This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXNPEC9N0U2_M.jpg
Other companies added to Goldman Sachs’ ‘conviction buy’ list include cybersecurity firm Okta (NASDAQ:NASDAQ:OKTA), industrial supply group Cintas (NASDAQ:NASDAQ:CTAS), and biotech Quanterix (NASDAQ:NASDAQ:QTRX). Meanwhile, Salesforce (NYSE:NYSE:CRM) and Johnson Controls (NYSE:NYSE:JCI) were removed from the list.
Nvidia, recognized as the world’s largest AI chipmaker, had forecasted current quarter revenues of around $16 billion in August, a figure that pales in comparison to the reported Revenue LTM2024.Q2 of $32.68B USD according to InvestingPro Data. This announcement was made alongside stronger-than-expected second-quarter earnings. The company unveiled a plan to make it easier for clients to run AI applications on Google Cloud (NASDAQ:NASDAQ:GOOGL), using Nvidia-made chips. This initiative aims to deepen the integration between hardware and software offerings.
“Our expanded collaboration with Google Cloud will help developers accelerate their work with infrastructure, software, and services that supercharge energy efficiency and reduce costs,” Nvidia CEO Jensen Huang commented on the Google agreement.
In pre-market trading, Nvidia shares were marked 1.44% higher, indicating an opening bell price of $441.34 each. The stock has seen significant growth over the year, with a 203% increase and reaching an all-time high of $487.84 on August 29. This aligns with InvestingPro Tips, which highlights Nvidia’s high return over the last year and its large price uptick over the last six months. The company’s strong earnings have also enabled it to maintain dividend payments for 12 consecutive years, another notable point from InvestingPro Tips.
With the company’s P/E Ratio at 106.65, as per InvestingPro Data, it’s clear that Nvidia is trading at high earnings multiple, a factor that potential investors should consider. For more insights like these, consider checking out InvestingPro’s premium service, which offers numerous additional tips and real-time metrics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
