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Nvidia will present its earnings report for the fourth quarter on February 16 after the stock market closes (23:00 GMT+2). In addition, Nvidia's management will hold a live question and answer webcast at 00.30 MT, February 17, to discuss its financial and business results.
Nvidia is a leading manufacturer of high-end graphics processing units (GPUs). GPUs are used in embedded systems, mobile phones, personal computers, workstations, and game consoles. Modern GPUs are very efficient at manipulating computer graphics and image processing. There are several reasons for Nvidia's earnings report to beat the market's expectations:
Mining popularity growth
Nowadays, miners form the most significant part of the demand for GPUs. As we can see on the screen below, the global Ethereum hash rate is gaining momentum, which means more and more GPUs are getting used. Therefore, we can assume Nvidia to show great revenue in Q4.
Global Ethereum hash rate. Ethereum is the №1 coin to mine on GPUs.
Metaverses
GPUs are also used to run metaverses, becoming a new driver for the technology sector. So far, there are already more than ten global projects, and even more, will appear in 2022. It is clear Nvidia benefits from this trend as the largest equipment supplier for this sector.
AMD outperformed expectations
The main Nvidia's competitor, AMD, already published a revenue report for Q4 2021 on February 2, with the 6.8% advantage above expectations. On February 3, the stock opened 10% higher. If we compare Nvidia's and AMD's reports, we can notice these companies show similar results since 2019.
On January 25, Nvidia refused to buy the British company Arm from SoftBank amid unsuccessful attempts to obtain approval for a deal worth $40 billion from regulators. Therefore, there is no significant spending affecting the report.
According to these facts, we assume Nvidia's report will surprise investors and positively impact the stock price.
Nvidia, daily chart
The price has been moving in the descending channel since November 2021. The upcoming earnings report is an excellent opportunity to break through the upper border of this channel and continue the rally. Better than expected earnings report will send the stock to $270, an intersection of 50- and 100-day moving averages. If the price breaks through this resistance, we will see a pump with targets at $285, $310, and $333.
On the other hand, if the earnings report disappoints investors, the stock might fall to $210 support.
Don't know how to trade stocks? Here are some simple steps.
Recently, for the first time in two decades, the euro reached parity with the US dollar…
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On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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