In a significant boost to investor sentiment, Nvidia’s earnings report surpassed even the loftiest expectations, particularly spotlighting its thriving data center business. The company’s A100 and H100 AI chips, integral to powering AI marvels like ChatGPT, stood out as key contributors to their success. In a forward-looking statement, Nvidia anticipates a fiscal third-quarter revenue of approximately USD 16B, hinting at a colossal 170% growth compared to the same quarter last year.
NASDAQ, seemingly anticipating this optimistic news, had already surged by 1.59% at the day’s close, prior to Nvidia’s earnings announcement. The development now argues that pull back from 14446.55 has completed at 13161.76, just ahead of the medium term channel support, as well as 38.2% retracement of 10982.80 to 14446.55 at 13123.39. More importantly, if this turn out to be true, rise from 10088.82 should then remain intact for another high above 14446.55.
Market watchers will now keenly focus on the momentum in the coming days, especially awaiting reactions post the much-anticipated speech by Fed Chair Jerome Powell at the Jackson Hole Symposium. This will likely shed light on the feasibility of this bullish prognosis.
