Nvidia earnings beat expectations, but crypto investors doubt $250 target by end of August

Crypto investors are skeptical that Nvidia will close above $250 by the end of August, despite the AI giant's better-than-expected earnings continuing to lift its stock.

Polymarket bets on Nvidia's August closing price

Polymarket, built on Polygon, currently gives only an 8% probability to that outcome, down sharply from 50% the previous day.

The odds of Nvidia closing above $240 on August 31 stand at 23%, while the chance of closing above $200 is 84%.

The stock closed at $200.75 on the last trading day of July, up 4.4% month-to-date. Over the 30-day period, it has gained 6.69%.

Nvidia delivers strong results

Nvidia reported fiscal second-quarter revenue of $96.2 billion, up 106% year-over-year, beating Wall Street consensus estimates of $92.18 billion.

Adjusted earnings per share came in at $2.22, surpassing the consensus forecast of $2.10.

Ross Gerber, president and CEO of Gerber Kawasaki, called Nvidia "undervalued" following the earnings release. The veteran investor noted that Nvidia could post earnings per share near $10 this year and suggested that at a historical price-to-earnings ratio of 45 times, the stock could reach around $450.

The stock holds a consensus "buy" rating from 30 analysts, with an average price target of $316 and a third-quarter target of $330.

Price action: Nvidia shares rose 4.71% in after-hours trading, after closing down 1.59% at $209.66 during Wednesday's regular session. Year-to-date, the stock is up 12.42%. Edge stock rankings show Nvidia maintaining stronger price trends across short, medium, and long-term time frames, supported by higher quality and growth scores.