Nvidia Corp. NVDA reported stellar quarterly results that ticked every box, and investors promptly sent its shares solidly higher.
What Happened: Jim Cramer, an Nvidia bull, lost no opportunity to flaunt his favorite stock and its merits.
“I didn’t name my dog Nvidia for nothing,” the CNBC host tweeted.
The backstory of this goes back to June 2017, when Cramer introduced his dog “Everest Nvidia” on Twitter along with a picture of the same.
A year later, when Nvidia hit an all-time high following his quarterly results, he tweeted again that his dog is named Nvidia and “he’s about to hit an all-time high.”
So, Nvidia’s upbeat results for the first quarter of the fiscal year 2024 provided a chest-thumping opportunity for the famed stock picker.
See Also: How to Buy Nvidia (NVDA) Stock
A Stock To Own: Not able to contain his excitement, he sent short follow-up tweets to recommend the stock as well as highlight the opportunity it presents.
“Nvidia: Own it, don’t trade it … Club mantra,” he tweeted.
His thoughts align with the bullish sentiment of the sell side. Despite the premium valuation the stock commands, most analysts have a bullish recommendation for it.
Highlighting the mind-boggling opportunity before the company, Cramer said, ” A trillion dollars’ worth of current equipment in data centers will have to be replaced NOW with H-100s from Nvidia.”
Nvidia’s H100 Tensor core graphic processing unit is based on its next-gen accelerated computing platform with Hopper architecture, which was announced in March 2022. It went into full production in Sept. 2022 and was rolled out in October of the same year.
H100 has 80 billion transistors and two types of cores built using 4-nanometer processor-node technology. It provides up to nine times faster AI training and up to 30 times faster AI inference in popular machine learning models over Nvidia’s previous iteration named A100.
Huang Was Right: In a separate tweet, Cramer noted that when Nvidia CEO Jensen Huang said Moore’s law is dead in January 2019, he was ridiculed.
Moore’s law postulated by Intel co-founder Gordon Moore said the number of transistors that can be packed into a given unit of space will double about every two years and the costs would be halved.
Huang contended that as the scale of the chip components decreases, it becomes more expensive and more technically challenging to double the number of transistors and in turn the processing power.
Cramer said, “He [Huang] understood that an aggregation of cards versus ever small form factors, was more powerful and less wasteful. Now we know he was right,” added.
“When I think back at all of the times Jensen showed me the future over the years I regret that I could never describe it or analogize well enough to explain why I loved it and love him and his team so. Sometimes you just know,” he added.
In after-hours trading on Wednesday, Nvidia shares ripped 24.63% higher to $380.60, according to Benzinga Pro data.
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Image and article originally from www.benzinga.com. Read the original article here.