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Nvidia is a semiconductor company that has beaten earnings estimates for eight quarters in a row. Its success can be attributed to the fact that it provides semiconductor chips to major tech companies like Apple, Microsoft, and Tesla. In February 2023, Nvidia stock gapped up 14% after beating Wall Street's earnings target for its fiscal fourth quarter and guided higher for the current period. This allowed the stock to top a 230.59 buy point from a three-weeks-tight pattern and join the prestigious IBD Leaderboard.

Nvidia stock has a near-perfect IBD Composite Rating of 98, meaning it has outperformed 98% of all other stocks in IBD's database in terms of combined technical and fundamental metrics. It also carries a Relative Strength Rating of 98, indicating that it has outperformed 98% of all stocks in IBD's database over the past year. The stock often earns a spot on the IBD 50, Big Cap 20, and Sector Leaders lists.

Nvidia's EPS Rating is 62 out of 99, and its SMR Rating is a B, on a scale of A to a worst E. The EPS rating compares a company's earnings growth to other stocks, while its SMR Rating gauges sales growth, profit margins, and return on equity.

While Nvidia's earnings dropped year over year, data center revenue rose 11% to $3.62 billion, fueled by demand for AI chips. However, gaming chip sales remained weak, falling 46% to $1.83 billion. Analysts expect Nvidia earnings to rebound 34.3% in fiscal 2024, on a 10.8% sales increase.

In summary, Nvidia is a strong semiconductor stock that has beaten earnings estimates for eight quarters in a row. Its success can be attributed to its provision of semiconductor chips to major tech companies. Its recent success in beating earnings estimates has allowed the stock to top a buy point and join the prestigious IBD Leaderboard. While Nvidia's earnings dropped year over year, data center revenue rose, and analysts expect earnings to rebound in fiscal 2024

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