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Nvidia (NVDA) reported a record Q3 with sales of $57 billion, up 62% year-over-year, and earnings per share (EPS) of $1.30, exceeding estimates by over 4%. Despite the strong performance, NVDA stock declined 3% on Thursday, trading below its 50-day moving average of $184. Concerns over an AI bubble and export restrictions to China have influenced investor sentiment.
Nvidia’s sales figures represented a 22% increase from the previous quarter’s $46.74 billion. Looking ahead, Nvidia expects Q4 sales of approximately $65 billion, above Wall Street’s projections of $60.57 billion. Analysts remain optimistic, with an average price target of $239.49, indicating a potential 28% upside for the stock.
CEO Jensen Huang highlighted extraordinary demand for Nvidia’s Blackwell GPUs, with sales through cloud platforms currently sold out. Partnerships with companies such as OpenAI and Uber are also positioned to strengthen Nvidia’s future growth in AI and autonomous technologies.
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