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Nvidia Set to Announce Q3 2024 Earnings with High Expectations Amid AI Demand
Nvidia is set to release its Q3 2024 earnings on November 20, 2024, and excitement is building among analysts and investors. Analysts expect Nvidia to report revenues of around $32.8 billion, marking an impressive 81% increase from the same quarter last year. This growth is mainly driven by the rising demand for AI products, especially from cloud service providers and companies adopting faster computing technologies.
The anticipated earnings per share are about $0.75, which reflects an 85% increase compared to last year. This figure highlights Nvidia's strong position in the semiconductor market, particularly in AI hardware.
Nvidia's stock has seen big swings in price leading up to the earnings report, increasing by about 204.7% this year. However, there is some cautious sentiment in the market. In the past, even when Nvidia’s earnings exceeded expectations, the stock often fell afterward due to high investor anticipation.
Nvidia recently announced that Japan’s SoftBank Group would be the first to receive its new Blackwell AI chips. This announcement emphasizes Nvidia's leadership in AI technology and its ability to meet rising global demand.
This token, Render (RNDR), has increased by about 27% over the past week, now priced at approximately $7.59. If Nvidia’s earnings exceed expectations, RNDR could rise to around $9.48 or even $11.86. However, if there's a "sell the news" reaction, its price could fall to about $5.37.
Artificial Superintelligence Alliance (ASI) has surged by 45%, indicating strong market interest as traders anticipate positive outcomes from Nvidia's earnings.
Grass (GRASS) has seen a slight decline of 10.31% recently but may rebound with increased buying pressure. In contrast, PAAL AI (PAAL) has risen by 12.35% in the last 24 hours, showing growing demand.
As Nvidia approaches its earnings announcement, all eyes are on the company due to its strong market presence and the increasing demand for AI technology. The potential impact on related tokens also highlights the broader influence Nvidia's performance may have on the market. Investors are optimistic but cautious, hoping for strong earnings while being aware of the risks of market fluctuations.
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