Nvidia jumped 3.44% to 174.73 apiece early Tuesday, as investors positioned themselves for its annual investor event set at 11:30 AM ET.
But shares recovered a bit as its fourth-quarter results topped Wall Street estimates and after it beat out Intel in the race for acquiringNvidia jumped 3.44% to $174.73 apiece early Tuesday, ahead of its annual investor event set at 11:30 AM ET.
Nvidia has a tendency to put out"pretty gaudy targets," Abhinav Davuluri, an analyst at Morningstar and Wall Street's biggest Nvidia bear, told Markets Insider recently. Nvidia is likely to restate its estimate that the total addressable market for the data-center business will reachby 2023 during the investor event, he said. But he warned investors Nvidia faces pretty decent competition in the data-center market.
"The market has expected that Nvidia can capture the majority of that," Davuluri said."Other companies such as Amazon, Microsoft, and Facebook are also exploring similar opportunities."
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