11:17 AM EDT, 08/29/2024 (MT Newswires) -- Nvidia's ( NVDA ) fiscal Q2 "masterpiece performance" underpins the bullish outlook for the artificial-intelligence "revolution," "Wedbush said Thursday in a note.

"The tech stalwart delivered massive 'drop the mic' numbers yet again that easily beat the Street" as revenue more than doubled with a "robust outlook" for fiscal Q2, Wedbush said.

"A meteoric enterprise pipeline speaks to this AI Revolution just starting to kick off its next phase of growth," Wedbush said.

"AI GPU demand is way outstripping supply for Nvidia ( NVDA ) at this juncture, and the Street should come away from these results as a very bullish indicator for the broader tech sector with more shock and awe rather than a shrug of the shoulders," Wedbush said.

Every $1 spent on Nvidia's ( NVDA ) graphics processing unit chip is estimated to generate an $8 to $10 multiplier across the tech sector, Wedbush said.

"The stage is set for tech stocks to move higher into year-end and 2025" as the Federal Reserve starts cutting interest rates and "a macro soft landing remains the path," Wedbush said.

Nvidia's ( NVDA ) shares fell 2.7% in recent trading Thursday.

Price: 122.23, Change: -3.38, Percent Change: -2.69