Semiconductor giant NVIDIA (NASDAQ:NVDA) stock is down (-48%) during the 2022 technology bear market. The leading maker of graphic processor units (GPUs) saw record growth as revenues rose 46.4% in its fiscal Q1 2023. Data center, which includes artificial intelligence (AI), revenues grew a whopping 83% to $3.75 billion hitting a new record as well as Gaming growth of 31% with $3.62 billion in sales.
From the likes of it, the Company is operating on all cylinders despite inflationary pressures, supply chain disruption, and logistics issues. However, NVIDIA lowered its fiscal Q2 2023 guidance as nearly $500 million of shortfall is related to the Russian war and COVID lockdowns in China. From the metaverse, gaming, and cryptocurrency mining to artificial intelligence (AI) and robotics, NVIDIA chips are powering digital transformation and digital innovation forward. The Company has $9.3 billion in cash. The CEO had stated that they are gearing for the largest wave of new products in its history in the second half of the year. The Company also extended its buyback program of up to $15 billion through December 2023. The bar is set low moving forward and any reprieve in the Russian war or China lockdowns will bolster top and bottom line beats. Prudent investors looking for a leading chip maker in future megatrends (gaming, AI, cryptos) can look for opportunistic pullbacks in shares of NVIDIA.
