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According to NVIDIA's CFO commentary, the company made no shipments of its Hopper data center products to China in the first quarter of fiscal year 2027.
NVIDIA announced an additional $80 billion share buyback program.
Paul Meeks predicts that if NVIDIA is able to resume business with China, it would add 15% to the company's expected fiscal year revenues.
NVIDIA provided a sales forecast of $91 billion for the three-month period ending in July.
Paul Meeks believes Google and Amazon represent a credible long-term competitive threat to NVIDIA as they are developing their own custom chips.
Paul Meeks states that Google intends to sell its custom AI chips on the merchant market, competing directly with NVIDIA, rather than only using them for internal workloads.
NVIDIA invested up to $2.1 billion in the data center developer IREN.
Paul Meeks argues that NVIDIA's stock is inexpensive, trading at approximately half of its expected growth rate for the fiscal year ending January 2028 and at a multiple below the S&P 500.
NVIDIA's leadership, including CEO Jensen Huang and CFO Colette Kress, has identified China as a potential $50 billion market opportunity from a zero baseline.
According to NVIDIA CEO Jensen Huang, Chinese technology companies have "incredible" demand for NVIDIA products but are not permitted by the Chinese government to place orders.
Jay Goldberg of Seaport Research Partners is the only analyst tracked by Bloomberg who has a sell rating on NVIDIA stock.
Jay Goldberg of Seaport Research Partners has a price target of $140 for NVIDIA stock.