: All Eyes on Nvidia’s Quarter, Foot Locker Goes Foul, and What’s Driving Netflix Higher? 8/23/23
CNBC's "Fast Money"
CNBC
3.9 • 1.3K Ratings
🗓️ 23 August 2023
⏱️ 44 minutes
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| 0:00.0 | Indeed, it does, John. Thank you very much. Right now on fast. Nvidia's unstoppable move, the chip giant posting a nearly 90% jump in revenue, a big boost in guidance and announcing a huge buyback. |
| 0:14.0 | We've got the numbers, the stock pop and the instant analysis coming up. Plus, foul financials foot locker. |
| 0:21.0 | Stinking up the joint today, the stock down nearly 30% is the retailer posted a dismal quarter and slashed its outlook again. |
| 0:30.0 | The retail ripple effect minutes away and later, Peloton's down hill ride rolls on the options action on one of the monster bond ETFs and Netflix surging in the face of the writer's strike standstill. |
| 0:44.0 | Good afternoon, everybody. I'm Tyler Matheson in from Melissa Lee and this is fast money live from the Nasdaq Market site and on the desk tonight, Steve Grassle, Bono and I said, |
| 0:53.0 | I don't know if you're going to buy it on me and guest trader Katie Stockton from Fairlead strategies. Welcome to all of you. Good to be with you. We start, of course, with that massive post hours of earning move in Nvidia. |
| 1:05.0 | The stock surging on demand for its AI chips, including the after hours move the company has gained more than $900 billion in market value just this year. |
| 1:18.0 | More than one Berkshire Hathaway, which by the way is the next biggest company in the S&P 500. In videos call is just kicking off. |
| 1:26.0 | Our Christina parts and able us has all the details on the quarter. Christina, tell us about it. |
| 1:30.0 | Oh, I have to just point out that the options market was right. They had anticipated a 10% swing and you can see the stock is up almost 10%. |
| 1:36.0 | And that's because the AI hype has materialized into dollars for Nvidia, the company posting not only a 61 cent EPSB, but revenues that came in at 13.5 billion dollars versus the 11.2 billion estimated. |
| 1:48.0 | For context, that's more revenues than the combined amount of Q2 and Q3 of last year. |
| 1:54.0 | And for talking about guidance, let's talk about Q3. It was even more impressive. $3 billion above consensus at 16 billion. |
| 2:01.0 | So that's $3 billion more than what was anticipated. The last time that happened was last quarter with Nvidia. |
| 2:07.0 | Data center revenues, which contributes roughly 60% of total revenue and encompasses those popular AI chips jumped 141% quarter over quarter to 10.3 billion. |
| 2:18.0 | That is the major driver for this name. The company also announcing a $25 billion buy back. |
| 2:24.0 | There's no deadline for it. The company plans to keep buying back shares this year as well. |
| 2:28.0 | So this blowout report is setting a positive tone for great or tech right now. You got rival AMD that is trading about two percent. |
| 2:35.0 | Oh, look at that. Seven and a half percent. I'll hire their chip is coming out and Q4 their AI contractor TSMC up almost 6% super micro up seven. |
| 2:43.0 | The call has maybe just begun. I'm going to about to tune in and we're going to be looking for comments about the investment cycle going forward. |
| 2:49.0 | Customers, they're going to keep spending and if supply will constrain future quarters. |
| 2:54.0 | Alright, Chris, you know, a lot did I just thank you very much. Let's trade it guy. Let's start with you. |
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