🚀 Nvidia Earnings

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Nvidia reported impressive earnings, beating Wall Street expectations with a 68 cents adjusted EPS and $30.04 billion in revenue, surpassing the anticipated $28.7 billion. The company also provided stronger-than-expected guidance for the current quarter, forecasting $32.5 billion in revenue, an 80% increase from the previous year. Despite this, Nvidia shares fell 4% in extended trading. The company's revenue surged by 122% annually, driven largely by its data center business, which includes AI processors and accounted for 88% of total sales, climbing 154% year-over-year to $26.3 billion. Nvidia's net income more than doubled to $16.6 billion. Nvidia's success is heavily tied to the AI boom, with its chips being integral to applications like OpenAI's ChatGPT. While the company's gross margin slipped slightly, it remains strong, and Nvidia's gaming business also saw a 16% revenue increase. The company approved $50 billion in share buybacks, signaling confidence in its long-term growth.

2. OpenAI is in talks to raise a new funding round that could value the AI startup at over $100 billion, with Thrive Capital leading a $1 billion investment, while Microsoft, its largest backer, is also expected to participate. This move comes on the heels of OpenAI’s recent valuation surge, driven by the success of its ChatGPT and AI-generated content products, which pushed annualized revenue past $2 billion. The company is also testing a new search engine prototype, SearchGPT, which aims to offer a more conversational and intuitive search experience, potentially challenging Google’s market dominance.

3. Raise Venture Capital in 2024. Get the course helping top founders raise venture capital. The materials in this course are used by founders pitching a16z, Sequoia, YC and more while raising tens of millions! Get the course now for just $199. *

4. Headlines

   1. The NFL voted to allow private equity firms to purchase up to 10% of any NFL team.

   2. Abercrombie & Fitch is staging a comeback as revenues rose 21% last quarter.

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