We should note that overall revenue growth has slowed slightly in the last quarter from 15% to 10% QoQ. Gaming revenue grew to $3.22 billion, up 42% YoY. There was strong growth signs with data centre revenue up over 55% YoY, while the pivot to the omniverse (metaverse) can provide an additional growth factor. Practically every major Wall Street firm upped their NVDA stock forecast price targets, so we will not go through them all. Immediately, those analysts rushed to upgrade their Nvidia stock forecasts.
This compares to what analysts had been forecasting of $6.86 billion. Nvidia also forecast Q4 revenue to increase to $7.4 billion at the mid-range. Revenue was $7.1 billion ahead of the $6.83 billion estimate. Earnings per share were $1.17 versus $1.10 estimated. NVDA 1-day chart Nvidia (NVDA) stock newsĮarnings are the driver here, so let us dive in to this week's release. The Philadephia Semi Index includes all the big names in the sector: AMD, Nvidia, Intel, Texas Instruments, Broadcom,Qualcomm, etc. Semiconductors is clearly the place to be to outperform. This is against 25% year to date for the S&P 500 and 28% for the Nasdaq. The Philadelphia Semiconductor Index is the benchmark for the sector and we can see from the chart below the index is up over 40% year to date. This is helpful to semi stocks as electric vehicles use a lot more semiconductor chips than traditional fossil fueled vehicles. The EV sector is booming on the back of increased adoption of EVs. Along with the electric vehicle sector, semis are the hottest gig in town right now. The sector has been booming in 2021 as global shortages hit manufacturers and keep demand surging. Semiconductor stocks are once again proving to be one of the hottest sectors right now.
Nvidia stock forecasts from Wall Street could see this rally continue.AMD stock joins the rally as it makes all-time highs.Nvidia shares surge 8% on Thursday as results are strong.
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