Nvidia posted exceptional second-quarter results with revenue more than doubling year-on-year. CEO Jensen Huang expects revenue to grow by 70% in the coming fiscal year, sending shares up more than 5%. Memory stocks, including Micron Technology, Sandisk and SK Hynix shares listed in the US, rose more than 3%. CFO Colette Kress expects memory chip prices to continue rising, which should pressure Nvidia’s margins short-term, expected to ease to around 71% in Q4 from about 74% in Q3. Jefferies noted that Nvidia unveiled new hardware likely to keep memory demand elevated.
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