The Nvidia results were eagerly awaited. This was entirely natural as Nvidia’s performance accounts for about 1/3 of the YtD gains on the S&P500. However, the results were not well received, which might be considered puzzling given Nvidia’s quarterly numbers met or beat analysts’ estimates on nearly every measure. The problem was not the numbers but what was expected: the “whisper” number. Nvidia investors have grown accustomed to blowout quarters, and these latest numbers were not blowouts.
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