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CNBC
3 days ago
- Business
- CNBC
We're raising our Nvidia price target after a great quarter and rosy guidance
Nvidia shares jumped in extended trading Wednesday evening after the AI chipmaker reported better-than-expected quarterly revenue and earnings. It also provided an upbeat view of its current second quarter despite restrictions on what it can sell to China. Revenue in its fiscal 2026 first quarter increased 69% year over year to $44.06 billion, beating the $43.31 billion the Street was looking for, according to estimates compiled by data provider LSEG. Adjusted earnings per share increased 57% year over year to 96 cents in the three-month period ended April 27, exceeding the consensus of 93 cents, LSEG data showed. Both EPS and the quarterly estimate excluded charges related to the H20 chip ban in China. Why we own it Nvidia's high-performance graphic processing units (GPUs) are the key driver behind the AI revolution, powering the accelerated data centers being rapidly built around the world. But Nvidia is more than just a hardware story. Through its Nvidia AI Enterprise service, Nvidia is building out its software business. Competitors : Advanced Micro Devices and Intel Most recent buy : Aug 31, 2022 Initiation : March 2019 Bottom line Nvidia's results are proof that there has been no slowdown in the buildout of AI. During the post-earnings conference call, CEO Jensen Huang pointed out four positive surprises since the company's annual GTC event in March that have driven a surge in demand. The first surprise was advancements in reasoning AI, which is included in popular large language models like ChatGPT. According to Huang, reasoning models are creating a step function surge in inference demand, which in turn increases the demand for chips because they are extremely compute-intensive. Another positive surprise was the rescinding of the so-called AI diffusion rules, which ended right at the same time that countries woke up to the importance of AI as an infrastructure, according to Huang. A third positive surprise was the development of enterprise AI agents, which he called "game-changing." The fourth and last surprise is related to industrial AI, and all the on-shoring manufacturing and the building of plants around the world, creating demand for the Nvidia Omniverse. These are important callouts, as they underscore the rapid pace of advancements in artificial intelligence, which continues to drive strong demand for Nvidia's chips. The growing integration of AI into everyday life further reinforces this trend. This is clear evidence that the AI story is still in its early innings. NVDA YTD mountain Nvidia YTD Accordingly, we're raising our price target to $170 from $165. But given Nvidia's rapid 55% stock rise from its 52-week low on April 4 through Wednesday's close of $134, we are keeping our hold-equivalent 2 rating. In after-hours trading, shares added another 5%. Commentary Heading into earnings , some of our key questions centered on the Blackwell ramp, Sovereign AI, hyperscaler demand, and developments in China. 1. Blackwell : After some early supply chain issues, the ramp of the new Blackwell superchip called GB200 has gone well. Despite the vast complexities of building it, Nvidia saw a significant improvement in manufacturing yields and an increase in rack shipments to customers. Blackwell contributed 70% of the $34.16 billion of data center compute revenue in the quarter. Overall, data center revenues, which also included networking sales, increased 73% year over year to $39.1 billion, slightly missing estimates of $39.36 billion, according to FactSet. Nvidia is always innovating its chipsets, making them more powerful and efficient with every new iteration, but also backwards compatible. The next product on its roadmap is the Blackwell Ultra or GB300. The company said samplings of these systems began earlier this month at the major cloud service providers, and it expects production shipments to start later this quarter. Nvidia is anticipating a smooth ramp of the Blackwell Ultra based on what it learned from Blackwell. 2. Sovereign AI: During the call, Huang called Sovereign AI "a new growth engine" for the company as countries around the world build out national AI factories. " Countries are racing to build national AI platforms to elevate their digital capabilities," the CEO said. Later, he likened the need for countries to invest in AI infrastructure to their past investments in electricity and the internet. Rules on how countries are purchasing AI chips from Nvidia have been dynamic lately, with President Donald Trump ending the AI diffusion rules in favor of a new policy to promote AI tech with trusted partners. One way is through trade agreements, like what we saw out of the Middle East a few weeks ago. Next up could be Europe. Huang said he will be traveling through the continent next week and " just about every country needs to build out AI infrastructure and there are umpteen AI factories being planned." 3. Hyperscalers : There's been no let-up or digestion in demand from the so-called hyperscalers, which is another term for large data center and cloud service providers like Alphabet and Oracle as well as Club names Amazon , Microsoft , and Meta Platforms . They all signaled alongside, their latest earnings reports, their intentions to keep spending aggressively on AI. Nvidia said Wednesday that on average, major hyperscalers are each deploying nearly 1,000 NVL72 racks or 72,000 Blackwell GPUs per week and are on track to further increase output this quarter. One example that CFO Colette Kress gave was that Microsoft has already deployed tens of thousands of Blackwell GPUs, but that's expected to increase to the hundreds of thousands. 4. China : As for its business in China, Nvidia shipped out $4.6 billion worth of H20s prior to the new export licensing requirement. It was unable to ship an additional $2.5 billion of H20 revenue in the quarter. The export license changes, which went into effect in mid-April, caused the company to disclose it will record a $5.5 billion charge in the quarter tied to H20 inventory, purchase commitments, and "related reserves." In a bit of good news, Nvidia said Wednesday it only had to record a $4.5 billion charge this quarter, less than originally anticipated, because it was able to reuse certain materials. Nvidia said it is still evaluating its options to supply chips to the region in compliance with the U.S. government's export control rules. Reuters reported over the weekend that Nvidia is planning mass production of a new AI chip for China that is compliant with restrictions. Huang said on the earnings call that Nvidia does not have anything right now to announce, but the company is "considering it" and "thinking about it." Losing access to the China AI accelerator market would have a material adverse impact on Nvidia's business, Kress said on the earnings call, a market she thinks will grow to nearly $50 billion. Huang echoed that sentiment in an interview with Jim Cramer for Wednesday evening's "Mad Money." Huang said that trade with China is important if the U.S. wants to be the global AI leader. "There are so many developers there [in China], and because the world is going to adopt technology from one country or another — and we prefer it to be the American technology stack," the CEO told Jim. Guidance Looking at Nvidia's fiscal 2026 second quarter outlook, the company expects revenue to be approximately $45 billion, plus or minus 2%. This view was slightly below the consensus estimate of $45.9 billion, according to LSEG. However, it reflects a loss of approximately $8 billion in H20 revenue due to the export control limitations. Moving down the line, Nvidia expects fiscal Q2 adjusted gross margins of 72%, plus or minus 50 basis points. That's roughly inline with the 72.1% expected per FactSet. According to an earnings snapshot note from Truist, Nvidia's implied fiscal second quarter EPS guidance is 98 cents at the midpoint, one penny shy of the 99-cent consensus, according to LSEG. This is pretty solid considering the loss of sales of H20 chips in China. (Jim Cramer's Charitable Trust is long NVDA, AMZN, META, MSFT. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
NZ Herald
5 days ago
- Politics
- NZ Herald
New Lynn terror attack: Graphic CCTV footage to be shown to closed court
The first phase of the inquest begins next week and will focus on the day of the terror attack. Coroner Marcus Elliott will hear from survivors, witnesses, police officers, Corrections staff, doctors and others during the 10-day hearing. The first phase is partly driven by questions from survivors about the attack. In particular, survivors wanted to know why police who were surveilling Samsudeen were not inside the supermarket at the time of the incident and whether this would have prevented the stabbings. The police have applied to suppress some sensitive evidence, including CCTV footage from inside the supermarket during the violence. Members of the public will be excluded from the hearing when the footage is played. The police submission said the footage was graphic, could compromise the safety of police officers, and breached the privacy of witnesses in the supermarket during a traumatic event. The second phase of the inquest will cover the four-month period in which Samsudeen was living in the community before the attack. He was under constant police supervision and living in an Auckland mosque at the time, which media are legally unable to identify. The third phase will look at the attacker's time in prison, much of which was spent in segregation and on remand. Samsudeen was in and out of jail over a period of four years on a range of offences related to the possession of objectionable material. The second and third phases will have a special focus on how the attacker came to be radicalised into violent extremism. The terror attack has already been the subject of five investigations, beginning with a co-ordinated review by the Independent Police Conduct Authority (IPCA), Corrections and the NZ Security Intelligence Service (SIS). Corrections and police carried out their own reviews, as did the IPCA, which found that the two police officers were justified in shooting Samsudeen. Mike Heron KC carried out a review of the attacker's immigration files. The case has influenced changes to New Zealand's immigration and counter-terrorism laws. Samsudeen, a member of the Tamil ethnic minority group from Sri Lanka, was granted refugee status in New Zealand in 2013 after claiming his family had been tortured for their political views. His refugee status was revoked in 2019 when it was found that it was fraudulently obtained, but complexities in New Zealand law meant he could not be deported. The Government has now drafted a law change to allow refugees' residence visas to be cancelled if they posed a risk to national security. Despite the risk that Samsudeen posed, he could not be charged under anti-terror laws because planning an attack was not an offence under the legislation. The law has now been amended. Isaac Davison is an Auckland-based reporter who covers Auckland Issues. He joined the Herald in 2008 and has previously covered the environment, politics, social issues and healthcare.
The Citizen
23-05-2025
- Politics
- The Citizen
SA took 'strategic decision' on non-existing white genocide issue-Lamola
The meeting between Trump and Ramaphosa started off with an amicable discussion. But the US president proved to be a political rottweiler. South Africa had to take a 'strategic decision' on whether it wanted the meeting between President Cyril Ramaphosa and his US counterpart Donald Trump to collapse on the basis of a 'non-existing' white genocide issue in the country, International Relations Minister Ronald Lamola said. Lamola was speaking to CNN anchor Christiane Amanpour on Thursday. Rottweiler The meeting on Wednesday between Trump and Ramaphosa started off with an amicable discussion. But the US president, who proved to be a political rottweiler for Afrikaners and white farmers, shifted the focus to farm attacks in South Africa. In a high-stakes confrontation, Trump ambushed Ramaphosa with graphic footage of EFF leader Julius Malema, alleging 'white genocide' of South African farmers. Ramaphosa remained calm and handled the situation well, rejecting Trump's unsubstantiated claims of widespread killings of Afrikaners. WATCH Ronald Lamola chatting to CNN anchor Christiane Amanpour "South Africa belongs to all who live in it. It's united in our diversity. But the constitution is also very clear that there must be transformation in our country." @RonaldLamola tells me "we had to take a strategic decision whether we wanted the meeting to collapse on the basis… May 22, 2025 ALSO READ: WATCH: Donald Trump ambushes Cyril Ramaphosa in Oval Office 'Level of research' He was asked by Amanpour if he was surprised by the 'level of research' Trump's aides had done at such a high-level meeting between two presidents. Amanpour said Trump may not have been aware that Malema was not part of the government, overplayed the white crosses video about farm murders and that the stack of documents the US president handed to Ramaphosa was not about South Africa. 'This is easily debunked stuff, basic fact checking,' he said. 'Strategic decision' Lamola said the 'end goal' of the delegation was the interaction must end with the 'resetting of the bilateral relations'. 'We had to take a strategic decision whether we wanted the meeting to collapse on the basis of a non-existing issue or not. We wanted this matter, as you would have heard our president that behind closed doors, these issues would be engaged on. 'There was indeed context provided with regards to the song (Kill the Boer). But it has got a historical context, it is not something that is sung now to incite any form of violence and so forth,' Lamola said. ALSO READ: Calls to address farm murders after Trump meeting [VIDEO] Malema not part of GNU Lamola stressed that Malema was not part of the Government of National Unity (GNU). 'That (violence) is not government policy, to kill the Boer, to kill the farmer. The government policy is that South Africa belongs to all who live in it. It's united in our diversity. But the constitution is also very clear that there must be transformation in our country. 'That's why there must be tranformatory laws in relations to the land, in relation to the various aspects of our society. So, that is what we dealing with when we deal with the various laws of expropriation and other laws,' Lamola said. Trump open to persuasion After his meeting with Trump, Ramaphosa told the media that Trump remained open to persuasion. 'When he was asked by one of you – and thank God one of you asked – whether he was convinced that there was genocide, he said he still isn't convinced. Much as he played the video and all those press clippings, in the end, I do believe that there's doubt and disbelief in his head about all this.' Earlier, Ramaphosa said Trump must listen to the voices of South Africans about whether there was a white genocide in South Africa. ALSO READ: Ramaphosa says Trump meeting a success despite ambush [VIDEO]
The Citizen
21-05-2025
- Politics
- The Citizen
Donald Trump ambushes Cyril Ramaphosa in Oval office
The meeting comes just days after the US welcomed a group of 49 Afrikaners as 'refugees' Ramaphosa and Trump met at the White House in Washington on Wednesday morning. Picture: Screengrab. The meeting between US President Donald Trump and President Cyril Ramaphosa started off with an extremely amicable discussion, but later descended into chaos and shifted to the topic of violence against white farmers and Afrikaners in South Africa. Ramaphosa and Trump met at the White House in Washington on Wednesday. The meeting comes just days after the US welcomed a group of 49 Afrikaners as 'refugees'. Trump falsely claimed they are being persecuted in South Africa due to their race and are facing a 'genocide'. Wednesday's heated meeting marks the latest in a string of unusually tense Oval Office meetings between Trump and foreign leaders. It comes amid heightened tensions between the US and South Africa over claims by Trump and South Africa-born Elon Musk about the country's racial equity laws, which prompted the US to recently admit white South African refugees while barring refugees from other countries. Ramaphosa ambushed by Trump In a high-stakes confrontation, Trump ambushed Ramaphosa with graphic footage alleging 'white genocide' against South African farmers. The Trump delegation clearly came to the meeting prepared, playing old controversial videos about EFF leader Julius Malema singing 'Kill the Boer, Kill the farmer'. The videos played by the Trump administration backed up the misinformation that there are mass killings against white South Africans and Afrikaners. Trump made unsubstantiated claims about genocide and South Africa's treatment of white farmers. WATCH: Ramaphosa tells Trump to listen to South African voices [WATCH] "It will take President Trump listening to the voices of South Africans, some of whom are his good friends, like the ones who are here. I'm not going to be repeating what I have been saying. If there was Afrikaaner farmer genocide, I can bet you these three gentlemen… May 21, 2025 ALSO READ: WATCH: 'Fear not' Ramaphosa says, as Johann Rupert and Ernie Els expected to join Trump meeting Unsubstantiated claims Ramaphosa began by turning away from the videos, sitting silently in his chair, shifting his eyes and smiling. He was visibly surprised. Trump also presented articles to Ramaphosa to prove that 'very bad things are happening in South Africa'. Trump told Ramaphosa that South Africa is taking people's land away from them. 'Those people in many cases are being executed, and they happen to be white.' Afrikaner refugees When asked why he accepts refugees from South Africa and no other countries, Trump said there are 'concerns' about South Africa. 'We do have a lot of people concerned with regards to South Africa, that's the purpose of the meeting. We have many people who feel they are being persecuted… I must tell you, Mr President [Ramaphosa], we have had a tremendous number of people [white farmers] who are fleeing South Africa, and it's a very sad thing to see.' Burial site of white farmers Trump showed Ramaphosa another video, claiming to be of a burial site of white farmers. While the video played, Trump seemed disgusted. 'It's a terrible sight, never seen anything like it.' Ramaphosa asks Trump about the videos. 'Have they told you where that is, Mr President?' Trump replied, 'No'. Ramaphosa said he'd like to know where it is, as he's never seen it before. 'It's in South Africa,' Trump responded. Donald Trump has ambushed South Africa's President by playing videos which he claims pertain to allegations of 'genocide' in South Africa. "I'd like to know where that is because this [the videos] I've never seen" Cyril Ramaphos 📺 Sky 501/YT — Sky News (@SkyNews) May 21, 2025 ALSO READ: WATCH: 'SA is out of control,' Trump says ahead of meeting with Ramaphosa Trump's claims refuted Ramaphosa, Minister of Agriculture John Steenhuisen and renowned businessman Johann Rupert refuted Trump's claims of a white genocide occurring in South Africa. Steenhuisen said the majority of farmers want to stay in South Africa rather than leave. The DA leader said the country has prioritised protecting white farmers, including preventing livestock theft. Steenhuisen reminded Trump that the people shown in the video that was played in the Oval Office are not government officials. 'We need support from allies so we can strengthen our economy and shut the door on people like Malema,' Steenhuisen said. Trump must 'listen' Ramaphosa said Trump must listen to the voices of South Africans. 'It will take President Trump listening to the voices of South Africans, some of whom are his good friends, like the ones who are here. I'm not going to be repeating what I have been saying. If there was Afrikaner farmer genocide, I can bet you these three gentlemen wouldn't be here, including my minister of agriculture,' Ramaphosa said. ALSO READ: Ramaphosa not 'apprehensive' about meeting with Trump, Presidency says [VIDEO] Clarification Ramaphosa clarified his position on Trump's accusations, saying South Africa has a democracy that allows people to express themselves. 'There is criminality in our country, and the people who get killed in South Africa are not only white people, but also include black people.' Ramaphosa said Malema's speech and actions are not 'government policy'. White farmers in danger in South Africa? Donald Trump just brought in a TV into Oval Office for Cyril Ramaphosa to see the genocidal rhetoric coming from many South African top politicians.#Ramaphosa#Trump #SouthAfrica — Sonia Beloch (@sonia_0707_) May 21, 2025 Trade Ramaphosa steered the conversation to trade, mentioning a technology partnership between the US and South Africa. Ramaphosa said he wants to sit down and have a good conversation with Trump away from the media, which can lead to 'good outcomes'. Golfer Ernie Els said he's a 'proud South African', but he wants to see things get better in his home country. Els spoke about growing up during apartheid, telling the Oval Office that 'two wrongs don't make a right', referring to crimes against white South Africans today. 'We wanted to come here to meet you and see the way forward, see our nation flourish.' NOW READ: EFF threatens legal action over plans to offer Elon Musk's Starlink [VIDEO]
ABC News
20-05-2025
- Climate
- ABC News
Sydney commuter chaos after power cable falls onto train
Photo shows When will rain ease?: a graphic map of weather in south-eastern NSW and an inset picture of a man in glasses Has Video Duration: 4 minutes 30 seconds . 4 m 30 s
