Nvidia (NVDA) Stock Jumps 7% on Earnings Beat, Hugging Face Acquisition and Amazon Deal
TLDR
- Nvidia stock rose 7.3% to $224.91 in premarket trading after its quarterly earnings report
- The company projected 70% sales growth for its next fiscal year, topping Wall Street expectations of under 50%
- An expanded Amazon partnership will see Amazon deploy an additional two million Nvidia processors
- Nvidia has agreed to acquire AI development platform Hugging Face for $12.9 billion, per The Information
- UBS raised its price target on NVDA from $280 to $300, maintaining a Buy rating
Nvidia stock jumped 7.3% to $224.91 in premarket trading on Thursday after the company posted quarterly earnings that finally convinced the market it still has room to grow.
It was the fifth consecutive earnings cycle for Nvidia, but the first time in that stretch that the stock actually rose the following session. The previous four reports each resulted in a post-earnings dip.
The key number driving the move was revenue guidance. Nvidia projected 70% sales growth for its next fiscal year. Wall Street had been expecting less than 50%.
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