1 Reason to Sell Nvidia Right Now, but 1 Reason It Might Actually Be a Buy
Nvidia (NASDAQ: NVDA) just provided a financial guidance update for the ages. Propelled by surging demand for the hardware required to support generative artificial intelligence (AI) systems like ChatGPT, Nvidia's data center sales are booming.
In its fiscal 2024 first quarter (ended April 30), it booked revenue of $7.2 billion, but in fiscal Q2, it expects a massive surge to $11 billion due to skyrocketing demand for its chips and software to power AI.
Based on that guidance, adjusted net income will be about $4.9 billion in the current quarter alone. At its last peak in fiscal 2022, Nvidia's adjusted net income for the entire year was just $11 billion. Suffice it to say, this is a big deal.
Source Fool.com
