Impressive results of Nvidia in Q3 2023
Nvidia Corp. delivered an impressive financial report for Q3 2023. Net profit amounted to 9.24 billion USD, and revenue reached 18.12 billion USD. In comparison, last year's figures were 680 million USD and 5.93 billion USD, respectively. This increased performance is attributed to advancements in the company's data processing department, utilising chips with artificial intelligence.
Today, our focus is on the Nvidia Corp. (NASDAQ: NVDA) stock chart.
On the D1 timeframe, support at 487.16 was breached yesterday, 22 November, and the resistance moved to 505.48. The issuer's securities are currently decreasing in value after updating their historical maximum.
Nevertheless, the fair value of the stock, based on the P/S multiplier (the ratio of capitalisation to revenue), as outlined in Nvidia's latest quarterly report, may exceed 700 USD.
On the H1 timeframe, if quotes return to the previous support at 487.16, the medium-term target could be set at 550.45.
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Source: tradingview
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