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.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.