Nvidia owes its Q1 revenue beat to the gamers

Nvidia’s Q1 revenue beat that’s helped send shares about 5% higher is a case of going back to its roots.

Long before AI was A Thing, Nvidia’s business was all about bringing better graphics to gaming, and its enduring success in this division is continuing to bear fruit: $3.8 billion in sales from gaming beat expectations by 32%, while data center sales were a smidge light versus estimates.

Total revenues of $44.1 billion exceeded expectations by less than $800 million, and this business line, which also includes chips often used for crypto mining, was one of just two to surprise to the upside. The other, professional visualization, beat by less than 1%.

In other words, the better-than-expected sales for the architect of the AI boom, a frenzy that started about two years ago, is all thanks to gaming!

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SpaceX gets a wave of bullish ratings from Wall Street analysts

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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Meta surges on report it’s starting a cloud business to sell excess AI compute

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