Nvidia CEO Jensen Huang delivered a keynote speech at the Nvidia GTC Artificial Intelligence Conference held at the SAP Center in San Jose, California on March 18, 2024.
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Nvidia The company’s shares rose more than 10% on Thursday after the company beat Wall Street expectations and showed that demand for its artificial intelligence chips remains strong. The company’s data center revenue surged 427% this quarter.
First-quarter revenue came in above expectations at $26.04 billion, compared with LSEG’s forecast of $24.65 billion. And demand hasn’t wavered.
The company issued strong guidance, saying it expected revenue of $28 billion for the quarter, beating LSEG’s forecast of $26.61 billion.
Shares topped $1,000 for the first time in intraday trading, reaching an all-time high of $1,051.96, up about 111% this year. Its previous high was $953.86 on May 21.
While some analysts are concerned about “air pockets”, others have become more bullish on the company since the results were announced. Bernstein’s Stacy Rasgon raised her price target on the company to $1,300, writing in a note to investors that the narrative surrounding the company “is clearly nowhere near the end, or perhaps nowhere near its peak.” The stock looks cheap, he wrote.
Jefferies raised its target on the stock to $1,350 due to Blackwell’s strong growth and expectations that the “tempo” will accelerate when the platform launches later this year.
Nvidia reported net profit of $14.88 billion, or $5.98 per share, a significant increase from $2.04 billion, or 82 cents per share, in the same period last year.
Nvidia announced a 10-for-1 stock split on Wednesday, with shares set to begin trading on a split-adjusted basis at the open on June 10.
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