Feb 23rd, 2024 – Nvidia’s stock rallied 15% following a massive earnings beat, where they announced that their 2024 Q1 revenues would also be higher than previously expected. The stock also announced a forecasted 233% increase in revenues for 2025 Q1, which means the stock is forecasted to continue rallying and growing for the next year. Nvidia beating earnings propelled the market index to a 2% increase in price, meaning they now stand at $ 5087.03.
Supermicro (SMCI) also rose as a result of the strong earnings. The company rallied almost 34% given their tight correlation with companies in the artificial intelligence industry. The US company manufactures high quality servers specifically designed and produced for AI computing. The company’s price targets range from $700 to $1300, meaning some financial institutions on Wall Street hold the belief that the company still has about a 34% upside, even after yesterday’s gains (The company is now priced at $975.52).
Author: Stefano Rizzi