Nasdaq NVDA Nvidia

Wall Street's main indexes slipped in choppy trade on Tuesday as U.S. Treasury yields hit multi-year highs on growing worries about interest rates staying higher for longer, while Nvidia shares declined in the run-up to the chip designer's earnings.

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VMware Inc on Tuesday said it has developed a new set of software tools in partnership with Nvidia Corp aimed at businesses which want to develop generative artificial intelligence in their own data centers rather than the cloud.

Fabrinet FN reported fourth-quarter fiscal 2023 earnings of $1.86 per share, beating the Zacks Consensus Estimate by 3.33%. The figure increased 10.7% year over year.Revenues of $655.9 million increased 11.6% on a year-over-year b

Snowflake ( NYSE:SNOW ) is set to release its second quarter Fiscal 2024 results on August 23, after the market closes. Snowflake has consistently outpaced earnings expectations in the past eight quarters. It will be interesting to see if SNOW can continue its winning streak in the to-be-reported quarter despite a weaker economy. Two key points to monitor during the quarterly results are a slowdown in cloud spending and the company's previous decision to cut its revenue outlook for Fiscal 2024.   What to Expect from SNOW’s Q2 Results In Fiscal Q2 2024, the Street expects Snowflake to report adjusted earnings of $0.10 per share on revenues of $662.22 million. In the prior year period, SNOW posted adjusted earnings of $0.01 per share on revenues of $497.25 million. Snowflake offers a cloud-based data storage and analytics service. Its platform enables companies to consolidate, analyze, store, and share troves of data. Some of its largest business partners include big tech firms, namely Amazon ( NASDAQ:AMZN ), Microsoft ( NASDAQ:MSFT ), and Alphabet ( NASDAQ:GOOGL ). Further, Snowflake announced an extension of its partnership with Microsoft and committed to spending up to $2.5 billion on Amazon Web Services (AWS) over the next five years. Also, Snow will be helping Nvidia ( NASDAQ:NVDA ) in creating generative artificial intelligence (AI) software. All of these factors could contribute to Snowflake’s long-term progress. What Analysts are Saying About SNOW’s Q2 Results Ahead of Snowflake’s Q2 print, JMP Securities analyst Patrick Walravens maintained a Buy rating and price target of $200 (implying 31.7% upside potential) on SNOW stock. Walravens is impressed by Snowflake’s disruptive cloud data platform, which has a total addressable market of $250 billion. Plus, the company’s Snowpark is steadily attracting higher consumption, with 30% of clients using the service, up almost 70% quarter-over-quarter as of the most recent results. Also, the analyst believes that Snowflake is poised to benefit from the enterprise’s growing usage of AI. Similarly, analyst William Power of Robert W. Baird reiterated his Buy rating on SNOW stock with a price target of $200. Power is encouraged by Snowflake’s long-term growth potential, even though short-term uncertainties could impact the firm's performance. Also, the analyst noted that SNOW’s ability to manage large amounts of data on the cloud is commendable. Overall, Power expects optimization headwinds and stiff competition from hyperscalers as the two caveats to its earnings. Is SNOW a Good Stock to Buy, According to Analysts? Wall Street is currently cautiously optimistic about SNOW’s trajectory. On TipRanks, Snowflake stock has a Moderate Buy consensus rating based on 25 Buys, seven Holds, and one Sell rating. The average Snowflake price target of $189.83 implies 24.3% upside potential from current levels. Meanwhile, SNOW stock has gained 12.1% so far this year. Insights from Options Trading Activity TipRanks now presents options activity to help investors plan their trades ahead of earnings releases.  Options traders are pricing in SNOW stock to move by +/-11.1% after reporting earnings. Last quarter, the stock fell by 16.50% following the downward revision in Fiscal 2024 product revenues from the company. The anticipated earnings move is determined by computing the at-the-money straddle of the options closest to the expiration after the earnings announcement. Ending Thoughts Snowflake’s Q2 earnings could outperform market expectations based on its historical track record. Even so, short-term headwinds could continue to dampen the stock’s performance in the near term. Nonetheless, a high number of analysts remain bullish about Snowflake’s long-term trajectory. Disclosure

Wall Street delivered downbeat performances last week due to rising rates. The tech-heavy Nasdaq Composite, which tumbled for the third successive week — the first time since December (per CNBC) — suffered the most among the three

Chip giant Nvidia ( NASDAQ:NVDA ) is scheduled to announce its fiscal second-quarter results after the market close on Wednesday, August 23. NVDA shares have skyrocketed over 221% since the start of this year, as the company is being viewed as one of the biggest beneficiaries of the generative artificial intelligence (AI) wave. Most Wall Street analysts are upbeat about the company’s ability to beat Q2 FY24 estimates and the growth potential of its advanced chips and technology. A Look at NVDA’s Q2 Expectations Nvidia’s blockbuster fiscal first-quarter earnings report (ended April 30, 2023) in May drove a rally in the stock, as the company issued fiscal Q2 revenue guidance of $11 billion (plus or minus 2%), which was nearly $4 billion more than analysts’ consensus estimate. The company’s stellar Q2 FY24 outlook was driven by the solid demand for its data center family of products. Nvidia’s advanced graphics processing units (GPUs) are needed to power cloud computing and generative AI applications. Meanwhile, analysts expect Nvidia’s Q2 FY24 revenue to rise 65% year-over-year to $11.2 billion and adjusted EPS to jump to $2.08 from $0.51 in the prior-year quarter. On Monday, HSBC analyst Frank Lee increased his price target for Nvidia to $780 from $600 and reaffirmed a Buy rating on the stock. Lee raised his FY24 and FY25 AI server assumptions and believes that NVDA’s earnings upside potential is still not fully priced into the shares. He expects bullish AI server momentum to continue to surprise on the upside. Similarly, CFRA analyst Angelo Zino raised the price target for Nvidia to $500 from $480 on Monday and increased his EPS estimates for FY24 and FY25, while maintaining a Buy rating. Zino cited the company’s AI prospects as the reason for his higher price target. The analyst expects Q2 FY24 EPS of $2.09 on revenue of $11.1 billion. In particular, Zino expects Q2 revenue to be driven by a “greater appetite” for GPUs across the data center space, reflecting surging orders from cloud providers and pricing power for the company’s H100 chips. He also expects the gaming segment to return to year-over-year revenue growth after four quarters of declines. “We like NVDA's strong competitive moat on the software side,” said Zino. Zino thinks that management’s commentary highlighting software revenue potential and the outlook for the third quarter will be critical. He projects third-quarter EPS of $2.37 on sales of $11.1 billion, indicating sustained demand. Last week, Raymond James analyst Srini Pajjuri boosted his price target for Nvidia to $500 from $450 and reiterated a Buy rating. While estimates “aren’t exactly low” heading into the Q2 FY24 print, the analyst feels that a more modest beat-and-raise report relative to last quarter and talk of visibility extending into 2024 should keep the rise in NVDA stock going. Pajjuri increased his estimates, noting that GPU demand is significantly outpacing supply due to the AI spending boom despite mixed cloud capital spending trends. Is Nvidia a Buy or Hold? Ahead of Q2 FY24 earnings, Wall Street is highly bullish on Nvidia, with a Strong Buy consensus rating based on 32 Buys and two Holds. The average price target of $532.98 implies 13.5% upside potential. Insights from Options Trading Activity TipRanks now presents options activity to help investors plan their trades ahead of earnings releases.  Options traders are pricing in a 10.9% move on Nvidia earnings. NVDA shares have averaged a 6.3% move in the last eight quarters. In particular, the stock rose 24.4% in reaction to the Q1 FY24 results. The anticipated move is determined by computing the at-the-money straddle of the options closest to the expiration after the earnings announcement. Conclusion Investors and analysts have high expectations from Nvidia’s fiscal second-quarter results due to demand for its AI chips. Nonetheless, the stock might decline if the company fails to meet the market’s expectations or issues lackluster guidance.   Disclosure

Many tech stocks took a hit last year on news about elevated inflation, high interest rates, and the possibility of a recession. These events combined to wreck investors' confidence in the sector. But technology stocks have made a solid comeback in 2023. The newly found confidenc

Zoom Video Communication’s ZM second-quarter fiscal 2024 adjusted earnings of $1.34 per share beat the Zacks Consensus Estimate by 27.62% and increased 27.6% year over year.Revenues of $1.13 billion beat the consensus mark by 2.29

Wall Street's main indexes pared gains on Tuesday, as U.S. Treasury yields rose on growing worries about interest rates staying higher for longer, while gains in Nvidia shares fizzled out in the run up to the chip designer's earnings.

We’re at the end of the second quarter earnings season. In years past, that might have meant it would happen quietly and with little interest. But this year the retailers and big tech are in the spotlight with so many questions ab

Global stocks extended their comeback rally on Tuesday, while benchmark Treasury yields hit a near 16-year high on concerns that interest rates could stay higher for longer and the safe-haven dollar edged back towards 10-week highs.

Nvidia shares hit an all-time high on Tuesday in a buildup in expectations over the quarterly results of the chip designer that has been the biggest beneficiary of a boom in artificial intelligence.

In today's video, I discuss Nvidia (NASDAQ: NVDA) and what investors should know before its upcoming earnings. Check out the short video to learn more, consider subscribing, and click the special offer link below.

Wall Street's main indexes opened higher on Tuesday as optimism around Nvidia's keenly awaited earnings report drove the chip designer's shares to a record high and also kept other megacap growth stocks on a strong footing.

The Nasdaq and the S&P 500 ended their five-day losing streak on Monday even though Treasury yields reached their highest levels in more than a decade, while concerns grew over China’s economy. However, the Dow ended in negati

Nvidia's fiscal Q2 earnings are the key tech sector event to watch this week, as markets weigh the stock's mammoth 2023 rally against the company's latest financial performance.

Cloud computing and artificial intelligence (AI) are taking human imagination to new heights.

Morning Markets September E-Mini S&P 500 futures (ESU2 3) this morning are up +0.60%, and Sep Nasdaq 100 E-Mini futures (NQU2 3) are up +0.85%. Stock indexes this morning are moderately higher, led by strength in technology stocks. Nvidia is up more than +2% in pre-market trading, adding to Monday’s...

Wall Street was set to open higher on Tuesday as optimism around Nvidia's keenly awaited earnings report kept megacap growth stocks on a strong footing, while a pullback in yields on longer-dated government bonds also provided some support.