Nvidia stock slopes despite optimistic estimate for 'Age of AI'
Date
11/21/2024 4:41:43 AM
(MENAFN) Nvidia published its revenue report on Wednesday and expected that fourth-quarter sales were beyond Wall Street forecasts, but investors hesitated as those data dropped short of the lofty anticipations the artificial intelligence (AI) giant has gathered throughout its historic surge.
Nvidia estimate fourth-quarter profit of USD37.5 billion, plus or minus 2 percent, compared to analysts' average forecast of USD37.09 billion, based on figures released by LSEG.
The firm’s stock ended down 0.76 percent in Wednesday's trading session. It also dropped in after-hours trading, decreasing by 3.4 percent at one unit, though that fall was trimmed back to around 1.9 percent.
"The age of AI is in full steam, propelling a global shift to Nvidia computing," stated Jensen Huang, founder and CEO of Nvidia, adding “Demand for Hopper and anticipation for Blackwell — in full production — are incredible as foundation model makers scale pretraining, post-training and inference."
"AI is transforming every industry, company and country. Enterprises are adopting agentic AI to revolutionize workflows. Industrial robotics investments are surging with breakthroughs in physical AI. And countries have awakened to the importance of developing their national AI and infrastructure," Huang stated.
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