Nvidia Is Next Week’s Top Stock, Market Strategist Says: Why Best Long-Term Idea Is ‘Just Buy Nvidia And Put It Away’.Nvidia Stock Poised to Skyrocket: Here’s Why Experts Are All In
Nvidia is grabbing headlines again, with financial experts forecasting a major rise in its stock price next week. Investors are already gearing up for what could be another breakthrough for the tech giant, as it prepares to release its second-quarter earnings report on August 28, 2024. With a track record of outperforming market expectations, Nvidia is now being viewed as one of the best long-term investments. Financial strategist Jay Woods even suggests simply buying Nvidia stock and holding onto it, indicating that its future growth potential is enormous.
Woods pointed out that Nvidia has consistently outperformed revenue and earnings predictions over the past several quarters. In fact, Nvidia has beaten revenue estimates in seven of its last ten quarters and surpassed earnings per share estimates in six of those. Analysts expect the company to report $28.46 billion in revenue for the second quarter, which would be a significant leap from the $13.51 billion it reported during the same period last year. Nvidia’s earnings per share are also expected to rise sharply, from $0.27 last year to $0.64 this quarter.
The anticipation surrounding this earnings report has created a buzz in the investment world. Woods believes that Nvidia’s performance could set the tone for other major tech companies, especially those within the so-called “Magnificent 7” group. These companies, including Nvidia, have experienced a period of consolidation recently, and Woods suggests that Nvidia might be the indicator for a potential shift in market dynamics.
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