Just how rare is growing revenue 262% in a year? Very.

5/24/24 11:54AM

All AIs on me

For the stock market, the story of this week has been the story of the past year, with all eyes locked on AI-computing leader Nvidia. The company’s quarterly earnings, released after the bell on Wednesday, revealed revenue that was up an eye-watering 262% and profits that were even more extraordinary, with net income growing more than 600% on the same quarter last year. Without using expletives or multiple exclamation marks, it’s hard to emphasize just how remarkable those numbers are.

Shares in the company rose another 9% after the fact, taking Nvidia close to a $2.6 trillion market cap, up more than $1.8 trillion in the last 12 months. That's roughly equivalent to adding the value of a New York Times Company ($8B) every 38 hours or a Goldman Sachs (market cap $148B) every single month… for a year.

Indeed, relative to its peers in the S&P 500, Nvidia’s growth makes it an outlier in every sense of the word. The average company in the S&P 500 has seen 5.5% sales growth in the last 12 months, and the only stock even remotely close to Nvidia’s 262% figure is Super Micro Computer — another (much smaller) business that’s been riding the AI wave.

As the wider stock market has boomed off of any AI chatter, Nvidia is one of the few companies turning buzz into actual bottom line results.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

Just how rare is growing revenue 262% in a year? Very.

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