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NVIDIA Stock Jumps on Strong Earnings Report

NVIDIA (NVDA) stock jumped more than 5% in premarket trading on Wednesday after the company reported strong earnings for the fourth quarter of 2023. The company beat analysts' expectations on both revenue and earnings per share. Revenue for the quarter came in at $16.5 billion, up 21% year-over-year. Earnings per share came in at $1.32, up 31% year-over-year.

The strong earnings report was driven by strong demand for the company's gaming and data center chips. NVIDIA's gaming revenue grew 27% year-over-year to $6.05 billion. The company's data center revenue grew 31% year-over-year to $3.62 billion.

NVIDIA's earnings report is a positive sign for the company and the semiconductor industry as a whole. The company's strong revenue growth indicates that demand for its products remains strong. The company's earnings per share growth also shows that the company is able to improve its profitability.

Company Profile

NVIDIA is a global leader in the design, development, and sale of graphics processing units (GPUs). The company's GPUs are used in a wide range of applications, including gaming, data centers, and artificial intelligence.

NVIDIA was founded in 1993 and is headquartered in Santa Clara, California. The company has over 20,000 employees worldwide.

Stock Performance

NVIDIA's stock has performed well in recent years. The stock has gained more than 200% in the past year.

NVIDIA's stock is currently trading at around $230 per share. The stock has a market capitalization of around $500 billion.

Analysts' Expectations

Analysts are bullish on NVIDIA's stock. The average analyst rating for the stock is "buy." The average analyst price target for the stock is $260.