Nvidia (NVDA) shares fell to $219 on September 11, their lowest level since September 2, down from a monthly high of $234. The decline came as CEO Jensen Huang reiterated his long-term forecast for the artificial intelligence market at the Goldman Sachs Communacopia & Tech conference.

Huang appeared at the conference on Thursday, exactly one year after first making the prediction. He reaffirmed his view that the AI market will reach $3 trillion to $4 trillion by 2030.

“The semiconductor industry is going to just keep getting larger and larger,” Huang said. He identified a new layer of computing, the end of Moore’s law and rising demand for more capable AI models as the main drivers behind the industry’s expansion.

The forecast is a long-term estimate for the broader AI market, while Nvidia’s quarterly results provide a measure of the company’s current performance. His comments followed Nvidia’s strong quarterly results. The company reported adjusted earnings per share of $2.22 and revenue of $96.2 billion, exceeding Wall Street expectations of $2.09 per share and $92.3 billion in revenue.

Data Center revenue reached $89 billion, compared with an expected $85.8 billion. Edge Computing, which includes gaming and physical AI, generated $7.2 billion versus a forecast of $6.6 billion.

Revenue growth exceeds forecasts

Nvidia’s revenue increased 106% year over year and 18% from the previous quarter. Net income rose to $59 billion, exceeding Nvidia’s total revenue in the second quarter of the prior year.

Gross margin improved to 75% in the second quarter of fiscal 2027 from 72.4% in the second quarter of fiscal 2026.

For fiscal year 2028, Nvidia guided for 70% revenue growth, well above the 45% increase analysts had forecast. Huang said growth could exceed 100% without memory chip shortages. Memory availability is therefore one factor connected to the pace of growth described in the outlook.

CoreWeave (CRWV) CEO Michael Intrator, speaking at the same conference, described continued demand for Nvidia’s hardware.

“We are struggling to meet demand every day,” Intrator said. “Every GPU we have could be sold to multiple different clients.”

Nvidia owns an 11.5% equity stake in CoreWeave and supplies 100% of the GPUs powering the company’s AI data centers.

Technical setup

On the daily chart, NVDA has formed a cup-and-handle pattern, a formation that traders monitor as a potential bullish continuation signal. The stock has remained above its 100-day exponential moving average during the pullback. Traders are watching $236 as a potential level if the shares break out.

Analysts estimate Nvidia’s annual revenue will reach $411 billion and could increase another 77% the following year to $727 billion. Those projections do not include potential sales in China or revenue from Nvidia’s CPU lineup, which is entering a market long controlled by AMD and Intel.

PWC released a report projecting that AI data center spending will reach $32 trillion through 2050. The projection would further support demand for Nvidia’s chips if realized.

NVDA was trading around $219 as of September 11, with $236 identified as the next level traders are monitoring on a breakout.

Source: CoinCentral