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Author: Alan LittleDate: 2021-11-19

Nvidia (NVDA) shares up 11%, market cap above $800bn after Q3 beats

Nvidia (NVDA) shares jumped 11% on Thursday after the chipmaker posted a strong Q3 report and analyst Jim Cramer said that it could become a $1tn company.

Nvidia’s (NVDA) market valuation passed $800bn on Thursday as more investors bought into the semiconductor company following a strong Q3 that featured earnings and revenue beats.

Nvidia had no problem topping the Wall Street consensus for the three-month period to 31st October, as earnings climbed 60% year-over-year to $1.17 per share and revenue rose 50% to $7.1bn.

The Santa Clara-based company’s ‘gaming’ division thrived as consumers snapped up its new line of graphics chips, which helped the segment’s revenue to advance 42% from a year ago to $3.22bn.

‘Datacenter’ revenues also impressed, jumping 55% to $2.94bn, while ‘crypto mining’ added $105m to its top line.

Perhaps more encouraging was the positive outlook for Q3, with Nvidia expecting revenues to rise again to $7.2bn amid strong demand for its products.

Analysts also see Nvidia capitalising on the emergence of the ‘metaverse’ thanks to its Omniverse platform, which features augmented reality tools.

BMO Capital Markets analyst Ambrish Srivastava noted that the platform should “start contributing revenues over the next few years, with examples that range from the existing network of developers building digital twins, to avatars in the hospitality industry”.

Srivastava, who currently offers a bullish outperform rating and $375 price target, added that a “big 2022” is on the cards for Nvidia.

NVDA shares have already made notable gains this year, having skyrocketed 125% since 1st January, and they were up again on Thursday as the latest 8.65% advance set a $319.20 price.

That move pushed Nvidia’s market cap past $800bn, and CNBC’s Jim Cramer predicted that it could soon become a $1tn company.

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