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Wall Street bets on stellar quarterly results from Nvidia
By Jerry
May 20 (Reuters) – Wall Street is betting on a blowout quarterly report from Nvidia (NVDA.O), opens new tab on Wednesday, with its stock near record highs as investors look for evidence that the AI chipmaker can maintain its explosive growth and stay ahead of rivals.
The results will be the latest test for Wall Street’s picks-and-shovels trade that has turned Nvidia into the biggest winner of the generative AI boom, thanks to its chips that are essential in powering technology such as Google’s Gemini to OpenAI’s ChatGPT.
“There is a lot riding on Nvidia’s earnings. It is the most important stock in the sector,” said Will Rhind, founder and CEO of GraniteShares, which runs an ETF that invests in the chip firm.
A more than six-fold surge in its shares since the start of 2023 has made Nvidia Wall Street’s third-most valuable firm, worth more than $2.30 trillion.
Source: REUTER
