Strong

Trillion

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<p class="has-drop-cap">On Thursday, investors holding short positions against Nvidia lost $826 million in mark-to-market losses. The bearish bets against the chipmaker have caused short sellers to lose over $11.3 billion year-to-date as the company’s stock prints<a href="https://tokenist.com/nvidia-up-2-premarket-after-hsbc-sets-780-price-target/" rel="dofollow" class="deco-link"> new highs</a>.&nbsp;</p> 
<h3 id="nvidia-shares-hit-a-new-all-time-high">Nvidia Shares Hit a New All-Time High</h3> 
<p>Short sellers betting against Nvidia have collectively lost $826 million in mark-to-market losses on Thursday after the tech giant’s shares surged on positive quarterly performance and the ongoing artificial intelligence (AI) frenzy.</p> 
<p>Reuters reported that the bearish positions on the world’s largest chipmaker have cost investors $11.36 billion in paper losses since the start of 2023, citing data from analytics firm S3 Partners. This makes Nvidia the worst-performing short bet this year, <a aria-label="alongside Tesla (opens in a new tab)" href="https://www.reuters.com/business/autos-transportation/tesla-short-sellers-down-608-bln-stocks-11-session-winning-streak-s3-partners-2023-06-09/#:~:text=Traders%20have%20shorted%2015.3%20million,rose%2039%25%2C%20Dusaniwsky%20said." target="_blank" rel="noreferrer noopener nofollow" class="deco-link">alongside Tesla</a>.</p> 
<p>At the time of writing, shares of Nvidia were trading at $482.4, up nearly 2.4% at the market open on Thursday. The stock rose by approximately 8% in after-hours trading the day before, driven by the company’s better-than-expected earnings report.</p> 
<p>Nevertheless, if Nvidia retains today’s gains, it would represent a new all-time high for the chipmaker’s stock, potentially surpassing the previous record-high closing price of $474.94 in mid-July.&nbsp;</p> 
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<h3 id="nvidia-market-cap-hits-1-2-trillion-on-strong-q2-earnings">Nvidia Market Cap Hits $1.2 Trillion on Strong Q2 Earnings</h3> 
<p>Nvidia’s latest upswing in the stock market comes less than three months after the company <a href="https://tokenist.com/nvidia-becomes-a-1-trillion-company-as-shares-up-3-5-premarket/" rel="dofollow" class="deco-link">entered the $1 trillion club</a>, joining the <a href="https://tokenist.com/apple-closing-in-on-3-trillion-valuation-as-shares-hit-new-ath/" rel="dofollow" class="deco-link">likes of Apple</a>, Microsoft, Saudi Aramco, Alphabet, and Amazon. The chip manufacturer is currently worth about $1.20 trillion and has defended its milestone valuation with an impressive <a aria-label="earnings report (opens in a new tab)" href="https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-second-quarter-fiscal-2024" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">earnings report</a> for the fiscal Q2 2024 that blew away analysts’ estimates.&nbsp;</p> 
<p>Notably, Nvidia reported adjusted earnings per share of $2.70 for the three months, compared to the consensus estimates of $2.09. Net income came in at $6.19 billion, or $2.48 a share, compared to $656 million, or 26 cents, a year ago.</p> 
<p>Further, the company generated a humongous Q2 revenue of $13.51 billion, significantly higher than the expected $11.22 billion. Year-over-year, revenue increased by about 101%.</p> 
<p>Looking ahead, Nvidia’s guidance for the fiscal Q3 was just as strong, with the chipmaker expecting revenue of around $16 billion, while Wall Street was looking for $12.61 billion. The guidance indicates sales in the current quarter will grow 170% from the year-ago period.</p> 
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<p><em><strong>Do you think Nvidia’s shares will soar to new highs throughout 2023? Let us know in the comments below. </strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/short-sellers-have-lost-11-36b-betting-against-nvidia-this-year/">Short Sellers Have Lost $11.36B Betting Against Nvidia this Year</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Short Sellers Have Lost $11.36B Betting Against Nvidia this Year

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