A strong quarter from NVIDIA Corporation (NASDAQ:NVDA) has left investors feeling awfully optimistic about the company’s fortunes, but there’s a lot more to love than just the strength of the top and bottom-line numbers. Nvidia is finding success in a number of different areas and evolving into quite the multi-threat company.
ZDnet shares some insight into Nvidia’s recent success.
Nvidia may be benefiting from what one analysts describes as a “tectonic shift” in computing and it shows: Every unit of the graphics processor’s business is performing well.
The company’s fiscal first quarter results were strong and handily topped Wall Street expectations. Nvidia has been riding a strong data center wave as companies upgrade their GPUs for artificial intelligence and machine learning. The company’s core gaming business is doing well due to a shortage of supply, higher prices and new releases such as Fortnite. And Nvidia is even benefiting from the trendiest of tech trends: Cryptocurrency.
Nvidia CEO Jensen Huang pointed to the number of opportunities the company has in front of it at the moment during a call with analysts. “The largest inference opportunity for us is actually in the cloud and the data center. That’s the first great opportunity,” he said. “The reason for that is there’s just an explosion in the number of different types of neural networks that are available.”
Add it all up, and it’s clear that Nvidia is well-positioned to remain a tech darling for the foreseeable future.
NVIDIA Corporation shares were trading at $247.07 per share on Wednesday morning, up $1.51 (+0.61%). Year-to-date, NVDA has gained 27.76%, versus a 2.23% rise in the benchmark S&P 500 index during the same period.