Semiconductors
Nvidia Fiscal Q3 Earnings: The China Impact
Nvidia’s Fiscal Q3 earnings report was spectacular on all accounts. The data center growth for this quarter was bonkers again with growth of 279% year-over-year. The FQ4 guide implies data center growth that will accelerate to roughly 370% next quarter. Yet, the stock is down 1.5% after hours. In our pre-earnings write-up that was published this morning in our free newsletter, I had stated: “The topping-out scenario is that Nvidia’s buying is exhausted, and there isn’t one fundamental analyst on earth that can help investors figure out when this will happen.” I explained this is best left to technical analysts as there are many forces which weigh on a stock. It was unlikely Nvidia missed due to the CFO’s visibility on supply, yet the win-win scenario is that we don’t need the market to continue to reward Nvidia. It already has rewarded Nvidia, and if the market is getting tired of Nvidia’s exceptional results, then we will simply take gains and buy again lower.
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