We need to be able to distinguish between the 2 tailwinds. AI and crypto. Crypto turned out to be more of a factor than analysts anticipated, leading to the huge runup and then fall. Consider that done and dusted.
However the AI story is consistent and strong. Now that the stock price has come back down to earth we're still looking at amazing returns, there's nothing to be displeased with here.
The Q/Q performance is not concerning because of the product cycles. Every generational change there was a big drop in sales of the previous generation. Look at the first quarter of Pascal and first quarter of Maxwell's introduction and you'll see the same pattern. A flat quarter is actually an amazing improvement over the straight up declines of the previous generations.
Major growth will return soon as new products get ramped.
Is anything a guarantee of future performance?
They've had an upwards trend year after year very consistently. Except for the past 12 months.
So weight those trends accordingly.
I acknowledge that the recent stagnation might only be short-lived, but it would be premature to call this new trend temporary based on the past performance.
At the very least, we know that the environment has changed significantly, because the Crypto cash cow seems to have stopped producing milk.
So they've had an upwards trend in the past. That's no guarantee for future performance.
> Ignore the crypto bubble/pump and NVDA is growing quickly
Quoting the article: That bust is obvious in Nvidia’s revenues this year: they are essentially flat for three quarters now, hovering between $3.1 and $3.2 billion.