The AI bullish buy is back on. Nvidia (NVDA) posted a $1.30 a share profit after revenue increased by 62.5% Y/Y to $57 billion. This is impressive growth for a firm whose market capitalization is $4.41 trillion.
Nvidia CEO Jensen Huang said that its cloud GPUs are sold out. Gross margins in the upcoming Q4 will come in at 74.8% on revenue of up to $65 billion. Expect NVDA stock to trade up by around 5% this morning.
Palo Alto Networks (PANW) will open below the $200 support line at around $191. The firm posted a non-GAAP EPS of $0.93. Revenue increased by 15.4% Y/Y to $2.47 billion. Its acquisition dragged its results. Unfortunately, another new acquisition of Chronosphere for $3.35 billion is a risk for shareholders. Also, the company increased its share count, diluting investors.
AMD will open up by around 4%, thanks to Nvidia’s rise.
Among the Magnificent 7, Alphabet (GOOG) is the most attractive holding. It traded at an all-time high on Wednesday. Investors reacted positively to its AI refresh, Gemini 3. Expect the stock to climb and hold above the $300 level shortly.
Expect Micron (MU) to resume its uptrend thanks to NVDA stock strength. Nvidia said that AI servers will use smaller memory chips. That will increase the price of server memory chips next year.
