding period last year. This astronomical figure not only eclipses Nvidia’s prior records but also sails past Wall Street’s projections of $28.9 billion.
The Blackwell Chip: A Game-Changer in the Making
Undeterred by the stock market’s lukewarm response, Nvidia’s Chief Financial Officer, Colette Kress, unveiled plans for the imminent launch of the Blackwell chip in the final quarter of the fiscal year. Anticipation surrounding this cutting-edge release is already bubbling within tech circles, with prognosticators forecasting a torrent of additional revenue that the advanced chip is likely to usher in. This move underscores Nvidia’s dominance in the realm of AI chips, with a commanding 90% stranglehold over the market.
A Rock-Solid Foundation Beneath the Fluctuating Stocks
Despite the recent dip in Nvidia’s stock price by 6% during after-hours trading, the company’s trajectory appears poised for a rebound. Technical analysis reveals promising signs that the stock could resurge. The $100 level stands as a psychological bulwark that previously resuscitated the stock in early August. Furthermore, the daily 200 simple moving average around $90 serves as an additional pillar of unwavering support, signaling minimal downside risk for investors.
While hurdles persist in surpassing the June high of $140, the firm support levels beneath are expected to forestall any substantial descent, with potential to reignite the bullish fervor among investors.
As the closing bell rang on Wednesday, August 28, the stock settled at $125.61, marking a modest 2.0% decline in trading.