NVDA stock price skyrockets

Source: Dukascopy Bank SA


The stock price of NVidia has started the day's trading with a 26.08% or $79.68 gap up. The price action was caused by the company's last night's earnings release.

NVidia beat earnings and revenue forecasts despite total earnings decreasing more than ten percent. Earnings per share were forecast to be at $0.924 and total revenue $6.532 billion. The actual numbers were EPS of $1.09 and total revenue of $7.192 billion.

Moreover, during the earnings call the CEO of the company Jensen Huang talked about the potential of AI technology being developed around the world and that NVidia would supply the needed chips for the new technological breakthroughs. The CEO noted that the company's revenue could reach $11 billion.

However, sceptics note that the CEO over-exaggerated the capabilities of some of the company's chips and there were no actual chip order numbers mentioned. Moreover, some commentators spotted comparisons with the 2021 cryptocurrency and internet 2.0 hype.
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