As a researcher with a background in technology and finance, I’m closely monitoring the developments surrounding Nvidia following today’s market slip due to Amazon’s decision to transition from the previous model of Nvidia’s “super chip,” Grace Hopper, to the newer version, Grace Blackwell.
Nvidia, a leading manufacturer of Artificial Intelligence (AI) chips, experienced a setback in the stock market today due to news that Amazon had ceased orders for an older model of their “super chips.” According to a report by the Financial Times, Amazon Web Services disclosed that they have shifted their previous orders to the latest versions of Nvidia’s chips instead.
As a researcher studying the semiconductor industry, I’ve come across information that the company’s Grace Hopper Superchip, which was released last year, will soon be replaced with new orders based on the latest iteration, named Grace Blackwell. In March, this US-based chipmaker introduced the new chips, with deliveries of Grace Blackwell commencing barely a year after customers started receiving Hopper.
Amazon observed a short timeframe between the two product launches, leading them to make this particular decision. Previously, Nvidia had announced that the new model would have double the capabilities for training large language models.
Nvidia Price Drops
According to recent reports, Nvidia’s stock experienced a minimal 1% decrease today and was traded at $945.03. This dip occurred as investors prepare for the release of the company’s Q1 2024 earnings on Wednesday, after an impressive run in the profitable quarterly results.
Some traders believe that the release of the report could decrease short-term investments in the company before its earnings announcement tomorrow, while others are optimistic due to the significant increase in the asset’s value over the past year. Analysts at The Kobeissi Letter praise the strong earnings and positive impact on the S&P 500.
“Nvidia made up approximately 11% of the total growth the S&P 500 experienced over the past year. It is anticipated that in the first quarter of 2024, Nvidia’s influence on the S&P 500’s earnings per share (EPS) expansion will amount to roughly 40%. The projected growth rates for Nvidia’s EPS and revenue in Q1 2024 are an impressive 474% and 241%, respectively.”
Market Awaits Q1 Earnings
As a market analyst, I’m optimistic about the upcoming report based on the positive trends we’ve seen in recent months. Specifically, there have been steady inflows into this asset class for the past 3 months, resulting in a impressive 36.25% gain over that period. Furthermore, monthly returns have averaged 14.8%, indicating a strong momentum that could continue.
As a crypto investor, I’m excited to share some impressive numbers from a recent report by FactSet. Based on analyst estimates, Nvidia’s earnings per share have skyrocketed to an astounding $5.22 – marking a 474% increase! Moreover, revenues have surged an impressive 241% to reach $24.5 billion.
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2024-05-21 18:27