No notable macro overnight, But the FOMC Minutes and NVDA were all she wrote and the former was more hawkish than expectations and the latter spooked a few traders after recent networking/chip earnings (CSCO, PANW, AMD). Yes, that is Plao Alto -30% (and NVDA saw some 'profit-taking' before the mkt close)...
But after the close Nvidia Corp. posted eye-popping earnings once again and it surprised Wall Street by the magnitude of its growth.
The chip company saw its revenue more than triple in the latest quarter, coming in at $22.1 billion. Analysts tracked by FactSet had been looking for $20.4 billion.
Revenue for Nvidia's data-center business, meanwhile, more than quadrupled to $18.4 billion and topped consensus expectations for $17.06 billion.
Nvidia's stock was up more than 8% in after-hours trading following Wednesday's (last night's) report.
The chart below shows all you need to know about the company's main revenue driver.
Source: Bloomberg
NVDA reported that at the end of the year, cash and cash equivalents were USD$26.0 billion, up from USD$13.3 billion a year ago and $18.3 billion a quarter ago.
During the US Mkt hours, Bitcoin fell back to USD$51,000 overnight but AFTER the NVDA result BTC is up to around USD$51,425
The issue however still remains for US Tech - they are still very expensive as forward PE's are at their highest since 2002.
Source: Bloomberg
NVDA result will just ensure US Tech gets even more expensive!
Happy Thursday!
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