2024-05-28 09:32:44 ET
Summary
- Nvidia Corporation's revenue of $26 billion was up 18% from last quarter and up 262% from the year ago quarter. This means Q4 was officially the peak quarter for revenue growth.
- Nvidia needs to pass the baton from the H100s and H200s to the Blackwell architecture for the stock price to extend.
- Nvidia stock has sold off 10% or greater about 9 times since the 2022 low. We see any dips as buying opportunities.
Nvidia Corporation ( NVDA ) impressed again with a beat this quarter and a raise next quarter . However, that wasn’t enough to move the stock price. It was during the earnings call that we saw the stronger price action when management discussed the Blackwell architecture. The first question on the earnings call was a direct question on when Blackwell will be in production: Q: “So this year, we will see Blackwell revenue, it sounds like?” A: The CEO offered one, simple sentence in a measured tone: “We will see a lot of Blackwell revenue this year.”
There were other bullish remarks about Blackwell ramping this year, such as
We will be shipping [Blackwell]. Well, we've been in production for a little bit of time. But our production shipments will start in Q2 and ramp in Q3, and customers should have data centers stood up in Q4.”
This was strong language to use, as it’s apparent that Hopper has runway left given the beat/raises we saw in this quarter. To have the two architectures merge seamlessly in terms of timing in H2 is quite ideal....
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For further details see:
Nvidia's Blackwell And The Incoming $200B Data Center Segment