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- Upcoming Nvidia earnings: Has the AI hype cooled?
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- Upcoming Nvidia earnings: Has the AI hype cooled?
News & analysisNews & analysisNvidia has been the star of the US markets since the AI hype kicked off late 2022. The trillion-dollar chip
manufacturer’s shares have almost tripled in 2023 alone, with the price increasing every month so far
this year.In May, Nvidia surprised the markets by posting earnings and revenue figures well above analysts’
expectations. This sent price rocketing and adding almost $184B USD to the market cap during the
following daily session.Nvidia is set to release their Q2 results on Wednesday, so the markets will be watching to see if they
have been able to maintain the strong momentum over the past quarter. Markets are estimating
earnings of $2.076B and revenue of $11.14B.Technically, the price has been ranging sideways between $400-$480 since around June 2023. There is a
strong support level around $400 that held multiple times in the past few months, so this will be a key
level to hold if the earnings on Wednesday are below expectations.If earnings beat expectations, the price could head back north towards the resistance zone at about
$470. Traders will be watching this level to see if there is enough momentum to break through to all-
time highs again.With the AI hype cooling off slightly over the past few months, it will be interesting to see how Nvidia
performed over the past quarter and if the momentum was sustainable.Ready to start trading?
The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.
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