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Nvidia Stock Soars 8% After Earnings Beat, Hits New High Over $1,000, Up 107% YTD
May 23, 2024, 01:33 PM
Nvidia (NVDA) stock soared by 8% at the open following a massive earnings beat, bringing its year-to-date rally to 107%. The stock reached a new all-time high, surpassing $1,000 per share after hours. Options activity was significant, with whales adding 1,000 calls shortly before the close and exiting with a 65% gain overnight, amounting to $1,750,000. Nvidia's free cash flow generation was also notable, with a 465% year-over-year increase and a 33% quarter-over-quarter rise, resulting in a free cash flow margin of over 50%. The company's performance has bolstered the broader AI stock market, with expectations for continued upward momentum. Nasdaq leads the way as CSPs account for 40% of Nvidia's revenue.
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