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Nvidia shares have skyrocketed over the past year by nearly 80%. Its current market cap roughly stands at 586 billion dollars. The company is known to be one of the fastest-growing American technology companies that design and manufacture computer graphics processor chips, and related multimedia software. Nvidia is considered to be the graphics king, dominating roughly 83% of discrete GPU market share but their competitors such as AMD, Intel, and Apple are making moves. Nevertheless, Nvidia’s stock price could propel even higher in 2022.
Nvidia has been a pioneer in accelerated computing to help solve the most challenging computational problems. It started its focus with PC graphics, then extended its focus in recent years in the artificial intelligence field. Its growth has been fueled by the sustained demand for its 3D graphics and the scale of the gaming market. Gaming is still Nvidia’s largest market, and its latest GeForce graphic processors are ideal for playing advanced computer games. Nvidia was founded by Jen-Hsun Huang, Chris A. Malachowsky, and Curtis R. Priem in January 1993, and is headquartered in Santa Clara, CA.
The company’s revenue consists largely of two main segments, the graphics, and compute & networking segments. The graphics segment as of year-end 2021 accounts for ~59% and the compute and networking segment accounts for ~41%. The graphics segment increased 29% year on year, and the compute and networking increased by 109% year on year.
The company reported a 61% in revenue up from the year fiscal year 2022 vs 2021, in addition, its net income increased by 79%. Nvidia has reported very impressive financial results and based on its outlook and guidance it will more likely outperform in the remaining quarters and years to come. Nvidia expects to report revenue of $8.1 billion in the upcoming quarter, which is higher than analyst expectations of $7.29 billion. Nvidia’s CEP Jensen Huan stated, “that the company is seeing exceptional demand because its chips are useful for artificial intelligence and other intensive applications”. He also added that the current supply constraints were easing and that the company’s supply of products would increase exponentially in the second half of 2022.
Based on 26 analysts offering ratings for Nvidia, they gave a “Strong Buy” rating with a 12-month forecast with a high price target of $400, an average price target of $362.22, and a low-price target of $250. The average target price represents a 50% increase, and the high price target represents a 67% increase.
Nvidia has been trading in a descending channel since December of last year. Due to the market rotation, investors and traders have been dumping US shares as looming higher interest rates have steered them to buy companies that are cyclical and defensive. It has managed to build its key support level above $200 and sustained price levels above its 200-day moving average. A break from its upper trendline may result in upside movement to $270, if broken and sustained this will put Nvidia in bullish territory.
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