Chip giant Nvidia (Nvidia) will release its first-quarter earnings results on May 24. Rosenblatt Securities analyst Hans Mosesmann expects Nvidia to meet or exceed expectations in the first and second quarters due to growth in the data center and gaming division. Analyst Mosesmann is optimistic $NVIDIA (NVDA.US)$Nvidia's stock, so his target price is $320, which means the stock has a potential to rise 10.52% from the current level.
Notably, Nvidia's impressive performance in 2023 was impressive, with the stock rising to around 98% year-to-date. OpenAI's ChatGPT is currently receiving a lot of attention and popularity, while Nvidia dominates the field of artificial intelligence, which has contributed to the rise in its stock price.
Semiconductor stocks such as Nvidia will be affected due to slowing demand in the terminal market and inventory issues. However, the popularity surrounding artificial intelligence and expectations of a recovery in the data center and gaming markets may underpin Nvidia's stock.
Wall Street expects Nvidia's revenue to reach 6.52 billion US dollars, in line with the company's management's expectations. Furthermore, this figure reflects a continuous improvement in the company's revenue compared to the previous quarter. On the fourth quarter earnings call, the company announced quarterly growth in each of its target markets and the strength of its data centers and gaming...