The Globe and Mail reports in its Saturday, Nov. 23, edition that Nvidia released another impressive quarterly earnings report last week.
The Globe's David Berman writes that Nvidia has recently surpassed Apple to become the world's most valuable company. Its market capitalization now exceeds $3.5-trillion based on the combined value of its shares (all figures U.S.).
Much of the information in Nvidia's third quarter report, released on Wednesday, reinforces this elevated status: Revenue surged by 94 per cent compared with the same period last year, reaching $35.1-billion. Additionally, net income doubled, increasing by 100 per cent to over $20-billion, highlighting not only significant growth but also impressive profitability. Nvidia chief executive officer Jensen Huang says, "The age of AI is in full swing." Wedbush Securities' Daniel Ives called the results "eye popping." Citigroup's Atif Mali said he expects sales will rise in January as Nvidia's new Blackwell chips gain traction.
Capital Economics economist Thomas Mathews argued that the results supported his view that continuing AI-hype will propel U.S. stocks through next year. Contrarians, however, point to a rally that is getting old.
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