Data center sales remain strong, but investors are waiting for that shoe to drop following earnings warnings from Advanced Micro Devices (NYSE: AMD), Marvell Technologies (NASDAQ: MRVL), Western Digital (NYSE: WDC), and Intel (NASDAQ: INTC). The video gaming segment continues to lose steam as sales collapsed (-33%).
The Wall Street darling turned into a pariah. The stock has fallen (-62%) for the year having just made 52-week lows at $108.13. The good times were still very good heading into 2022.įast forward 11 months later October 2022, and the previous tailwinds have reversed into headwinds as investment sentiment also took a complete reversal. Nvidia stock was a darling of Wall Street and the sentiment was very bullish. Bitcoin was hitting records levels in the high $60,000s, and the Company was smoking all analyst estimates with each record-breaking earnings release in 2021. Its video gaming segment saw sales grow 31% to $3.62 billion in sales and data center demand including artificial intelligence (AI) was off the charts as the segment saw a jaw-dropping 83% growth spike in sales to $3.75 billion. Total revenues grew 46% to record levels. Just less than a year ago, graphic semiconductor chip supplier NVIDIA (NASDAQ: NVDA) stock was riding high in the $340s with the underlying business firing on all cylinders.
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