NVDA - Intel's Third Quarter Could Foreshadow a Strong Upcoming Quarter for NVIDIA
The data center market has been in a slump this year. That has put pressure on NVIDIA's (NASDAQ: NVDA) revenue, as the data center segment makes up 27% of the chipmaker's business. NVIDIA's total revenue fell 17% year over year last quarter, with data center revenue down 14%.
If Intel's (NASDAQ: INTC) latest quarterly results are any indication, NVIDIA could be ready to turn the corner. Last week, Intel reported its best quarter in history, supported by strong demand in its data-centric group, which includes revenue from server chips. One analyst released a bullish note on NVIDIA stock following Intel's third-quarter earnings, citing an improving environment for data center spending.
Let's review what Intel reported and how that might indicate a turnaround for NVIDIA.