My top 10 things to watch Thursday, Nov. 21
1. Nvidia’s quarterly results were much better than expected, and the whole overheating Blackwell chips thing was overblown, says the company. The AI chip king just can’t make enough Blackwells and gross margin will be improving next year, producing much better numbers. Lots of stories about guidance not being good enough, which is, alas, untrue, too. As we wrote for Investing Club members, Nvidia’s report clear our lofty bar and we upped our price target in response.
2. Nvidia shares actually on track to open more than 1% higher after initially being lower in extended trading Wednesday. Its turnaround was helping the broader market, with all three U.S. stock benchmarks working into the green in the premarket. Bitcoin’s furious postelection rally continued, topping the $98,000 level for the first time.
3. Palo Alto Networks reported a very strong quarter with a 21% gain in remaining performance obligations (RPO), a key metric of total value of contracted revenue yet to be delivered. CEO Nikesh Arora, who appeared on “Mad Money” on Wednesday evening, said he refuses to be judged by billings, arguing they are no longer an accurate depiction of growth at the cybersecurity company.
