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NVDA

Nvidia Corporation

5/21/2013, 3:42 PM ET

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Tuesday, May 14, 1:04 PM Nvidia's (NVDA +1.6%) Shield Android console will ship at the end of June and sell for $349 (well above the the PS Vita and Nintendo 3DS' prices). The chipmaker also states the Tegra 4-powered device, aimed at enthusiasts and meant to kick-start demand for more powerful Android games, will have 16GB of storage and stereo speakers to go with its 5" 720p display and Xbox-like controller. Downloads from Google Play and Nvidia's Tegra Zone store will be supported. The Verge states a Shield prototype "performed quite well," but added the game-streaming feature needs work. Nvidia says it's working with Android developers to ensure app compatibility. Comment! [Tech]
Tuesday, May 14, 9:02 AM Nvidia (NVDA) strikes a deal with Goldman allowing the chipmaker to buyback $750M worth of shares. The company previously said it would return $1B to stockholders this year. Shares +1.76% premarket. Comment! [Tech, On the Move]
Friday, May 10, 4:10 PM "Nvidia’s (NVDA +4.5%) gross margin upside in a humbling quarter for Tegra and an 'apocalyptic' PC environment was quite impressive," writes Raymond James following the FQ1 report. Judging by today's rally, many agree. RJ sees the margin strength as proof demand for high-end GPUs for gaming/computing/workstations "is likely more inelastic than thought." Others are worried about the Tegra unit, which is losing share ahead of the Tegra 4 (FQ2/FQ3) and 4i (FQ4/FQ1) launches. On the earnings call, CEO Jen-Hsun Huang admitted Tegra's gross margin is below Nvidia's total GM, but added margins for GRID and Tesla (also expected to grow fast in 2H) are above-average. AMD +2.3%. 1 Comment [Tech, On the Move, Earnings]
Friday, May 10, 9:14 AM NVIDIA (NVDA) declares $0.075/share quarterly dividend, in line with previous. Forward yield 2.16%. For shareholders of record May 23. Payable June 14. Ex-div date May 21. (PR) Comment! [Dividends]
Thursday, May 9, 4:56 PM More on Nvidia: GAAP gross margin was 54.3% in FQ1, +140 bps Q/Q and +420 bps Y/Y, and beating guidance of 52.9%. GM expected to be flat Q/Q in FQ2. GPU division sales -5.6% Q/Q (PC weakness, inventory cuts) but +8.1% Y/Y (share gains, stronger Kepler mix). Tegra division sales -22.2% Q/Q and -50.5% Y/Y, a big reversal from FQ4's 90% Y/Y growth as Tegra 3 device production slows down (the Nexus 7?). Tegra 4 design wins to be announced in FQ2, followed by 2H ramp. R&D spend +15% Y/Y, well above 3% rev. growth (Tegra/console/GRID investments). SG&A +2%. NVDA +1% AH. (PR) (slides, CFO comments - .pdf) Comment! [Tech, Earnings]
Thursday, May 9, 4:31 PM Nvidia (NVDA): FQ1 EPS of $0.13 beats by $0.03. Revenue of $954.7M (+3.2% Y/Y) beats by $14.2M. Expects FQ2 revenue of $975M (+/- 2%), below consensus of $1.01B. Shares +2% AH. CC at 5PM ET (webcast). (PR) 6 Comments [Tech, Earnings, Breaking News]
Thursday, May 9, 12:10 AM Notable earnings after Thursday’s close: AGO, AIRM, AL, ALIM, ANAC, ASYS, AUQ, BCEI, BID, BPZ, CALL, CPE, DAR, EGY, ET, FTK, FXEN, GXP, KTOS, LLNW, MBI, MCP, MDRX, MDVN, NGVC, NVDA, OPTR, PANL, PCLN, PDLI, PSA, RNDY, SF, SLXP, SQNM, TNGO, UBNT, ZGNX Comment! [Earnings]
Wednesday, May 8, 5:35 PM Notable earnings after Thursday’s close: AGO, AIRM, AL, ALIM, ANAC, ASYS, AUQ, BCEI, BID, BPZ, CALL, CPE, DAR, EGY, ET, FTK, FXEN, GXP, KTOS, LLNW, MBI, MCP, MDRX, MDVN, NGVC, NVDA, OPTR, PANL, PCLN, PDLI, PSA, RNDY, SF, SLXP, SQNM, TNGO, UBNT, ZGNX Comment! [Earnings]
Sunday, May 5, 1:26 PM The GPUs integrated with mid-range and high-end versions of Intel's (INTC) upcoming Haswell CPUs could be a threat to AMD and Nvidia's (NVDA) discrete GPU sales, ZDNet points out. Intel claims the GPUs, codenamed Iris, will deliver a 2x-3x performance gain (depending on the CPU model) over the ones integrated with comparable Ivy Bridge CPUs. However, more power-efficient Haswell ultrabook chips will ship with HD 5000 GPUs (though Intel still promises performance gains here). Integrated GPUs (both from Intel and AMD) have been steadily taking share from discrete GPUs for years. (more on Haswell) 11 Comments [Tech]
Thursday, May 2, 9:38 PM "Intel’s (INTC) competitive advantage is its expertise in manufacturing," writes Quartz's Christopher Mims, making the case ex-manufacturing chief Brian Krzanich is a better choice for CEO than an outsider. Though its mobile processor lines have lagged in adopting its most advanced processes, Intel's PC CPUs are made on a 22nm process at a time when Qualcomm, Nvidia, and others are at 28nm ... and they should get to 14nm while rivals are at 20nm. If Krzanich can eliminate the lag, it could give Intel an edge when battling for mobile design wins, at least when 4G modem integration (where Qualcomm has a lead) isn't required. (previous: I, II) 3 Comments [Tech]
Tuesday, April 30, 5:56 PM Nvidia (NVDA) Tegra division chief Phil Carmack is leaving to become the CEO of an unnamed partner company. Replacing him is Deepu Talla, who until recently was head of Texas Instruments' OMAP app processor unit. Talla takes over 3 weeks after Nvidia forecast Tegra sales will be flat in FY14 in spite of surging industry smartphone and tablet sales, as the business contends with tough competition from Qualcomm and (reportedly) a Nexus 7 design loss ahead of the Tegra 4 and 4i launches. Tegra sales rose 29% in FY13 to $764.5M. Comment! [Tech]
Friday, April 19, 2:22 PM AMD (AMD -3.8%) has re-hired Raja Koduri, who until recently was Apple's director of graphics architecture, CNET reports. It might not be a coincidence the report comes 8 months after AMD hired Apple mobile processor chief Jim Keller. AMD is selling off after delivering a Q1 beat and above-consensus Q2 guidance. On the earnings call, AMD claimed to have regained desktop GPU share, and that server CPU revenue rose Q/Q due to higher ASPs. There were some pointed questions about gross margin, particularly whether it can return to past levels given PC weakness and a mix shift towards embedded products. Nvidia (NVDA -0.3%) is underperforming. 2 Comments [Tech, Earnings, On the Move]
Friday, April 12, 12:25 PM The sell-side defends Nvidia (NVDA +2.3%) following yesterday's analyst day remarks, which included a promise to ramp buyback activity and a forecast for flat FY14 Tegra sales. Raymond James (Strong Buy) notes Nvidia disclosed its Tegra-specific R&D spend is lower than generally expected, something that now leads it to think the business is turning a profit (previous). Roth (Buy) is cutting its estimates, citing a delay in Tegra 4i's availability, but thinks Nvidia could keep gaining PC GPU share - the GPU improvements accompanying Intel's Haswell CPUs could stand in the way here. (analyst day slides) Comment! [Tech, On the Move]
Thursday, April 11, 2:11 PM Nvidia (NVDA -1.6%) announces: 1) It will return $1B to shareholders this fiscal year. $200M is expected to come from dividends, and the rest from buybacks ($100M this quarter). The chipmaker repurchased $100M worth of shares in the January quarter (last year's FQ4). 2) It expects Tegra sales to be flat this year, even as smartphone/tablet sales keep growing. The fact Qualcomm (QCOM) has been taking share while OEMs wait for the Tegra 4 app processor (volume shipments by end of July quarter) and 4i baseband/app processor (devices in Q1 '14) is undoubtedly a factor. Comment! [Tech]
Thursday, April 11, 8:24 AM In addition to the fall in Microsoft's shares, companies exposed to the PC market drop further after IDC said yesterday that global computer shipments slid 13.9% in Q1. H-P HPQ -5.2%, Lenovo (LNVGY.PK) -5.8% in Hong Kong, Intel (INTC) -2.3%, AMD -2.7%, Nvidia (NVDA) -2.1%, Seagate (STX) -1.85%, Western Digital (WDC) -1.3%. (previous) 6 Comments [Tech, On the Move, Consumer]
Wednesday, April 10, 4:43 PM Global PC shipments fell 13.9% Y/Y in Q1 to 76.9M units, per IDC. That surpasses Q4's 6.4% drop and Q3's 8.6% decline, and is steep even in light of IDC's recent commentary. IDC: "It seems clear that the Windows 8 (MSFT) launch not only didn’t provide a positive boost to the PC market, but appears to have slowed the market." H-P (HPQ) was the market's leader, but its share fell 200 bps Y/Y to 15.7%. #2 Lenovo (LNVGY.PK) saw its share rise 210 bps to 15.3%, and #3 Dell's rose 40 bps to 11.8%. Apple's (AAPL) U.S. share rose 60 bps to 10%, though U.S. Mac shipments fell 7.5% to 1.4M. 33 Comments [Tech]

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