Nvidia: The Gig Is Likely Up
Update - Aug. 30, 2023
Nvidia get easily pop to new highs on the big guide up to FQ3 revenues of $16 billion. Though, the big risk to longs is a potential double top setting up after the run to $500 today.
Original article published on Aug. 14
- Nvidia Corporation hit our target price of $480 providing the opportune time to exit on momentum at a premium price.
- The company is facing an AI GPU chip shortage potentially limiting sales growth and pushing customers to seek cheaper alternatives from AMD.
- The stock still trades at a very expensive 17x FY25 sales that appear increasing difficult to meet, much less exceed.
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