It’s been a busy few weeks for Nvidia and it’s about to stay that way for the remainder of June. The AI computing company is in the midst of a month-long event cluster which started with earnings on May 24 and will end with their annual shareholder meeting on June 22.
Wall Street Horizon has found that while a standalone event such as a company’s upcoming earnings release date may affect volatility, investigating multiple events closely in relationship to one another can have a stronger impact on a company’s corporate financial health. Observing the information pre-event, during the event and post-event and how they interact is critical to understand how events relate to trading and risk strategies. Currently we see a bullish event cluster lining up for NVDA.
After posting stellar earnings on May 24 and briefly joining the trillion dollar market cap club on May 30 alongside Apple, Amazon, Alphabet and Microsoft, Nvidia will be hot on the conference scene over the next two weeks, which includes a speaking slot at today’s Bank of America Securities Global Technology Conference in San Francisco.
May 24 – FQ1 2024 Earnings Report and Conference call
Nvidia’s month long event cluster officially kicked off with their earnings report on May 24 which blew expectations out of the water. The supplier of graphics processing units (GPUs) recorded FQ1 2024 EPS of $1.09, well ahead of expectations for $0.65*. Revenues also surpassed expectations, coming in at $7.2B vs. an estimate of $6.5B*.
The company noted that performance was supported by surging demand for GPU chips from cloud vendors as well as other internet companies that use them for generative AI applications such as OpenAI’s ChatGPT. These AI chips are becoming a necessity for any company that manages data centers and large numbers of servers.
May 29 – June 2 – Computex Taipei
Last week, Nvidia CEO Jensen Huang joined Computex Taipei as the opening keynote speaker where he made a number of announcements from chip release dates to upcoming partnerships. The major focus was NVDA’s datacenter applications such as AI GPUs and the ‘Nvidia Omniverse.’ Other products that Nvidia is well known for, such as gaming chips, were not mentioned as heavily expected, with no news on their upcoming RTX 4060 GPU.
Huang was not the only speaker from Nvidia at this year’s Computex, however. Greg Estes, VP of Corporate Marketing and Developer Programs gave a talk on day two of the conference entitled “Racing Towards the Industrial Metaverse.” In an extension of some themes from Huang’s talk, Estes focused on how NVDA and their partners are currently using Omniverse, generative AI and accelerated computing.
June 6 – Bank of America Securities Global Technology Conference 2023
9:20AM PDT speaking time, San Francisco
While it hasn’t been made public who will be speaking on Nvidia’s behalf, last year CEO Jensen Huang gave the opening keynote address at this conference which is a who’s who of the tech industry. Nvidia will be in good company again this year as the agenda includes talks from industry execs at other big tech names such as IBM, Cisco, Splunk, Workday, Intel, Redfin, Ambarella and more.
June 7 – Rosenblatt Securities 3rd Annual Technology Summit – The Age of AI (Part I)
2023 12:00 – 12:45p EDT speaking time, virtual
The very next day, Nvidia’s VP & GM of Hyperscale & HPC, Ian Buck, will join the Rosenblatt Securities 3rd Annual Technology Summit for a virtual fireside chat from 12-12:45 EDT.
June 12 – New Street Research’s Future of Transportation Conference
12:00 – 12:30p ET, virtual
On June 12, Nvidia’s VP & GM of Automotive, Ali Kani, will speak at New Street Research’s Future of Transportation conference on the topic of Autonomous Technologies.
June 22 – Annual Shareholder Meeting
11:00AM PDT, virtual
On June 22, Nvidia will hold their annual shareholder meeting virtually.
Conference season mostly wraps up ahead of summer break in July and August. After their shareholder meeting, the next time we are likely to hear an update from Nvidia is on their FQ2 2024 earnings call on August 23.
*Estimate data from FactSet
—
Originally Posted June 6, 2023 – This AI Darling Is Everywhere This Conference Season
Disclosure: Interactive Brokers
Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from Wall Street Horizon and is being posted with its permission. The views expressed in this material are solely those of the author and/or Wall Street Horizon and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
Join The Conversation
If you have a general question, it may already be covered in our FAQs. If you have an account-specific question or concern, please reach out to Client Services.