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    Home » Nvidia Stock Slips Even After Earnings Top Wall Street Estimates and Demand For AI Chips Soars

    Nvidia Stock Slips Even After Earnings Top Wall Street Estimates and Demand For AI Chips Soars

    By SHOOTWednesday, August 28, 2024No Comments344 Views
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    A sign for a Nvidia office building is shown in Santa Clara, Calif., Wednesday, Aug. 7, 2024. (AP Photo/Jeff Chiu)

    By Sarah Parvini, Technology Writer

    LOS ANGELES (AP) --

    Nvidia may have exceeded Wall Street estimates as its profit jumped — buffeted by the chipmaking dominance that has cemented Nvidia’s place as the poster child of the artificial intelligence boom — but investors seemed less than impressed.

    The company reported a net income of to $16.6 billion. Adjusted for one-time items, net income was $16.95 billion. Revenue rose to $30 billion, up 122% from a year ago and 15% from the previous quarter.

    By comparison, S&P 500 companies overall are expected to deliver just 5% growth in revenue for the quarter, according to FactSet.

    However, Nvidia shares slipped nearly 4% in after-hours trading.

    Nvidia has led the artificial intelligence sector to become one of the stock market’s biggest companies, as tech giants continue to spend heavily on the company’s chips and data centers needed to train and operate their AI systems. Nvidia’s total market value as of the stock market’s close Wednesday is $3.156 trillion. It’s ahead of Microsoft ($3.076 trillion) but behind Apple ($3.457 trillion) in the battle for most valuable company. One year ago, the company’s market was around $1.15 trillion.

    Nvidia reported second-quarter adjusted earnings per share of 68 cents per share, up from 27 cents a year ago.

    Demand for generative AI products that can compose documents, make images and serve as personal assistants has fueled sales of Nvidia’s specialized chips over the last year. In June, Nvidia briefly rose to become the most valuable company in the S&P 500. The company is now worth over $3 trillion.

    Through the year’s first six months, Nvidia’s stock soared nearly 150%. At that point, the stock was trading at a little more than 100 times the company’s earnings over the prior 12 months. That’s much more expensive than it’s been historically and than the S&P 500 in general. That’s why analysts warn of a selloff if Wall Street sees any indication that AI demand is waning.

    The Santa Clara, California-based company carved out an early lead in AI applications race, in part because of founder and CEO Jensen Huang’s successful bet on the chip technology used to fuel the industry. The company is no stranger to big bets. Nvidia’s invention of the graphics processor unit, or GPU, in 1999 helped spark the growth of the PC gaming market and redefined computer graphics.

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    Category:News
    Tags:NVIDIA



    Aleshea Harris’ “Is God Is”: A Primal Scream Of A Movie Inspired By Westerns and Greek Tragedy

    Tuesday, May 19, 2026

    Aleshea Harris wrote "Is God Is" with the assumption that it would never be performed as a play, let alone turned into a movie. It was simply a story she needed to get onto the page: A tale of rage and revenge, an ancient Greek tragedy melded with Spaghetti Western tropes centered on contemporary Black women, twins, on an epic, violent journey to find the father who wronged them. She even rewatched Quentin Tarantino's "Kill Bill" while she was writing.

    "I've endured so many narratives in which Black women, they're just sort of downtrodden victims, you know? They endure, they gain their strength and we love them because look at what all she can take. I think that's horrific," Harris said in a recent interview. "This was my antidote to that. This was my medicine to myself for that."

    That's the thing about art that boldly flies in the face of taboo and stereotypes; Sometimes, it turns out, it's on to something that audiences have been craving too. The Obie-winning stage play, which debuted off-Broadway in 2018, hit a nerve with audiences and critics, garnering comparisons to Tarantino and Martin McDonagh. Soon, talks of a feature film were underway. Harris never thought she'd be the one to direct it, having barely even been on a set before, but producer Janicza Bravo and their mutual friend, playwright Jeremy O. Harris, had other ideas: It was her story after all, she should be the one to tell it.

    "It really was like the belief of those folks and that invitation," Harris said. "It was like a switch being flipped. Of course, of course I'm in."

    The film, which is now playing in theaters, has garnered similarly effusive praise from critics and audiences. It stars Kara Young and Mallori Johnson as badly scarred twins who, after fending for... Read More

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