Nvidia NVDA Stock Earnings Rumble After Hours

By: Nadeem_Walayat

Whilst the S&P has been cool as a cucumber there has been a lot of action in individual stocks, especially out of hours, for instance on Monday JBL spiked lower pre-market to $108 triggering target buys at $111 and $109 then shortly on opening reversing higher to currently stand at $122. With several more instances of such price action, never mind speculation of an Eth ETF sending crypto's higher.

Wednesday - it's Nvidia's turn to deliver market volatility. Nvidia has had a x10 bull run off it's 2022 low on the back of very strong earnings results on the back of AI demand for it's AI processors / super computers, who's doing the buying? Microsoft probably tops the list then Amazon, META and so on all the way down the AI stocks list to us lowly retail consumers paying ridiculous prices for the 4000 series GPU's, I mean it is ridiculous to pay £2000 for an RTX 4090 GPU! even the mid range 4070 TI Super costs over £800! But it is AI not the retail public who are driving Nvidia rapid earnings growth, the party will likely end one day with a huge retracement of probably 50% of Nvidia's bull market when Microsoft and Amazon data centres are stuffed full of Nvidia AI processors so eventually Nvidia could even see $500 again but for now it's a case of the stock price goes nuts following each earnings beat.

So far there is no sign for a slowdown in demand, $950, EGF's +64% / +101%, PE range 79%, Fundamentals 6.3, the Nvidia nut has yet to show any signs of cracking, thus most probable outcome is for a spike to a new all time high well above $1000, likely see $1050. All one can do is place ones limit orders and hope to get lucky during after hours chaos.

Bottom line I suspect Nvidia will continue to beat for many more quarters, I can easily see Nvidia trading to $1600, there is no point looking for a top in this stock as this mega-trend stock shows no signs of slowing down let alone topping! Whilst Broadcom is a mini Nvidia so I'll take any sector volatility to add to that stock as well.

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Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

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