After trading as low as $69 in September, Elastic (ESTC) unexpectedly posted strong second-quarter results. ESTC stock closed up by nearly 15% on November 22, 2024.
Elastic posted a 17.4% Y/Y increase in revenue, up by $365 million. Enterprise and commercial business was strong. The firm saw a continued increase in customers using the Elastisearch AI platform for its new and expanded workloads.
The firm expects Q3 revenue of up to $369 million and non-GAAP EPS of $0.46 to $0.48.
After failing to break out above $148, Nvidia (NVDA) pulled back last Friday to close down by 3.22%. The firm, valued at $3.59 trillion, earned an unusual downgrade by PhillipCapital. The analysts increased its price target by $5 to $160 but downgraded the rating from a buy to an accumulate.
On the conference call, Nvidia provided details on its growth momentum in 2025. For example, it has three ways of scaling its computing power for ChatGPT, using pre-training scaling, post-training scaling, and inference time scaling. Nvidia’s continued growth rate suggests the stock will bounce back.
Grab Holdings (GRAB) lost 10% last week. An analyst at BofA Securities questioned its Q3-fuelled rally, calling it overdone. Grab needs to sustain its EBITDA margin improvement rates. However, if it slows going forward, the risk-reward for GRAB stock is not attractive.