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NVIDIA (NVDA)

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Updated May 23, 2024 04:00 PM ET

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NVIDIA Corporation is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit, or GPU. Over the years, the company’s focus has evolved from PC graphics to artificial intelligence (AI) based solutions that now support high performance computing (HPC), gaming and virtual reality (VR) platforms. NVIDIA’s GPU success can be attributed to its parallel processing capabilities supported by thousands of computing cores, which are necessary to run deep learning algorithms. The company’s GPU platforms are playing a major role in developing multi-billion-dollar end-markets ...

NVIDIA Corporation is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit, or GPU. Over the years, the company’s focus has evolved from PC graphics to artificial intelligence (AI) based solutions that now support high performance computing (HPC), gaming and virtual reality (VR) platforms. NVIDIA’s GPU success can be attributed to its parallel processing capabilities supported by thousands of computing cores, which are necessary to run deep learning algorithms. The company’s GPU platforms are playing a major role in developing multi-billion-dollar end-markets like robotics and self-driving vehicles. NVIDIA is a dominant name in the Data Center, professional visualization and gaming markets where Intel and Advanced Micro Devices are playing a catch-up role. The company’s partnership with almost all major cloud service providers (CSPs) and server vendors is a key catalyst. NVIDIA’s GPUs are also getting rapid adoption in diverse fields ranging from radiology to precision agriculture. The company’s GPUs power the top supercomputer in the world, located at Oak Ridge National Laboratories in the United States, as well as the top supercomputers in Europe and Japan. Santa Clara, CA-based, NVIDIA reported revenues of $60.92 billion in fiscal 2024, up 126% from $26.97 billion in fiscal 2023. Beginning first-quarter fiscal 2021, NVIDIA started reporting revenues under two segments – Graphics and Compute & Networking. Graphics includes GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro GPUs for enterprise design; GRID software for cloud-based visual and virtual computing; and automotive platforms for infotainment systems. Compute & Networking comprises Data Center platforms and systems for AI, HPC, and accelerated computing; DRIVE for autonomous vehicles; and Jetson for robotics and other embedded platforms. Mellanox revenues included in this segment beginning second-quarter fiscal 2021. Graphics and Compute & Networking accounted for 22% and 78% of fiscal 2024 revenues, respectively.

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Top Research Reports for NVIDIA, Accenture & Goldman Sachs

March 26, 2021 — 02:07 pm EDT

Written by Sheraz Mian for Zacks  ->

Monday, March 29, 2021

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 12 major stocks, including NVIDIA ( NVDA ), Accenture ( ACN ), and The Goldman Sachs Group ( GS ). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see  all of  today’s research reports here >>>

NVIDIA shares have lagged lately, but they are otherwise standout performers over the past year (+96.9% vs. +60.3% for the industry) as the company capitalized on coronavirus-induced work-from-home and learn-at-home trends.

It is also benefiting from strong growth in GeForce desktop and notebook GPUs, which is boosting gaming revenues. Moreover, a surge in Hyperscale demand remains a tailwind for the company’s Data Center business. Expansion of NVIDIA GeForce NOW is expected to drive user base.

Further, solid uptake of artificial intelligence-based smart cockpit infotainment solutions is a boon. Additionally, collaboration with Daimler-owned Mercedes-Benz is expected to further strengthen NVIDIA’s presence in the autonomous vehicles and other automotive electronics space.

(You can  read the full research report on NVIDIA here >>> )

Accenture  shares have gained +22.3% over the last six months against the Zacks Consulting industry’s gain of +24.7%. The Zacks analyst believes that the company has been steadily gaining traction in its outsourcing and consulting businesses.

It has been strategically enhancing its cloud and digital marketing suite through acquisitions and partnerships. However, pricing pressure due to significant competition from strong companies like Genpact, Cognizant and Infosys, remains a concern.

Global presence exposes it to foreign currency exchange rate fluctuations. Buyout-related integration risks continue to remain a concern.

(You can  read the full research report on Accenture here >>> )

Shares of Goldman Sachs have gained +27.7% in the past three months against the Zacks Financial - Investment Bank industry’s gain of +23.6%, with a combination of robust capital markets and investment banking opportunities helping improve the Wall Street firm's fortunes.

Efforts to expand consumer lending business have also been supporting the company’s growth. Prudent cost-management initiatives might continue supporting bottom-line growth. Moreover, with strong liquidity position, Goldman remains less exposed to credit risk in case of any economic downturn.

However, legal issues, high dependence on overseas revenues, and volatile client-activity might impede top-line growth. Moreover, steady capital deployment activities remain a tailwind.

(You can  read the full research report on Goldman Sachs here >>> )

Other noteworthy reports we are featuring today include Becton, Dickinson and Company ( BDX ), Southern Copper ( SCCO ) and Newmont ( NEM ).

5 Stocks Set to Double

Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.

Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.

Today, See These 5 Potential Home Runs >>

Sheraz Mian

Director of Research

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly  Earnings Trends  and  Earnings Preview  reports. If you want an email notification each time Sheraz publishes a new article, please  click here>>>

Today's Must Read

Strong GPU Adoption in Gaming, Datacenter Aids NVIDIA (NVDA)

Accenture (ACN) Rides on Acquisitions Amid Pricing Pressure

Cost Savings Strategy Aids Goldman (GS), Capital Level Solid

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Per the Zacks analyst solid prospects in core BD Medical unit continue to favor Becton, Dickinson.

High Prices & Expansion Actions Aid Southern Copper (SCCO)

The Zacks analyst believes Southern Copper is poised well to gain from high copper and silver prices, focus on cost reduction, industry-leading copper reserves as well as expansion actions.

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Diamondback (FANG) to Benefit from QEP Resources Buyout

The Zacks analyst believes Diamondback Energy's recent acquisition of QEP Resources is a strategic fit for the company, which further strengthens its position in lucrative Permian Basin.

Robust Off-Premise Sales Likely to Aid Cracker Barrel (CBRL)

Per the Zacks analyst, Cracker Barrel's focus on off-premise sales is likely to be a major growth driver. In second-quarter fiscal 2021, comparable store off-premise sales soared 78% year over year.

New Downgrades

Pioneer Natural (PXD) Reels Under Rising Production Costs

Pioneer Natural expects production costs to increase in first-quarter 2021, hurting its bottom line. Also, reignited worries about its short-term upstream business outlook bother the Zacks analyst.

EV Push to Drive American Axle (AXL) Amid High Costs

While collaborations with Inovance and REE Automotive is likely to boost American Axle's electrification revenues, soaring manufacturing costs is denting the firm's profits, per the Zacks analyst.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report   Southern Copper Corporation (SCCO): Free Stock Analysis Report   NVIDIA Corporation (NVDA): Get Free Report   Newmont Corporation (NEM): Free Stock Analysis Report   The Goldman Sachs Group, Inc. (GS): Get Free Report   Becton, Dickinson and Company (BDX): Free Stock Analysis Report   Accenture PLC (ACN): Get Free Report   To read this article on Zacks.com click here.   Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Nvidia, Powered by A.I. Boom, Reports Soaring Revenue and Profits

The Silicon Valley company was again lifted by sales of its artificial intelligence chips, but it faces growing competition and heightened expectations.

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By Don Clark

Reporting from San Francisco

Nvidia, which makes microchips that power most artificial intelligence applications, began an extraordinary run a year ago.

Fueled by an explosion of interest in A.I., the Silicon Valley company said last May that it expected its chip sales to go through the roof. They did — and the fervor didn’t stop, with Nvidia raising its revenue projections every few months. Its stock soared, driving the company to a more than $2 trillion market capitalization that makes it more valuable than Alphabet, the parent of Google.

On Wednesday, Nvidia again reported soaring revenue and profits that underscored how it remains a dominant winner of the A.I. boom, even as it grapples with outsize expectations and rising competition.

Revenue was $26 billion for the three months that ended in April, surpassing its $24 billion estimate in February and tripling sales from a year earlier for the third consecutive quarter. Net income surged sevenfold to $5.98 billion.

Nvidia also projected revenue of $28 billion for the current quarter, which ends in July, more than double the amount from a year ago and higher than Wall Street estimates.

“We are fundamentally changing how computing works and what computers can do,” Jensen Huang, Nvidia’s chief executive, said in a conference call with analysts. “The next industrial revolution has begun.”

Nvidia’s shares, which are up more than 90 percent this year, rose in after-hours trading after the results were released. The company also announced a 10-for-1 stock split.

Nvidia, which originally sold chips for rendering images in video games, has benefited after making an early, costly bet on adapting its graphics processing units, or GPUs, to take on other computing tasks. When A.I. researchers began using those chips more than a decade ago to accelerate tasks like recognizing objects in photos, Mr. Huang jumped on the opportunity. He augmented Nvidia’s chips for A.I. tasks and developed software to aid developments in the field.

The company’s flagship processor, the H100, has enjoyed feverish demand to power A.I. chatbots such as OpenAI’s ChatGPT. While most high-end standard processors cost a few thousand dollars, H100s have sold for anywhere from $15,000 to $40,000 each, depending on volume and other factors, analysts said.

Colette Kress, Nvidia’s chief financial officer, said on Wednesday that it had worked in recent months with more than 100 customers that were building new data centers — which Mr. Huang calls A.I. factories — ranging from hundreds to tens of thousands of GPUs, with some reaching 100,000. Tesla, for example, is using 35,000 H100 chips to help train models for autonomous driving, she said.

Nvidia will soon begin to ship a powerful successor to the H100, code-named Blackwell, which was announced in March. Demand for the new chips already appears to be strong, raising the possibility that some customers may wait for the speedier models rather than buy the H100. But there was little sign of such a pause in Nvidia’s latest results.

Ms. Kress said demand for Blackwell was well ahead of supply of the chip, and “we expect demand may exceed supply well into next year.” Mr. Huang added that the new chips should be operating in data centers late this year and that “we will see a lot of Blackwell revenue this year.”

The comments may ease fears of a slowdown in Nvidia’s momentum.

“Lingering concerns investors had in the short term regarding an ‘air bubble’ for GPU demand seem to have vanished,” Lucas Keh, an analyst at the research firm Third Bridge, said in an email.

Wall Street analysts are also looking for signs that some richly funded rivals could grab a noticeable share of Nvidia’s business. Microsoft, Meta, Google and Amazon have all developed their own chips that can be tailored for A.I. jobs, though they have also said they are boosting purchases of Nvidia chips.

Traditional rivals such as Advanced Micro Devices and Intel have also made optimistic predictions about their A.I. chips. AMD has said it expects to sell $4 billion worth of a new A.I. processor, the MI300, this year.

Mr. Huang frequently points to what he has said is a sustainable advantage: Only Nvidia’s GPUs are offered by all the major cloud services, such as Amazon Web Services and Microsoft Azure, so customers don’t have to worry about getting locked into using one of the services because of its exclusive chip technology.

Nvidia also remains popular among computer makers that have long used its chips in their systems. One is Dell Technologies, which on Monday hosted a Las Vegas event that featured an appearance by Mr. Huang.

Michael Dell, Dell’s chief executive and founder, said his company would offer new data center systems that packed 72 of the new Blackwell chips in a computer rack, standard structures that stand a bit taller than a refrigerator.

“Don’t seduce me with talk like that,” Mr. Huang joked. “That gets me superexcited.”

Explore Our Coverage of Artificial Intelligence

News  and Analysis

News Corp, the Murdoch-owned empire of publications like The Wall Street Journal and The New York Post, announced that it had agreed to a deal with OpenAI to share its content  to train and service A.I. chatbots.

The Silicon Valley company Nvidia was again lifted by sales of its A.I. chips , but it faces growing competition and heightened expectations.

Researchers at the A.I. company Anthropic claim to have found clues about the inner workings  of large language models, possibly helping to prevent their misuse and to curb their potential threats.

The Age of A.I.

D’Youville University in Buffalo had an A.I. robot speak at its commencement . Not everyone was happy about it.

A new program, backed by Cornell Tech, M.I.T. and U.C.L.A., helps prepare lower-income, Latina and Black female computing majors  for A.I. careers.

Publishers have long worried that A.I.-generated answers on Google would drive readers away from their sites. They’re about to find out if those fears are warranted, our tech columnist writes .

A new category of apps promises to relieve parents of drudgery, with an assist from A.I.  But a family’s grunt work is more human, and valuable, than it seems.

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• News for NVIDIA

Nvidia (NVDA): New Buy Recommendation for This Technology Giant

In a report released today, Christian Schwab from Craig-Hallum maintained a Buy rating on Nvidia ( NVDA – Research Report ). The company’s shares closed last Friday at $924.79.

According to TipRanks , Schwab is a 5-star analyst with an average return of 17.4% and a 61.65% success rate. Schwab covers the Technology sector, focusing on stocks such as Infinera, Aehr Test Systems, and ACM Research.

In addition to Craig-Hallum, Nvidia also received a Buy from Barclays’s Thomas O’Malley in a report issued today. However, on May 14, Deutsche Numis reiterated a Hold rating on Nvidia (NASDAQ: NVDA).

The company has a one-year high of $974.00 and a one-year low of $297.96. Currently, Nvidia has an average volume of 50.45M.

Based on the recent corporate insider activity of 118 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NVDA in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Nvidia (NVDA) Company Description:

NVIDIA Corp. designs and manufactures computer graphics processors, chipsets, and related multimedia software. The company operates through two segments: • Graphics segment: Includes GeForce GPUs (graphics processing units) for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms, Quadro GPUs for enterprise design, GRID software for cloud-based visual and virtual computing, as well as automotive platforms for infotainment systems. • Compute & Networking segment: Includes Data Center platforms and systems for artificial intelligence, high performance computing, and accelerated computing, Mellanox networking and interconnect solutions, DRIVE for autonomous vehicles and Jetson for robotics and other embedded platforms. The company was founded by Jen-Hsun Huang, Chris A. Malachowsky, and Curtis R. Priem in January 1993 and is headquartered in Santa Clara, CA.

Read More on NVDA:

• Options Volatility and Implied Earnings Moves This Week, May 20 – May 23, 2024
• Nvidia and Marvell: Jefferies Picks the Best AI Chip Stocks to Buy Ahead of Earnings
• The Week That Was, The Week Ahead: Macro & Markets, May 19, 2024
• Microsoft (NASDAQ:MSFT) Challenges Nvidia with AMD AI Chips on Azure
• Nvidia Stock (NASDAQ:NVDA): Is It a Buy at 71.3x Earnings?

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What You Need To Know Ahead of Nvidia's Earnings Report

Julie Bang / Investopedia

CORRECTION & UPDATE—May 22, 2024: This article has been updated to correct the illustration credit and reflect more recent analyst estimates and share price information.

Key Takeaways

• Nvidia will report earnings for its fiscal first quarter of 2025 after the bell on Wednesday.
• The chipmaker's revenue and net income are expected to have gained significantly from the year-ago period, according to analyst estimates compiled by Visible Alpha.
• Analysts anticipate the data center segment will sustain recent growth driven by artificial intelligence demand.
• The chipmaker could also provide updates about its new Blackwell platform announced in March.

Nvidia ( NVDA ) is set to report earnings for its fiscal first quarter of 2025 after the bell Wednesday, with investors likely to be watching for sustained growth in its data center segment and any updates on the new Blackwell platform.

Analysts project Nvidia's revenue to be $24.74 billion for the first quarter of fiscal 2025, up from the previous quarter and more than tripling from the year-ago period, according to consensus estimates compiled by Visible Alpha.

Net income is expected to be $12.91 billion, growing from the final quarter of fiscal 2024 and well above the $2.04 billion in profit it recorded a year ago. Analysts expect diluted  earnings per share (EPS)  to come in at $5.19 for the first quarter, compared to 82 cents in the year-ago period.

Key Metric: Data Center Revenue

Nvidia has positioned itself as an early beneficiary of the artificial intelligence (AI ) boom, even receiving a shoutout from ChatGPT maker OpenAI at its recent GPT-4o launch .

Nvidia's data center segment has grown rapidly amid increased demand for its advanced computing chips capable of running AI workloads. Data center revenue reached a record-high $18.4 billion in the fourth quarter, beating the record it had set the prior quarter and more than five times what it was a year earlier. The company estimated that around 40% of the data center revenue in fiscal 2024 was for AI inference.

For data centers that are "optimized for throughput, NVIDIA delivers an order-of-magnitude reduction in cost and power," CEO Jensen Huang wrote in a letter to shareholders.

The data center segment could reach a fresh record of $21.27 billion in revenue for the first quarter of fiscal 2025, according to estimates compiled by Visible Alpha.

Business Spotlight: Blackwell Ramp

Nvidia unveiled the Blackwell platform, the company's latest AI-powering technology, at its annual  GPU  technology conference (GTC) in March.

The platform included a Blackwell GPU, which the company said is the "world's most powerful chip," new Tensor Cores for large language model (LLM) inference, new accelerators, and the GB200 Grace Blackwell Superchip.

Nvidia hasn't provided specifics about pricing or general availability of the new system but said Blackwell would be available through its partners, including Amazon ( AMZN ), Microsoft ( MSFT ), and Alphabet's ( GOOGL ) Google, later this year.

The chipmaker has struggled to meet surging demand for its AI-capable chips, and analysts anticipate that could continue to be the case.

Nvidia shares have nearly doubled in value since the start of the year, at $949.50 just ahead of Wednesday's close and the company's earnings release.

Nvidia. " NVIDIA 1st Quarter FY25 Financial Results ."

Nvidia. " 2024 NVIDIA Corporation Annual Review ."

Nvidia. " NVIDIA Blackwell Platform Arrives to Power a New Era of Computing ."

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Press Release Details

Nvidia announces financial results for first quarter fiscal 2025.

• Record quarterly revenue of $26.0 billion, up 18% from Q4 and up 262% from a year ago 
• Record quarterly Data Center revenue of $22.6 billion, up 23% from Q4 and up 427% from a year ago
• Ten-for-one forward stock split effective June 7, 2024
• Quarterly cash dividend raised 150% to $0.01 per share on a post-split basis

SANTA CLARA, Calif., May 22, 2024 (GLOBE NEWSWIRE) -- NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended April 28, 2024, of $26.0 billion, up 18% from the previous quarter and up 262% from a year ago.

For the quarter, GAAP earnings per diluted share was $5.98, up 21% from the previous quarter and up 629% from a year ago. Non-GAAP earnings per diluted share was $6.12, up 19% from the previous quarter and up 461% from a year ago.

“The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence,” said Jensen Huang, founder and CEO of NVIDIA. “AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient, while expanding revenue opportunities.

“Our data center growth was fueled by strong and accelerating demand for generative AI training and inference on the Hopper platform. Beyond cloud service providers, generative AI has expanded to consumer internet companies, and enterprise, sovereign AI, automotive and healthcare customers, creating multiple multibillion-dollar vertical markets.

“We are poised for our next wave of growth. The Blackwell platform is in full production and forms the foundation for trillion-parameter-scale generative AI. Spectrum-X opens a brand-new market for us to bring large-scale AI to Ethernet-only data centers. And NVIDIA NIM is our new software offering that delivers enterprise-grade, optimized generative AI to run on CUDA everywhere — from the cloud to on-prem data centers and RTX AI PCs — through our expansive network of ecosystem partners.”

NVIDIA also announced a ten-for-one forward stock split of NVIDIA’s issued common stock to make stock ownership more accessible to employees and investors. The split will be effected through an amendment to NVIDIA’s Restated Certificate of Incorporation, which will result in a proportionate increase in the number of shares of authorized common stock. Each record holder of common stock as of the close of market on Thursday, June 6, 2024, will receive nine additional shares of common stock, to be distributed after the close of market on Friday, June 7, 2024. Trading is expected to commence on a split-adjusted basis at market open on Monday, June 10, 2024.

NVIDIA is increasing its quarterly cash dividend by 150% from $0.04 per share to $0.10 per share of common stock. The increased dividend is equivalent to $0.01 per share on a post-split basis and will be paid on Friday, June 28, 2024, to all shareholders of record on Tuesday, June 11, 2024.

Q1 Fiscal 2025 Summary

Outlook NVIDIA’s outlook for the second quarter of fiscal 2025 is as follows:

• Revenue is expected to be $28.0 billion, plus or minus 2%.
• GAAP and non-GAAP gross margins are expected to be 74.8% and 75.5%, respectively, plus or minus 50 basis points. For the full year, gross margins are expected to be in the mid-70% range.
• GAAP and non-GAAP operating expenses are expected to be approximately $4.0 billion and $2.8 billion, respectively. Full-year operating expenses are expected to grow in the low-40% range.
• GAAP and non-GAAP other income and expense are expected to be an income of approximately $300 million, excluding gains and losses from non-affiliated investments.
• GAAP and non-GAAP tax rates are expected to be 17%, plus or minus 1%, excluding any discrete items.

Highlights NVIDIA achieved progress since its previous earnings announcement in these areas: 

Data Center

• First-quarter revenue was a record $22.6 billion, up 23% from the previous quarter and up 427% from a year ago.
• Unveiled the NVIDIA Blackwell platform to fuel a new era of AI computing at trillion-parameter scale and the Blackwell-powered DGX SuperPOD ™ for generative AI supercomputing.
• Announced NVIDIA Quantum and NVIDIA Spectrum™ X800 series switches  for InfiniBand and Ethernet, respectively, optimized for trillion-parameter GPU computing and AI infrastructure.
• Launched NVIDIA AI Enterprise 5.0 with NVIDIA NIM inference microservices to speed enterprise app development.
• Announced TSMC and Synopsys are going into production with NVIDIA cuLitho to accelerate computational lithography, the semiconductor manufacturing industry’s most compute-intensive workload.
• Announced that nine new supercomputers worldwide are using Grace Hopper Superchips to ignite new era of AI supercomputing.
• Unveiled that Grace Hopper Superchips power the top three machines on the Green500 list of the world’s most energy-efficient supercomputers.
• Expanded collaborations with AWS , Google Cloud , Microsoft and Oracle to advance generative AI innovation.
• Worked with Johnson & Johnson MedTech to bring AI capabilities to support surgery.

Gaming and AI PC

• First-quarter Gaming revenue was $2.6 billion, down 8% from the previous quarter and up 18% from a year ago. 
• Introduced new AI gaming technologies at GDC for NVIDIA ACE and Neural Graphics.
• Unveiled new AI performance optimizations and integrations for Windows to deliver maximum performance on NVIDIA GeForce RTX AI PCs and workstations.
• Announced more blockbuster games that will incorporate RTX technology, including Star Wars Outlaws and Black Myth Wukong .
• Added support for new models , including Google’s Gemma, for ChatRTX, which brings chatbot capabilities to RTX-powered Windows PCs and workstations.

Professional Visualization

• First-quarter revenue was $427 million, down 8% from the previous quarter and up 45% from a year ago.
• Introduced NVIDIA RTX™ 500 and 1000 professional Ada generation laptop GPUs for AI-enhanced workflows.
• Unveiled NVIDIA RTX A400 and A1000 GPUs for desktop workstations , based on the NVIDIA Ampere architecture, to bring AI to design and productivity workflows.
• Introduced NVIDIA Omniverse™ Cloud APIs to power industrial digital twin software tools, including an expanded Siemens partnership , and a new framework for the Apple Vision Pro .
• Announced the adoption of the new Earth-2 cloud APIs by The Weather Company and the Central Weather Administration of Taiwan for high-resolution global climate simulations.

Automotive and Robotics

• First-quarter Automotive revenue was $329 million, up 17% from the previous quarter and up 11% from a year ago.
• Announced BYD, XPENG, GAC’s AION Hyper, Nuro and others have chosen the next-generation NVIDIA DRIVE Thor ™ platform, which now features Blackwell GPU architecture, to power their next-generation consumer and commercial electric vehicle fleets.
• Revealed U.S. and China electric vehicle makers Lucid and IM Motors are using the NVIDIA DRIVE Orin™ platform for vehicle models targeting the European market.
• Announced an array of partners are using NVIDIA generative AI technologies to transform in-vehicle experiences.
• Introduced the Project GR00T foundation model for humanoid robots and major Isaac robotics platform updates.

CFO Commentary Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com .

Conference Call and Webcast Information NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal 2025 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com . The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its second quarter of fiscal 2025.

Non-GAAP Measures To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains and losses from non-affiliated investments, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

About NVIDIA NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

For further information, contact:

Certain statements in this press release including, but not limited to, statements as to: companies and countries building AI factories with NVIDIA accelerated computing to produce artificial intelligence; accelerating demand for generative AI training and inference on the Hopper platform; the expanding reach of generative AI; generative AI expanding to consumer internet companies, and enterprise, sovereign AI, automotive, and healthcare customers, creating multiple multibillion-dollar vertical markets; NVIDIA being poised for the next wave of growth; the Blackwell platform in full production and forming the foundation for trillion-parameter-scale generative AI; Spectrum-X opening a brand-new market for NVIDIA to bring large-scale AI to Ethernet-only data centers; NVIDIA NIM as NVIDIA’s new software offering that delivers enterprise-grade, optimized generative AI run on CUDA everywhere — from the cloud, to on-prem data centers and RTX AI PCs — through NVIDIA’s expansive network of ecosystem partners; NVIDIA's forward stock split; NVIDIA’s next quarterly cash dividend; gross margins being in the mid-70% range for the full year; full-year operating expenses growing in the low-40% range; and NVIDIA’s financial outlook and expected tax rates for the second quarter of fiscal 2025 are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; and unexpected loss of performance of our products or technologies when integrated into systems, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2024 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce NOW, NVIDIA DGX SuperPOD, NVIDIA DRIVE, NVIDIA DRIVE Orin, NVIDIA DRIVE Thor, NVIDIA RTX and NVIDIA Spectrum are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d9785c2c-7666-4298-89cf-8c2114ae4c87

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Nvidia Adds Over $200 Billion in Market Value in Post-Earnings Rally

FILE PHOTO: A view of a Nvidia logo at their headquarters in Taipei, Taiwan May 31, 2023. REUTERS/Ann Wang/File Photo

By Aditya Soni, Gokul Pisharody and Lewis Krauskopf

(Reuters) - Shares of Nvidia surged over 9% on Thursday, building on a stunning rally as its bumper revenue forecast reinforced investor confidence in the AI-driven boom in chip demand.

The semiconductor bellwether's surge translated to an addition of around $218 billion in market value on the day, according to LSEG data, the second-largest single-day market cap gain in history on Wall Street.

The big stock move came even as expectations were high for Nvidia with its shares trading near record peaks in the run-up to earnings. The results also capped a strong quarter for U.S. technology giants, including Microsoft, with AI emerging as a major growth driver.

"Companies are continuing to increase their capital expenditures, particularly Big Tech, to keep up with this revolutionary technology, and Nvidia is by far the biggest beneficiary," said Josh Gilbert, market analyst at eToro.

Nvidia also unveiled a 10-for-one stock split on Wednesday and lifted its quarterly dividend by 150% as demand continues to exceed supply for its high-end chips that power virtually all AI applications, including OpenAI's ChatGPT.

Already the world's third-most valuable firm, Nvidia's market cap gain on Thursday was roughly equivalent to the full value of Adobe. The increase was second only to its own $277 billion jump on the day following its previous earnings report in February.

Nvidia's market cap of $2.55 trillion also was closing in on Apple, the second-largest U.S. company by market value at $2.87 trillion. Microsoft is the largest company by market value, at $3.17 trillion.

Nvidia's shares closed at $1,037.99, ending above the $1,000 level. Its shares are up nearly 110% so far in 2024 after more than tripling last year.

Nvidia's gains on Thursday bucked a broader downswing in the overall stock market. The S&P 500 fell 0.7% on the day, while the other six of the Magnificent Seven tech and growth megacap stocks ended negative.

Thursday's jump also followed a prediction from Taiwanese contract chipmaker TSMC, a major supplier to Nvidia, of 10% annual growth in the global semiconductor industry, excluding memory chips.

TSMC's U.S.-listed shares ended up 0.6%. However, other AI-focused names were mixed after an initial rally following Nvidia's results. Arm Holdings and Broadcom both rose about 0.1%, while Advanced Micro Devices and Super Micro Computer both dropped about 3%.

Analysts cheered remarks from Nvidia executives that its new Blackwell AI chips would start shipping in the current quarter and demand for the processors might exceed supply "well into next year."

CEO Jensen Huang told Reuters that he expected new AI models that are capable of creating video and engaging in human-like voice interactions to spur more orders for Nvidia's processors.

"With competition years behind, we believe Nvidia can comfortably defend and maintain its market share," said Ido Caspi, research analyst at Global X, which invests in Nvidia.

"The ongoing Hopper (Nvidia's current chips) demand should help alleviate investor concerns about customers potentially delaying purchases in anticipation of the Blackwell transition."

Analysts also said the stock split could make Nvidia more appealing to retail investors after a decline in interest this year.

At least 28 of the 58 brokerages raised their price targets on the stock, pushing up the median view to $1,200, according to LSEG data.

Nvidia has a 12-month forward price-to-earnings ratio of about 34, compared with AMD's 38 and Super Micro Computer's 26.

(Reporting by Aditya Soni and Gokul Pisharody in Bengaluru, Lewis Krauskopf in New York; Additional reporting by Siddarth S and Shubham Batra in Bengaluru, Noel Randewich in San Francisco and Danilo Masoni in Milan; Editing by Amanda Cooper, Krishna Chandra Eluri, Anil D'Silva and Marguerita Choy)

Copyright 2024 Thomson Reuters .

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