Nvidia is scheduled to report earnings Wednesday -- here's what to expect.
Nvidia Corp.’s data-center sales are expected to edge out its gaming sales in fiscal first-quarter results, as demand from server farms remains high and gaming interest has subsided from rabid levels earlier in the COVID-19 pandemic.
So far, earnings season has shown strong gains for server chips. Intel Corp. INTC, -0.86% doubled down on its full-year outlook as data-center revenue improved 22% to $6 billion, and Advanced Micro Devices Inc. AMD, -3.28% posted its first $5 billion-plus quarter and guided for its first $6 billion-plus period.
Following results from Intel, AMD and others, Evercore analyst C.J. Muse, who has an overweight rating and a $300 price target on Nvidia, said that data-center products are facing “robust demand trends which are expected to drive very strong growth over the next few quarters.” Demand, however, has hardly seemed to be a problem; rather, supply difficulties and ever-increasing roadblocks are the issues.
Stock movement: Over Nvidia’s first, or April-ending, quarter, shares dropped 25%, while the PHLX Semiconductor Index SOX, -0.27% fell 17% over that period. Meanwhile, the S&P 500 index SPX, +0.01% shed 8.5%, while the Nasdaq Composite Index COMP, -0.30% dropped 13%. On Nov. 29, Nvidia’s stock closed at an all-time high of $333.76, and has since dropped 50%.
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