Nvidia: ‘Jensanity’ Takes A Pause — Still Hold

Summary:

  • Nvidia Corporation’s Q2 FY25 results and outlook for the October quarter confirm our negative thesis of a high risk from the product transition.
  • We think this to be an execution issue rather than a demand issue, and will be reflected in the pace of top-line growth and margins over the next two quarters.
  • We think investors should be patient for more attractive entry points into the stock before outperformance in its data center business re-ignites for FY26.

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Nvidia Corporation (NASDAQ:NVDA) just reported its second quarter of FY25 earnings results and outlook. The release confirmed our negative thesis, including with the management’s commentary and outlook on the October quarter during the


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