Investors’ favorite semiconductor company, Nvidia, is gearing up to release its third-quarter fiscal 2024 results on November 21st. Nvidia has had an exceptional year so far, with its stock price surging over 230% and gaining over $28 billion in market value just this week alone. This impressive growth has made Nvidia the world’s most valuable semiconductor company.
Furthermore, analysts predict that the company’s winning streak will continue, as there are reasonable expectations of an earnings beat and positive earnings revisions. This has led to significant interest from investors in exchange-traded funds (ETFs) that have a large allocation to Nvidia. Some of the notable ETFs include GraniteShares 1.5x Long NVDA Daily ETF (NVDL), VanEck Vectors Semiconductor ETF (SMH), AXS Esoterica NextG Economy ETF (WUGI), Global X Robotics & Artificial Intelligence ETF (BOTZ), and Pacer Data and Digital Revolution ETF (TRFK).
Nvidia’s positive earnings estimate revisions, coupled with its strong earnings surprise history, further support the positive outlook for the company. On average, Nvidia has delivered an earnings surprise of 9.79% in the last four quarters. For the third quarter of fiscal 2024, analysts expect Nvidia to report earnings and revenue growth of 479.31% and 171.8%, respectively.
Despite its already impressive performance, Nvidia continues to push the boundaries of innovation in the AI sector. The company’s dominant position in the market, combined with the explosive demand for its cutting-edge chips used in AI applications, has fueled its growth. Notably, Nvidia’s latest AI processor, the H200 chip, has played a crucial role in its record-breaking rally.
As Nvidia prepares to announce its Q3 earnings, analysts have set an average price target of $631.41 for the stock, with forecasts ranging from $460.00 to $1,100.00.
FAQ
1. What is Nvidia?
Nvidia is a leading graphics chipmaker and the most valuable semiconductor company in the world.
2. When will Nvidia release its Q3 fiscal 2024 results?
Nvidia is scheduled to release its Q3 fiscal 2024 results on November 21, 2024, after the market closes.
3. What ETFs have the largest allocation to Nvidia?
Some of the ETFs with the largest allocation to Nvidia include GraniteShares 1.5x Long NVDA Daily ETF (NVDL), VanEck Vectors Semiconductor ETF (SMH), AXS Esoterica NextG Economy ETF (WUGI), Global X Robotics & Artificial Intelligence ETF (BOTZ), and Pacer Data and Digital Revolution ETF (TRFK).
4. What is the average price target for Nvidia?
Analysts have set an average price target of $631.41 for Nvidia, with a range of $460.00 to $1,100.00.
5. What has been driving Nvidia’s recent surge?
Nvidia’s recent surge can be attributed to its dominant position in the AI sector, fueled by the explosive demand for its cutting-edge chips used in AI applications. The company’s latest AI processor, the H200 chip, has also played a significant role in its record-breaking rally.
Sources:
– [Nvidia’s Historic Surge](https://www.zacks.com/stock/news/1868638/5-etfs-to-tap-nvidias-historic-surge)
– [Tech ETFs That Outperformed XLK](https://www.zacks.com/stock/news/1871940/5-tech-etfs-that-outperformed-xlk-in-the-past-week)
– [Nvidia Soars on Blockbuster Q2 earnings](https://www.zacks.com/stock/news/1871946/nvidia-soars-on-blockbuster-q2-earnings-etfs-to-buy)