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NVIDIA Stock is liquidating for a record second half

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semiconductor giant NVIDIA (NASDAQ: NVDA) stock fell (-48%) during the tech bear market of 2022. The leading graphics processor unit (GPU) maker saw record growth as revenue grew 46.4% in the fiscal first quarter of 2023. artificial intelligence (AI), revenue grew a whopping 83% to $3.75 billion and reached a new record as well as Gaming growth of 31% with revenue of $3.62 billion. As the company operates, on all cylinders despite inflationary pressure, disruption of the supply chainand logistics issues. However, NVIDIA lowered its fiscal forecast for the second quarter of 2023 as the nearly $500 million deficit is linked to the Russian war and COVID detentions in China. Of the metaverseFrom gaming and cryptocurrency mining to artificial intelligence (AI) and robotics, NVIDIA chips are driving digital transformation and digital innovation. The company has $9.3 billion in cash. The CEO had stated that they are preparing for the biggest wave of new products in its history in the second half of the year. The company also extended its buyback program of up to $15 billion through December 2023. The bar is low moving forward and any delay in the Russian war or China lockdowns will amplify the top and bottom line beats. Cautious investors looking for a leading chipmaker in future megatrends (gaming, AI, cryptos) can look for opportunistic pullbacks in NVIDIA stocks.


MarketBeat.com – MarketBeat

Fiscal Q1 FY 2023 Profit Release

On May 23, 2022, NVIDIA announced its fiscal results for the first quarter of 2023 for the quarter ended April 2022. $1.29, a stroke of $0.07. Revenues grew 46.4% year-over-year to $8.29 billion, better than analysts’ estimates of $8.09 billion. Data center revenues grew 83% year-over-year to $3.75 billion. Gaming revenues grew 31% year-over-year to $3.62 billion. Professional visualization increased 67% to $622 million. Automotive and Robotics were down (-10%) to $138 million. NVIDIA CEO Jensen Huang noted, “We have achieved record results in data centers and gaming against the backdrop of a challenging macro environment. The effectiveness of deep learning to automate intelligence is driving companies across industries to adopt NVIDIA for AI computing. Datacenter is our largest platform, even as Gaming had a record quarter.We are gearing up for the biggest wave of new products in our history with new GPU, CPU, DPU and robotic processors ramping up in the second half.Our new chips and systems will greatly advance AI, graphics, Omniverse, self-driving cars and robotics, as well as the many industries impacting these technologies.”

Disadvantage guidance

NVIDIA lowered revenue expectations for the second quarter of 2023 to a range of $7.94 billion to $8.26 billion, compared to $8.44 billion by consensus analyst estimates. About $500 million was related to Russian and COVID lockdowns in China. Non-GAAP gross margins are expected to be between 66.6% and 67.6%.

Takeaway for conference calls

CEO Huang pointed to several factors driving the gaming industry, including the migration of 100 million new gamers into the PC industry. People use their PC to broadcast and connect with friends and to work from home. The need for GeForce PCs has never been greater. He pointed out that more products will be released in the second half of the year than ever before in its history and that the dynamics of the gaming industry are “great” despite problems with Russia or China. The company is perfectly timed to enter the 5th generation with Hopper. NVLink has enabled them to mix and match dies, packages, chips and systems on various types of configurations. New types of data centers are emerging that leverage robotics and automation to run 24/7 with different architectures. He noted that NVIDIA wants to produce intelligence: “AI and data-driven machine learning techniques for writing software and extracting insight from the vast amount of data that companies have is incredibly strategic for all the companies that we know. Because in the eventual analysis, AI is about automation of intelligence and most companies are about domain-specific intelligence.”

NVIDIA Stock is liquidating for a record second half

NVDA Opportunistic Pullback Levels

Using the gun cards on the weekly and daily timeframes provides an accurate picture of the price action playing field for NVDA stocks. The weekly gun chart is in a downtrend after rejecting the $198.83 Fibonacci (fib) level. The weekly 5-period moving average (MA) stands at $158.11, followed by the 15-period MA at $179.38. The 200-period weekly MA is near the $122.15 fib. The weekly lower Bollinger Bands (BBs) are at $97.35. The weekly 50 period is $229.77. the weekly market structure layer (MSL) buy activated above $152.22. The daily gun chart has a reverse attempted puppy breakdown with a declining 5-period MA at $152.92 and a 15-period MA at $155.63. The daily stochastics crossed the 40 band. While stocks test the daily 15-period MA, a pullback below the 5-period daily MA will turn the daily stochastic into a mini-inverse pup breakdown. The daily lower BBs sit at $139.80. Cautious investors can watch for opportunistic pullback levels on the $146.80 fib, $140.55, $136.45 fib, $132.85 fib, $127.94, $122.15 fib, $117.05 fib , $113.72, $108.85 fib and the $106.99 fib level. Upward trajectories range from the 181.30 fib level to the $218.75 fib level. Investors can watch the shares of competitor Applied Micro Devices (NYSE: AMD) to gauge sentiment.

NVIDIA is part of the londonbusinessblog.com Index, which tracks some of the largest publicly traded companies founded and run by entrepreneurs.

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