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Home»AI»AI mania resumes, Nvidia outlook saves broad market
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AI mania resumes, Nvidia outlook saves broad market

5gantennas.orgBy 5gantennas.orgFebruary 22, 2024No Comments3 Mins Read
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(Bloomberg) — Stock investors can exhale.

Most Read Articles on Bloomberg

On a day when virtually every trade felt like a prelude to Nvidia’s earnings report, the chipmaker’s darling released solid revenue forecasts that reinvigorated the artificial intelligence mania behind last year’s stock price rally. . The company’s stock price soared, spurring a rally in index futures and a rally among global peers and suppliers.

The company said its earnings outlook for the current fiscal year exceeded Wall Street’s lofty expectations, suggesting that demand for the hardware remains strong behind what is said to herald a revolution in productivity and profitability.

Nvidia, the fourth-largest Nasdaq 100 component (weighted 5%), rose 13% in premarket trading Thursday. Nvidia competitors Advanced Micro Devices Inc. and Intel Corp. also rose. Nasdaq 100 futures rose nearly 2%.

SK Hynix, a major supplier of memory chips to Nvidia, soared as much as 5% in the Seoul market. Japanese chip tester maker Advantest rose 7.5%, while top AI chip found Taiwan Semiconductor Manufacturing Co. rose 1.6%.

Wall Street’s reaction to Nvidia’s earnings:

Kim Forrest, Chief Investment Officer of Bokeh Capital Partners LLC, said:

Nvidia has been leading the market for the past 11 months. As Nvidia does, so does the market. And the results seem to be good enough, with no major positive or negative surprises. This supports the narrative that AI will continue to be powerful for the foreseeable future. If this narrative supported the market last year, why isn’t it doing the same this year?

Thomas Martin, Senior Portfolio Manager at Globalt Investments, said:

With this revenue growth and increased guidance this quarter, Nvidia is still growing and remains the leader in AI. Do you really want to sell it? Everyone, myself included, was holding our breath wondering what would happen with this report. However, NVIDIA is clearly experiencing strong demand for its products and growth. As long as Nvidia can continue to provide services, that’s the limit for the company, and the stock price should reflect this new information.

Adam Sirhan, founder of 50 Park Investments, said:

Another explosive quarter. This is very bullish for stock investors and Nvidia has shown that his AI is here to stay. More importantly, the company has also shown that the excitement around AI can translate into real revenue. This is so strong that they continue to beat Wall Street’s expectations.

Thomas Monteiro, Senior Analyst at Investing.com said:

The market was poised to sell on the news following Nvidia’s results given sky-high expectations and deteriorating macro conditions. But the company reiterates that the AI ​​boom is more than just a stock market story, and is without a doubt the most important bet made by companies around the world at this time.

Kunjan Sobhani, an analyst at Bloomberg Intelligence, said:

Nvidia’s above-consensus first-quarter outlook indicates strong demand for its GPUs through 2024 as large cloud and hyperscale customers ramp up AI capital spending. As the data center division’s revenue increases, gross profit margins are likely to increase.

Ben Reitzes, analyst at Melius Research, said:

To be honest, people were fascinated by this print. Exhale — AI and its fearless leaders have legs… In terms of its impact on technology markets, this report should provide some relief. We continue to believe that Nvidia is driving a “halo effect.”

–With assistance from Subrat Patnaik.

(Updates chart and stock price movement from 4th paragraph onwards.)

Most Read Articles on Bloomberg Businessweek

©2024 Bloomberg LP



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