Report: NVIDIA Poised to Blow Out Earnings In Late 2024
Earlier today 24/7 Wall Street published a look at how blowout sales of NVIDIA’s new GB200 system could create a path for shares to hit $200 by the end of 2024. Tonight, reports out…
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Nvidia (NASDAQ: NVDA) up Nearly 5%: Here’s Why
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Newest firstStocks Making the Biggest Moves: Nvidia
Nvidia (NASDAQ: NVDA) is still on fire.
All on news it will sell more than 18,000 AI chips to Saudi Arabian company Humain for its 500-megawatt data center.
Additionally, after gapping from about $115 to $130.15, we’d like to see NVDA rally to $140 immediate term.
Nvidia up 6%, or $7.45 on the Day
Shares of Nvidia (NASDAQ: NVDA) are now up 6%, or by $7.45 on the day.
Intraday volume is already up to 200.6 million, as compared to its daily average volume of 283.5 million. Fueling upside for the tech giant, Nvidia said it would send chips to Saudi Arabia AI company, Humain for data center buildouts.
As noted by Seeking Alpha, “The data center will be powered by hundreds of thousands of Nvidia’s most advanced GPUs over the next five years. The first phase of deployment will be an 18,000 Nvidia GB300 Grace Blackwell AI supercomputer with Nvidia InfiniBand networking.”
Some of Nvidia’s top competitors, including Advanced Micro Devices (NASDAQ: AMD) were up about 4%, or $4.20 on the day. Taiwan Semiconductor (NYSE: TSM) is up 3.2%, or $6.10.
Nvidia is Now Up 5.5%, or by $6.71
At the moment, shares of Nvidia (NASDAQ: NVDA) are up 5.5%, or by $6.71.
Intraday volume is up to 151.4 million, as compared to its daily average volume of 284.9 million. Additionally, the company announced it would send 18,000 of its top AI chips to Saudi Arabia.
“Nvidia said its first deployment will use its GB300 Blackwell chips, which are among Nvidia’s most advanced AI chips at the moment, and which were only officially announced earlier this year,” as noted by CNBC.
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The story so farShares of Nvidia (NASDAQ: NVDA | NVDA Price Prediction) are up 5%, or $6.25 on the day.
Fueling the upside is the announcement of a trade deal between the United States and China, which helped NVDA rejoin the $3 trillion market cap club.
NVDA has not been part of that club since February.
Granted, the chipmaker has underperformed the S&P 500 so far in 2025 due to macroeconomic uncertainties. However, with cooling trade tensions, NVDA could easily take the lead.
Additionally, the Trump Administration is set to scrap the AI Diffusion rule, which would have limited exports of Nvidia AI chips to most countries.
Plus, the AI spending scare was nothing more than an overreaction
All we have to do is look at what Microsoft and Meta just said on their earnings calls.
“Contrary to investors’ worries of slowing capex, it appears that spending for AI continues to be unabated,” Citi analyst Christopher Danely said, as quoted by CNBC. “AI infrastructure buildouts remain as key priorities for hyperscalers with the companies’ willingness to absorb the costs of tariffs. We view this as positive for AI-exposed stocks.”
Microsoft said its capex hit $16.75 billion in the third quarter. Moving forward, the company plans to spend $80 billion in 2025.
Meta also increased its 2025 capex to reflect an ‘increase in the expected cost of infrastructure hardware’ from suppliers around the world. According to reports, the company raised its 2025 capital expenditures to a range of $64 billion to $72 billion, up from its prior outlook of $60 billion to $65 billion.
That’s great news for stocks like Nvidia, too.
Morgan Stanley is Seeing Big Improvements in NVDA GB200 Shipments
According to Morgan Stanley, data out of Taiwan suggests there have been substantial improvements in Nvidia’s GB200 shipments.
“Our Taiwan ODM team is seeing close to 1500 racks shipped in the month of April across 3 ODMs, an important inflection that matches up with our NVDA estimates, and should ease investor concerns,” Morgan Stanley analyst Joseph Moore said, as quoted by Seeking Alpha.
Also, analysts at KeyBanc just reiterated their overweight rating on the NVDA stock with a $190 price target. According to KeyBanc, “NVIDIA’s decision to revert to the Bianca compute board, which consists of one CPU and two GPUs, from the previously planned Cordelia board, with two CPUs and four GPUs, is a positive development,” as noted by Investing.com.
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Ian Cooper
Ian Cooper is a veteran market analyst and investment strategist with more than 20 years of experience covering stocks, commodities, and macro trends. Since 1999, he has helped investors identify market opportunities using a blend of technical analysis, fundamental research, and market sentiment.
He is the creator of the ADD News Flow Strategy, which focuses on trading market reactions to major news events and investor psychology. Cooper was also among the analysts who warned about the 2008 financial crisis and major financial institution collapses ahead of the broader market.
Before joining 247 Wall St., Cooper wrote extensively for InvestorPlace and other financial publications, covering market trends, trading strategies, and investment opportunities.
