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Something for your Espresso: Effortless rally or a perilous complacency?

Risk continues to rally, and the November party shows no signs of slowing down. Meanwhile, the geopolitical landscape appears to be increasingly accommodating, while Germany is facing domestic challenges. Read our Morning take below
2023-11-22

Good morning from Europe!

It would seem that the astronomical expectations to NVIDIA keep getting validated and the stock continues to soar, despite AI price action being largely disconnected from the rest of the market.

Key figures from the earnings call vs expectations say it all:

  • Adjusted EPS: $4.02 (estimated at $3.37)
  • Total Revenues: $18.12 billion (estimated at $16.09 billion), a 206% YoY increase.
  • Data Center Revenue: $14.51 billion (estimated at $12.82 billion), a 279% YoY surge.
  • Gaming Revenue: $2.86 billion (estimated at $2.7 billion), an 81% YoY rise.
  • Q4 Revenue Guidance: Expected revenue of $20 billion with a margin of ± 2% (estimated at $17.9 billion).
  • Adjusted Gross Margins: 75% (estimated at 72.5%), showcasing NVIDIA’s robust financial performance.

NVIDIA is of course not the only name on the “Winner(s) take it all” list that has largely characterized the tech space in 2023. Big names continue to dominate:

Chart 1: Nasdaq vs Magnificent 7

Risk continues to rally, and the November party shows no signs of slowing down. Meanwhile, the geopolitical landscape appears to be increasingly accommodating, while Germany is facing domestic challenges. Read our Morning take below

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