From Nasdaq: 2024-07-31 17:28:09

Nvidia (NASDAQ: NVDA) stock surged 12.8% on Wednesday, following positive quarterly reports from competitors AMD and Microsoft. AMD reported a 115% revenue increase in its data center segment, signaling strong demand for Nvidia’s GPUs in data centers and AI applications. Microsoft’s increased capital expenditures further boost Nvidia’s prospects.

With Nvidia trading at 43 times this year’s expected earnings, the company’s recent performance and untapped growth opportunities support the valuation. In the fiscal 2025 first quarter, sales soared 262% year over year to $26 billion, and earnings per share increased 629%. Expectations remain high leading up to Nvidia’s fiscal Q2 results.

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