Cramer's Morning Take: Nvidia Earnings Preview 2/21/24

Jim Cramer (0:02)

I'm Jim Cramer, and you're about to hear a sample taken directly from today's CNBC Investing Club morning meeting. Once again, Aussie letter now overbought. Typically, you don't see that go up as the market goes down, but it's led by the NASDAQ.

And we've been hoarding cash, raised a lot of money everywhere, frankly, and this is our time.

Jeff Marks (0:21)

Yeah, I mean, look, we've had some buys here and there, but it's really in stocks that have come down recently, selling into strength as well to balance that out. So, you know, 14% cash, a lot of cash, but you just mentioned S&P down three days in a row. You got oscillator overbought, not going to make a big deal out of Nvidia earnings tonight, but I think it is a big deal.

Jim Cramer (0:42)

Well, I know. Well, it's a big deal because what's happened is, as I mentioned last night when I talked about the nouveau riche envy, is the problem is people don't believe that a stock can go from, let's say, 100 billion to 1.7 trillion and be among the top three in such a short period of time.

But what they're missing is that Jensen Wong worked for 10 years for this product, 10 years. And now you're seeing the fruits of his labor that started in 2014 And therefore, it's a little bit different from just an overnight success.

Jeff Marks (1:15)

And I think that's a really important concept that you're trying to remind everyone here in that Nvidia is not running the business on a three-month basis. It's not quarter to quarter. It's more of a long-term vision.

They'll unveil a lot of that at their GTC conference next month. So you do have something to look forward to during the conference call. People will look ahead to that. But look, we're looking for revenue of about $20.6 billion this quarter, earnings $4.64, a revenue guide around $22.2, earnings of around $5.

Jim Cramer (1:47)

Meaning $22 per share maybe, if everything goes right in this year?

Jeff Marks (1:53)

Yeah, I would have to check. I don't want to misspeak. But look, I think that these talks have had a huge run. We've seen it also in Palo Alto. We'll talk more about that in a moment.

But look, it's an important night.

Jim Cramer (2:06)

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SPEAKER_3 (2:21)

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