Nvidia Corp. (NVDA) recently reported strong quarterly financial results, which impressed famous stock picker Jim Cramer, who is also a Nvidia bull, as he lost no chance to flaunt the virtues of his favorite stock.
According to Cramer, “I didn’t name my dog Nvidia for nothing,” he boasted in a tweet. Cramer named his dog “Everest Nvidia” back in June 2017, and even tweeted about it when Nvidia hit an all-time high in 2018 after its quarterly results. He later tweeted his excitement about Nvidia’s upbeat Q1 2024 performance and recommended that investors should own the stock and not trade it, as the club mantra goes.
Emphasizing the company’s great growth prospects, Cramer noted that Nvidia’s H100 Tensor core graphic processing unit, based on its next-gen accelerated computing platform with Hopper architecture, had a whopping 80 billion transistors and provides up to nine times faster AI training and up to 30 times faster AI inference than Nvidia’s previous A100 generation.
Cramer praised Nvidia CEO Jensen Huang and his team for correctly predicting that Moore’s law was dead in Jan 2019, and how he had shown Cramer the future many times, but he regretted not being able to describe it well enough. Huang had argued that scaling chip components further becomes more expensive and technically challenging, and aggregation of cards versus ever small form factors was more powerful and less wasteful. Huang’s claim has been vindicated now, according to Cramer.
In after-hours trading on Wednesday, Nvidia shares rose by 24.63% to $380.60, according to Benzinga Pro data.