Beat, Raise, Repeat: Nvidia's Perfect Quarters Aren't Enough Anymore

Beat, Raise, Repeat: Nvidia's Perfect Quarters Aren't Enough Anymore NVIDIA (NASDAQ:NVDA) reports fiscal second-quarter results next Wednesday after the market close, and the print arrives as the chipmaker’s remarkable AI-driven rally faces a stagnant stretch.

Nvidia shares have surged from roughly $11 in late 2022, split-adjusted, to about $216 today, a gain near 1,700% since ChatGPT’s November 2022 launch kicked off the AI boom, according to Bespoke Investment Group. The move ranks among the most powerful multi-year runs by any large-cap stock in recent market history, and the long-term chart remains firmly in an uptrend despite a sluggish past year.

Bespoke highlights just how dramatic the shift in fundamentals has been. Quarterly revenue has exploded since late 2022, blowing past...