Nvidia: Q3 Earnings Could Ignite $200 Rally

Summary:

• Nvidia Corporation’s Q3 FY25 revenue forecast is $32.5 billion, reflecting an 81.8% YoY growth driven by Hopper and Blackwell GPUs.
• Blackwell GPU production accelerates in Q4 2024, with units priced at $30K–$40K and demand outstripping supply.
• Nvidia’s operating margin has grown to 68%, highlighting profitability from strong data center demand and high-margin products.
• Supply chain risks arise from Super Micro’s instability, prompting Nvidia to diversify suppliers like Gigabyte and ASRock.
• Nvidia’s RSI at 64.56 and strong VPT suggest bullish momentum, with a potential upside to $204 based on Fibonacci extension levels.

Investment Thesis

Since our last coverage, Nvidia Corporation’s (NASDAQ:NVDA) stock has grown by a modest 5%, reflecting market caution ahead of Q3 FY25 earnings. However, the upcoming earnings report on

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