Benzinga - by Anusuya Lahiri, Benzinga Editor.
Piper Sandler analyst Harsh V. Kumar noted that last week, the SOX was up 5%, the NASDAQ was up 1%, and the S&P was flat.
The analyst said that Nvidia Corp’s (NASDAQ:NVDA) earnings were the week’s highlight after much anticipation came into the print.
Results from the company delivered and then some, even despite high investor expectations. Nvidia’s results and guidance both exceeded high expectations by ~$1.5 billion in revenues.
Revenues were well above street expectations for the quarter, and guidance from management provided further color around the ramp of the new Blackwell chip, which is set to ramp around the October quarter timeframe, Kumar said. He continued to see Nvidia as the premier accelerated compute & Gen AI supplier with Blackwell in full-scale production boasting of customers like Amazon.Com Inc (NASDAQ:AMZN), Alphabet Inc (NASDAQ:GOOGL) Google, Meta Platforms Inc (NASDAQ:META), Microsoft Corp (NASDAQ:MSFT), and strong Hopper demand, exceeding Nvidia’s ability to supply in near-term to mid-term.
Kumar flagged that AI PCs were also in the news following the Microsoft Build.
According to the analyst, Qualcomm Inc’s (NASDAQ:QCOM) X Elite series will likely power the new PCs with Copilot+ and offer much improved battery life over x86 alternatives.
Finally, Kumar added that Apple Inc (NASDAQ:AAPL) is offering discounts in China for the iPhone as Huawei’s competition looks to continue eating into the company’s market share in the region.
Advanced Micro Devices, Inc (NASDAQ:AMD) will power workloads for OpenAI as well as new Azure V5 VMs, Kumar flagged.
Photo via Shutterstock
Latest Ratings for NVDA
| Mar 2022 | Goldman Sachs | Reinstates | Neutral | |
| Feb 2022 | Summit Insights Group | Downgrades | Buy | Hold |
| Feb 2022 | Mizuho | Maintains | Buy |
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