"When the company reported Q3 earnings on Nov. 19, it beat on the top and bottom lines when it announced record revenue of $57.0 billion and diluted earnings per share (EPS) of $1.30, both of which exceeded analyst expectations. Data center revenue was the primary growth driver, reaching a record $51.2 billion, which marked a 66% year-over-year increase."
"The last week of October, NVIDIA became the first publicly traded company to surpass a market cap of $5 trillion. In July, the AI chipmaker became the first publicly traded company to hit a $4 trillion market cap in early July. That achievement came just one month after surpassing both Apple Inc. (NASDAQ:AAPL) and Microsoft Corp. (NASDAQ:MSFT) in market cap as members of the $3 trillion market cap club."
"In September, the company announced plans to invest up to $100 billion in OpenAI. As a result, Evercore raised its price target on NVIDIA to $225 from $214 while keeping an "Outperform" rating, citing the OpenAI deal as the impetus, while Barclays raised its price target to $240 from $200, maintaining its "Overweight" rating. Over the past few years, AI has consistently fueled the largest gains for the market. And NVIDIA has been played a central role in that growth."
NVIDIA shares have fallen about 13.10% since the all-time high on Oct. 29 but remain up more than 30% year-to-date. Q3 results on Nov. 19 showed record revenue of $57.0 billion and diluted EPS of $1.30, with data center revenue at $51.2 billion, a 66% year-over-year increase. The company reached $4 trillion and $5 trillion market-cap milestones this year and surpassed Apple and Microsoft in market cap earlier. NVIDIA announced plans to invest up to $100 billion in OpenAI, prompting analyst price-target increases. Shares have surged over 1,276.70% in five years and 456,275% since IPO.
Read at 24/7 Wall St.
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