Nvidia: Bumps Ahead In 2017?

It has been well documented by others that NVIDIA (NASDAQ:NVDA) is an expensive stock with good momentum, and that the underlying business has a strong position in graphics products for gaming and visualization, as well as good positions in auto infotainment, machine learning / deep learning, and future autonomous driving. The recently reported quarter was particularly encouraging, with revenue growth of 24% versus the prior year ($1,153 up to $1,428), and up 9% versus the immediately preceding quarter. Non-GAAP operating profit was up 19% versus the preceding quarter due to the leverage of fast growing gross margin dollars and slower growing operating expenses. The year over year trends were similarly impressive, although muddied by restructuring charges. Excluding those charges, non-GAAP operating income was up 65%, from about $231m to about…


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