Nvidia (NVDA) posted a beat in its fiscal third quarter results Wednesday afternoon, with revenue growing 94% year-over-year. However, that was not enough to increase the stock price.

New Street Research analyst Antoine Chkaiban joins Morning Brief to analyze Nvidia's latest quarterly performance. Chkaiban currently holds a price target of $173 per share on the semiconductor giant.

Chkaiban notes that "Nvidia printed a strong third quarter," pointing to strong demand for Nvidia's Hopper and Blackwell chip lineups. "And so now, I think the key question is what happens in 2025?"

He points out two things that create a favorable environment for Nvidia's growth. First, there are no indications of GPU overcapacity, and hyperscalers remain committed to spending, which will likely enable Nvidia to continue exceeding market expectations. Second, data center power capacity is expanding at an unprecedented rate.

"Bottom line is Nvidia is really well-positioned for 2025," Chkaiban tells Yahoo Finance.

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This post was written by Angel Smith