Nvidia reported strong first-quarter earnings results
Semiconductor darling Nvidia Corp (NASDAQ:NVDA) was last seen up 4.2% at $140.51, after the company’s better-than-expected first-quarter earnings and revenue results. The data center division, which includes artificial intelligence (AI) chips and related parts, grew 73% year over year, but the company still predicted an $8 billion impact to revenue in the second quarter due to China’s new export rules.
Analysts chimed in with bull notes after the results. Summit Insights upgraded the stock to “buy” from “hold,” while no fewer than 11 brokerages hiked their price objectives, including Melius Research to $205 from $150.
On the charts, Nvidia stock traded as high as $143.49 earlier, marking its highest level since late January. Shares are up 30% in May alone, and now sport a 4.8% year-to-date lead.
Already today, NVDA has seen 1.7 million calls and 1.09 puts exchanged — double the overall volume typically seen at this point. The weekly 5/30 145-strike call is the most popular contract, with new positions being opened there.