#3 - Nvidia (NASDAQ:NVDA)
In advance of its earnings report on May 21, Nvidia (NASDAQ:NVDA) stock was generating significant interest from investors. The Covid-19 pandemic forced Americans to shelter in place. As a result, demand for video games — and the devices that power them — soared. And investors expected this trend would create surging demand for the company’s graphic processing units (GPUs).
Nvidia did not disappoint. The chip maker delivered results that should continue to power NVDA stock well into the second half of 2020 and beyond. For the second consecutive quarter, Nvidia’s year-over-year growth was being powered by its artificial intelligence data-driven platform.
And Nvidia is also beginning to reap the benefits from its $6.9 billion purchase of Mellanox, the data center networking company. This deal shocked some investors because it was out of character for the company. However, the importance of this market is impossible to understate and investors are now seeing why Nvidia made the move.
Advanced Micro Devices is coming hard at Nvidia. And this will be one of the fascinating stories as the sector continues to play a critical role in so many aspects of our lives. Right now, neither stock is a bad play, but Nvidia may still have a slight edge.
About NVIDIA
NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications.
Read More - Current Price
- $924.79
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 39 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $966.55 (4.5% Upside)
