Is It Too Late to Buy Nvidia Stock?
Shares of Nvidia (NASDAQ: NVDA) shot up 36% on the stock market in the past month after suffering a brutal sell-off for most of the year. The rally seems a tad surprising -- the chipmaker issued a terrible outlook in August thanks to the weakness in the personal computer (PC) market, which hamstrung its gaming business.
It is also worth noting that the restrictions on sales of high-performance data center chips to China created another headwind recently that led Nvidia to cut its revenue guidance by $400 million for the fiscal third quarter. But investors seem to be ignoring Nvidia's problems and are buying the stock, as the latest rally indicates.
With Nvidia set to release its fiscal 2023 third-quarter results after the market closes on Wednesday, Nov. 16, should investors continue buying the stock in anticipation of more upside? Or will the above-mentioned headwinds bring the stock's impressive rally to a halt when it releases its quarterly results, suggesting that it may be too late to buy Nvidia? Let's find out.
Source Fool.com
