1 Artificial Intelligence (AI) Stock You May Want to Buy Hand Over Fist in November
Nvidia (NASDAQ: NVDA) investors endured a difficult time on the market since the company released its fiscal 2024 second-quarter results (for the three months ended July 30) on Aug. 23. That fact may seem surprising, given that tech giant grew at an eye-popping pace this year thanks to the increased adoption of artificial intelligence (AI).
Nvidia's revenue shot up 101% year over year in fiscal Q2 to a record $13.5 billion. The company's immense pricing power in AI chips led to even faster growth in the company's bottom line, with its earnings jumping a whopping 429% year over year in Q2 to $2.70 per share.
The guidance was even better, as the chipmaker's management anticipates its fiscal Q3 revenue will increase at a faster pace of 170% year over year to $16 billion. Analysts expect Nvidia to miss that mark. According to the average estimate of 31 analysts covering the stock, Nvidia's fiscal Q3 revenue is expected to land at $15.2 billion.
Source Fool.com
