NVIDIA (NVDA) announced record sales and strong guidance on Wednesday, easing concerns over the recent artificial intelligence bubble that has overshadowed the market.
Driven by a surge in demand for high-end AI data center chips, NVIDIA's sales for the October quarter reached $57 billion, a year-on-year increase of 62%, surpassing analyst expectations; it also raised its sales forecast for this quarter to $65 billion, higher than the previous analyst prediction of $62.1 billion. After the news was released, its after-hours stock price rose more than 6%.
NVIDIA CEO Jensen Huang stated that we have entered a positive cycle of AI, which is permeating comprehensively. The company's financial reports have always been regarded as a barometer for the health of the tech industry and even the market. This earnings season, market sentiment is tense, as investors have been selling off large tech stocks due to worries that the aggressive investments in AI infrastructure will not yield returns. Recently, the 'circular' financing structure of AI transactions has also raised market vigilance. A Bank of America survey shows that 45% of global fund managers believe that the AI stock market bubble poses a significant risk.
Several well-known investors have taken bearish positions that shook the market, such as SoftBank clearing out 5.8 billion USD of NVIDIA shares to invest in other AI areas, Peter Thiel's hedge fund liquidating 100 million USD of NVIDIA holdings in the third quarter, and Michael Burry shorting NVIDIA and other stocks.
However, NVIDIA's quarterly net profit reached 31.9 billion USD, an increase of 65% year-on-year, with sales of the new generation Blackwell series chips 'off the charts.' Data center business revenue was 51.2 billion USD, surpassing analysts' expectations. Its stock price more than doubled from early April to the end of October, although it recently gave back some gains due to bubble concerns. The cumulative increase this year is still about 30%.
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