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BOMNvidia has had stunning results and surged past Tesla in market value
3/9/2023 11:18:06 AM
In the long-running "AI boom ", the large models and AI applications launched by various companies have further promoted the demand for computing power, which has also made chip giant Nvidia a dead horse. On May 24, Nvidia, the global AI computing leader, released its financial report for the first quarter of the fiscal year 2024 (hereinafter referred to as a quarterly report), showing that total revenue was significantly higher than expected, and its revenue guidance for the quarter was much higher than market expectations. After hours, Nvidia stock prices soared after hours, once up nearly 30%, refreshing the previous share price record of 346 US dollars, hitting a record high, and then fell back to 380.7 US dollars/share, up 24.66%.
As of the close of the US stock market on the same day, Nvidia's market value was $754.2 billion, surpassing Tesla. With the highest after-hours gain of 29.3%, its market value shot up by $221 billion at one point - about 1.3 AMDs ($174.4 billion market value), nearly two Intels ($121 billion market value), and three Microns ($72.8 billion market value). Considering its after-hours increase in market value, Nvidia is on track to become the seventh trillion-market listed company in the US stock market.
Nvidia reported revenue of $7.19 billion in the first quarter, beating analysts' expectations of $6.52 billion. Its second-quarter revenue forecast was up or down 2 percent at $11 billion, 53 percent above analysts' expectations of $7.18 billion. Among them, Nvidia's gaming revenue in the first quarter was $2.24 billion, data center revenue was $4.28 billion, and the automotive business recorded $296 million in revenue. The gross profit margin in the first quarter was 66.8%, both higher than market expectations
Nvidia said the surge in data center revenue was primarily due to growing demand for generative Al and large language models using Gpus based on the Hopper and Ampere architectures. The decline in the gaming business stemmed from weak demand caused by slowing macroeconomic growth and a decline in Dow shipments due to normalization of channel inventories. To the market's surprise, Nvidia gave an incredible guidance for the fiscal second quarter.
It expects revenue of $11 billion in the second quarter of this fiscal year, plus or minus 2 percent, which corresponds to a guidance range of $10.78 billion to $11.22 billion. That means the second quarter will reverse three consecutive quarters of year-over-year revenue declines. How amazing is Nvidia's guidance, you need to compare the performance of your peers. Nvidia's direct competitor, AMD, reported revenue of $5.353 billion in the first quarter, down 9% from a year earlier. Profit swung to a net loss of $139 million from a profit of $786 million a year earlier. Intel, which is based on CPU business, reported a quarterly loss of $2.76 billion in the first quarter, which was not only the second consecutive quarterly loss for the company, but also a record loss of $687 million in the fourth quarter of 2017. It can be seen that when the PC market is not booming, and Nvidia's largest cash cow mining business has also suffered a trough, Nvidia can achieve such amazing performance and give such amazing performance guidance, all rely on its bet on the GPU field, and artificial intelligence, especially the hot large model, makes the industry's demand for GPU surge.
On an earnings call following the results, Nvidia CEO Jen-Hsun Huang said a new generation of advanced Nvidia chips for data center Al computing is in production and "we are significantly ramping up supply to meet surging demand." Huang said Nvidia is well positioned to benefit from the AI opportunity, as the company began producing a new batch of advanced equipment for data centers last year after generative AI technology began to take off.
As of the close of the US stock market on the same day, Nvidia's market value was $754.2 billion, surpassing Tesla. With the highest after-hours gain of 29.3%, its market value shot up by $221 billion at one point - about 1.3 AMDs ($174.4 billion market value), nearly two Intels ($121 billion market value), and three Microns ($72.8 billion market value). Considering its after-hours increase in market value, Nvidia is on track to become the seventh trillion-market listed company in the US stock market.
Nvidia reported revenue of $7.19 billion in the first quarter, beating analysts' expectations of $6.52 billion. Its second-quarter revenue forecast was up or down 2 percent at $11 billion, 53 percent above analysts' expectations of $7.18 billion. Among them, Nvidia's gaming revenue in the first quarter was $2.24 billion, data center revenue was $4.28 billion, and the automotive business recorded $296 million in revenue. The gross profit margin in the first quarter was 66.8%, both higher than market expectations
Nvidia said the surge in data center revenue was primarily due to growing demand for generative Al and large language models using Gpus based on the Hopper and Ampere architectures. The decline in the gaming business stemmed from weak demand caused by slowing macroeconomic growth and a decline in Dow shipments due to normalization of channel inventories. To the market's surprise, Nvidia gave an incredible guidance for the fiscal second quarter.
It expects revenue of $11 billion in the second quarter of this fiscal year, plus or minus 2 percent, which corresponds to a guidance range of $10.78 billion to $11.22 billion. That means the second quarter will reverse three consecutive quarters of year-over-year revenue declines. How amazing is Nvidia's guidance, you need to compare the performance of your peers. Nvidia's direct competitor, AMD, reported revenue of $5.353 billion in the first quarter, down 9% from a year earlier. Profit swung to a net loss of $139 million from a profit of $786 million a year earlier. Intel, which is based on CPU business, reported a quarterly loss of $2.76 billion in the first quarter, which was not only the second consecutive quarterly loss for the company, but also a record loss of $687 million in the fourth quarter of 2017. It can be seen that when the PC market is not booming, and Nvidia's largest cash cow mining business has also suffered a trough, Nvidia can achieve such amazing performance and give such amazing performance guidance, all rely on its bet on the GPU field, and artificial intelligence, especially the hot large model, makes the industry's demand for GPU surge.
On an earnings call following the results, Nvidia CEO Jen-Hsun Huang said a new generation of advanced Nvidia chips for data center Al computing is in production and "we are significantly ramping up supply to meet surging demand." Huang said Nvidia is well positioned to benefit from the AI opportunity, as the company began producing a new batch of advanced equipment for data centers last year after generative AI technology began to take off.
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