All articles tagged with #data center revenue
Marvell's stock dropped 16% after its data center revenue and future guidance fell short of expectations, despite a record revenue increase driven by AI demand, with concerns about growth prospects and lack of clarity on new customer pipeline affecting investor confidence.
Nvidia shares surged over 9% to a record high of $1,037.99 after reporting earnings that exceeded Wall Street expectations, driven by a 427% increase in data center revenue. The company forecasted strong future demand for its AI chips, prompting analysts to raise their price targets. Nvidia also announced a 10-for-1 stock split, with shares to begin trading on a split-adjusted basis on June 10.
Nvidia's stock has surged due to its dominance in the AI chips market, with data center revenue reaching record levels. Analysts expect the AI market to surpass $1 trillion by the end of the decade, and Nvidia's increased investments in research and development position it well for future growth. With its shares trading at a reasonable level for a leader in a high-growth market, Nvidia remains a strong choice for investors interested in potential AI winners.
Morgan Stanley analyst Joseph Moore raised the price target for Nvidia (NVDA) stock to $750 per share, citing a positive outlook for the company's data center revenue. This represents a 10% potential increase over its prior closing price and is higher than the analyst consensus. Moore maintains an "overweight" rating for NVDA stock and expects the data center outlook to reach $88 billion in 2024 and slightly higher in 2025.