After a brief dip in late August and early September, Nvidia has rebounded strongly. Shares closed Wednesday down slightly at $132.65, just below their closing high of $135.58 in June. Nvidia has surpassed Microsoft to become the second most valuable company, behind only Apple.
Nvidi CEO Jensen Huang talks about "crazy" demand for Blackwell chips.
Nvidia is the biggest beneficiary of the AI boom, as rivals like Meta, OpenAI, Alphabet, Microsoft, and Oracle continue to introduce technologies and products that require large investments in graphics processing units, or GPUs.
In August, Nvidia reported its fiscal second-quarter results, showing revenue up 122% year over year, while net income more than doubled to $16.6 billion. The company also provided a stronger-than-expected growth forecast for the current quarter and said it would ship billions of dollars worth of new Blackwell AI chips. Demand is so strong that Nvidia plans to ramp up shipments of its current-generation Hopper chips over the next two quarters.
“We see Nvidia remaining the leader in AI training and inference chips for data center applications,” Mizuho analysts said in a note Wednesday, estimating the company has about 95% market share.
The analysts have a $140 price target on the stock but note risks in potentially escalating export restrictions to China, geopolitical tensions involving some places, or a significant drop in AI server spending.
“Everybody wants to buy the most and everybody wants to be the first customer,” CEO Jensen Huang said in an interview last week on CNBC’s “Closing Bell Overtime,” referring to “insane” demand for Blackwell’s chips. Production for the GPU, which costs $30,000 to $40,000 per unit, is expected to ramp up in the fourth quarter and continue through fiscal 2026.
Shares have also rallied for other reasons over the past month. Nvidia shares rose 4% on Sept. 23 after a filing showed Huang had completed the sale of shares in the company.
(According to CNBC)
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