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Nvidia slips even as Erste upgrades on data center strength

Apr. 25, 2023 8:05 AM ETNVIDIA Corporation (NVDA)By: Chris Ciaccia, SA News Editor3 Comments
Nvidia Corporation building in Taipei, Taiwan.

BING-JHEN HONG

  • Nvidia (NASDAQ:NVDA) shares slipped fractionally in pre-market trading on Tuesday even as investment firm Erste upgraded the GPU maker, citing strength in its data center business.
  • Analyst Hans Engel raised the firm's rating on Nvidia (NVDA) to buy from hold, noting that artificial intelligence is poised to drive sales in its data center business "sharply" higher.
  • "Revenue and profit growth will accelerate significantly in 2024," Engel wrote in an investor note.
  • Last week, HSBC upgraded Nvidia (NVDA), noting that the company's pricing power in AI chips is likely to boost earnings considerably higher.

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