What Nvidia's $1,000/share means...

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NVIDIA SOARS PAST $1,000/SHARE 🤯

“The best way to teach your kids about taxes is by eating 30% of their ice cream.” (Bill Murray)

What happened? Nvidia shares surpassed the $1,000 mark for the first time ever after the company reported impressive first-quarter earnings that surpassed Wall Street expectations. Nvidia also said its quarterly cash dividend will increase from 4 cents per share to 10 cents per share on a pre-split basis. After the 10-1 split, the dividend will be a penny per share.

What were the earnings? Nvidia announced earnings per share of $6.12, exceeding the predicted $5.59, and revenue of $26.04 billion, higher than the anticipated $24.65 billion. Nvidia also said its data center category rose 427% from the year-ago quarter to $22.6 billion in revenue. Nvidia finance chief Colette Kress said in a statement that this was mostly due to shipments of the company’s Hopper graphics processors, which include the H100 GPU. She said, “A big highlight this quarter was Meta’s announcement of Lama 3, their latest large language model which used 24,000 H100 GPUs.” Nvidia’s net income for the first quarter was reported at $14.88 billion, or $5.98 per share, compared with $2.04 billion, or 82 cents, in the year-earlier period.

How can this impact you? Nvidia’s massive success, even in the first quarter of this year, suggests that demand for the AI chips remains robust, and there are no signs of slowing down. CEO Jensen Huang said the company is set to see similar revenue from its next-generation Blackwell GPU later this year.

THIS WEEK’S DIAMOND IN THE ROUGH 💎

Q: What’s the best way to make a small fortune in the stock market?

A: Start off with a big one. 👌

What’s up? The proliferation of AI is not only boosting the value of large tech companies, but has also carried with it some smaller companies over the past 18 months. Opera (OPRA) is a notable example.

How is AI impacting Opera? Known for its mobile and PC browsers, Opera saw its share prices soar by 146% over the past 18 months. However, a sharp pullback has occurred recently, with the stock losing over 52% of its value since hitting a 52-week high in mid-July last year. The company’s first-quarter results for 2024 triggered another sell-off due to concerns over increased capital expenditure. This was mostly due to its heavy investment in bringing AI to its offerings, which has impacted short-term earnings significantly.

Why is Opera valuable? Despite some setbacks, long-term investors are highly considering Opera’s potential because of its dedication to AI implementation. The company’s Q1 revenue rose 17% year over year to $101.9 million, with Opera raising its full-year revenue growth guidance to 16%. The increased capital expenditure is aimed at developing an AI cluster in Norway, which is expected to enhance its browser offerings with advanced AI features. As Opera continues to innovate and integrate AI, its long-term growth prospects remain strong.

HOW ARE THE MAGNIFICENT 7 DOING? 📈

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FRY-AI FANATIC OF THE WEEK 🍟

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