Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of microchip designer NVIDIA (Nasdaq: NVDA) jumped as much as 11.1% overnight on fairly heavy volume.

So what: In connection with the ongoing Citi technology conference, NVIDIA posted revenue and margin guidance for fiscal year 2013. Analysts were looking for sales in the $4.4 billion range, but the lower end of management's guidance sits at $4.7 billion.

Now what: As CEO Jen-Hsun Huang explained, "The future for computing is visual and mobile, and we are well positioned to lead in this new era." The graphics-chip market is hotly contested by Advanced Micro Devices (NYSE: AMD) at every turn and the mobile space holds big-name rivals from Qualcomm (Nasdaq: QCOM) and Marvell Technology (Nasdaq: MRVL) to Samsung and Texas Instruments (NYSE: TXN). However, NVIDIA seems to be holding its own in both markets at the moment.

Will the good times truly last all the way through 2013? I think it's way too early to tell. That said, NVIDIA shares are cheap nowadays with a PEG ratio well below the balanced 1.0 mark, so buying here is not much of a gamble.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Motley Fool owns shares of Marvell Technology Group, Texas Instruments, and Qualcomm. Motley Fool newsletter services have recommended buying shares of NVIDIA, as well as writing puts in NVIDIA. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.