Nvidia Roars Ahead with Strong Earnings and New Growth Target

Nvidia is the most-bought tech stock on the ii platform this week, overtaking SpaceX. The company reported reassuring second-quarter results, with revenue hitting $96.22 billion, ahead of forecasts for $92.17 billion.

Earnings per share jumped 19% to adjusted $2.22 versus $1.87 a year ago, outpacing expectations for $2.10. Investors were particularly pleased with Nvidia's outlook, which includes forecasting third-quarter revenue of $108 billion, plus or minus 2%, beating analysts' expectations for $104.19 billion.

Nvidia now anticipates revenue growth of around 70% next year in fiscal 2028, a figure Morgan Stanley described as 'remarkable'. The company's shares jumped on the back of its earnings release, lifting other chipmakers with it. A number of analyst teams have raised their price targets on the stock.