On January 27th, 2023, our AI-based stock forecast declared NVIDIA Corporation (NASDAQ: NVDA) as a strong buy in the 90-day time frame, resulting in a 39.89% profit for subscribers who purchased the stock based on our exclusive market insights. NVDA is a technology company specializing in the production of graphics processing units (GPUs) for gaming, data center, and professional visualization purposes. This prediction was available in multiple forecasts at the time. As a subscriber, you can identify more opportunities by monitoring regularly recurring stock picks in the AI predictions. NVIDIA's financial performance for the fourth quarter and fiscal 2023 showed a decrease in revenue and earnings compared to the previous year. However, the company's CEO is optimistic about the future of AI and NVIDIA's role in helping customers take advantage of breakthroughs in generative AI and large language models. The company's partnership with leading cloud service providers to offer AI-as-a-service and focus on gaming highlights NVIDIA's versatility and capabilities in the field of AI. One of the main advantages of using AI for stock analysis is its ability to objectively study many assets throughout the day. By integrating big data analytics with our AI prediction system, we can enhance decision-making, forecasting, result modeling, and market understanding. Overall, artificial intelligence can provide many benefits to investors, including improved accuracy, faster decision-making, objective analysis, risk management, improved efficiency, and adaptability.
NVDA Stock Forecast
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Our AI-driven stock prediction system conducts an in-depth analysis of historical financial market anomalies attributed to trader overreaction and underreaction, generating daily forecasts in various timeframes from the short-term to long-term time horizons. Typically, long-term forecasts are more precise, and they generate greater profits, which is why our AI trading signals are optimal for value-based investors. When combined with machine learning, these incredibly intricate mathematical functions for statistical programming and modeling are capable of comparing their current coefficients and algorithms to newly added data and then adapting to improve the models' accuracy through a process of validation and reflection.
NVDA Latest Quarterly Results
The company reported quarterly revenue of $6.05 billion, which is a decrease of 21% from the previous year, but a 2% increase from the previous quarter. Similarly, the annual revenue for fiscal 2023 was $26.97 billion, which remained flat from the previous year. The GAAP earnings per diluted share for the quarter were $0.57, which is a 52% decline from the previous year but a significant increase of 111% from the previous quarter. On the other hand, non-GAAP earnings per diluted share for the quarter were $0.88, which is a decline of 33% from the previous year but a significant increase of 52% from the previous quarter. NVDA reported fourth-quarter revenue of $3.62 billion, up 11% from a year ago and down 6% from the previous quarter. Fiscal-year revenue rose 41% to a record $15.01 billion. The company's gaming segment revenue was $1.83 billion, down 46% from a year ago and up 16% from the previous quarter. Fiscal-year revenue for gaming was down 27% to $9.07 billion. The data center segment reported fourth-quarter revenue of $3.62 billion, up 11% from a year ago and down 6% from the previous quarter. Fiscal-year revenue rose 41% to a record $15.01 billion. The professional visualization segment reported fourth-quarter revenue of $226 million, down 65% from a year ago and up 13% from the previous quarter. Fiscal-year revenue was down 27% to $1.54 billion. Lastly, the automotive and embedded segment reported fourth-quarter revenue of $294 million, up 135% from a year ago and up 17% from the previous quarter. Fiscal-year revenue rose 60% to a record $903 million.
For fiscal 2023, the GAAP earnings per diluted share were $1.74, which is a significant decrease of 55% from the previous year. In contrast, the non-GAAP earnings per diluted share were $3.34, which is a decline of 25% from the previous year. Despite the decrease in revenue and earnings, NVIDIA's CEO, Jensen Huang, believes that AI is at an inflection point and is set up for broad adoption in every industry. Huang stated that NVIDIA is set to help customers take advantage of breakthroughs in generative AI and large language models. The company is also partnering with leading cloud service providers to offer AI-as-a-service that provides enterprises access to NVIDIA's world-leading AI platform.
Now let's delve into some of the company's recent achievements in various segments. In the data center segment, NVDA announced a partnership with Deutsche Bank to extend the use of AI in the financial services sector. The company also launched 15 next-generation Dell PowerEdge systems available with NVIDIA acceleration, enabling enterprises to use AI to efficiently transform their business. Furthermore, NVDA announced that its A100 Tensor Core GPUs showed unrivaled throughput and top latency in the latest STAC-ML benchmarks for financial services.
In the gaming segment, NVDA unveiled the GeForce RTX™ 40 Series for laptops, providing the company's largest-ever generational leap in performance and power efficiency. Additionally, the company launched the GeForce RTX 4070 Ti, which is faster than the GeForce RTX 3090 Ti, featuring NVIDIA Ada Lovelace architecture and NVIDIA DLSS 3 technology. NVDA also announced that DLSS 3 is available on, or coming soon too, more than 50 games and apps — including Cyberpunk 2077, Portal with RTX, and Marvel's Spider-Man: Miles Morales. Lastly, the company launched the GeForce NOW™ Ultimate membership tier, delivering GeForce RTX 4080-class performance with NVIDIA Reflex, full ray tracing, and DLSS 3. NVDA also signed a 10-year agreement with Microsoft to bring the Xbox PC game lineup, including Minecraft, Halo, and Flight Simulator, to GeForce NOW.
In the professional visualization segment, NVDA enhanced NVIDIA Omniverse™ Enterprise's capabilities to help teams build connected 3D pipelines and develop large-scale 3D works through increased performance, generational leaps in real-time RTX ray and path tracing, and streamlined workflows. The company also announced a collaboration with Lockheed Martin to build a digital twin of global weather conditions, enabling the U.S. National Oceanic and Atmospheric Administration to better monitor global environmental conditions, including extreme weather events. NVDA shared the news that Mercedes-Benz is taking the next step to digitalize its production process, using NVIDIA Omniverse to design and plan manufacturing and assembly facilities. Lastly, in the automotive and embedded segment, NVDA announced a strategic partnership with Foxconn to develop automated and autonomous vehicle platforms based on NVIDIA DRIVE Orin™ and DRIVE Hyperion™. This is a significant move for the company as it continues to expand its reach into the rapidly growing autonomous vehicle market. NVIDIA's DRIVE platform has been gaining traction among automakers looking to incorporate advanced AI and computer vision technologies into their vehicles, and this partnership with Foxconn will likely accelerate the adoption of NVIDIA's technology in the industry.
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Sources: 1. NVIDIA Investor Relations, "NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2023" (2023)
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